chapter 7 bankruptcy Los Angeles

Chapter 13 Bankruptcy Discharge Is Different

Call: 888-297-6203 To get rid of your debts, you can file for bankruptcy under Chapter 7 or chapter 13. Once your bankruptcy chapter is complete, you can get a discharge order from the bankruptcy court, eliminating the filer’s obligation to pay their debts. Chapter 7 requires you to pass the Means Test and have a low disposable income; otherwise, you can file for chapter 13 bankruptcy. In the latter case, you are required to pay your creditors through a 3- to 5-year repayment plan, using your disposable income. You can use bankruptcy exemptions to protect some amount of [...]

2023-04-19T09:53:36+00:00
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Bankruptcy Means Test – The Eligibility Factor For Chapter 7 Bankruptcy

Call: 888-297-6203 Chapter 7 bankruptcy or liquidation bankruptcy is for people who cannot repay their loans. However, only people with extremely low incomes can file for this bankruptcy chapter. To be eligible for Chapter 7 bankruptcy, a means test is used to determine whether the bankruptcy filer can repay a portion of their debts through chapter 13 bankruptcy or not. Chapter 7 means test can also help people who earn significant monthly income but have high expenses, including mortgage and car loan payments and taxes that make it easy for them to qualify the Chapter 7 means test. [...]

2023-04-19T09:49:18+00:00
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Impact Of Employment Status On Bankruptcy

Call: 888-297-6203 Financial issues can arise with anyone, anytime. The federal bankruptcy law can help you provide financial relief through a bankruptcy filing. Individual bankruptcy filers have the option of choosing between Chapter 7 and Chapter 13. However, there are some differences in the way debts are handled in these two chapters. Workings of Chapter 7 bankruptcy Chapter 7 is known as liquidation bankruptcy primarily because the bankruptcy trustee liquidates your non-exempt property (that cannot be protected using exemption laws) to pay your unsecured creditors. This chapter is meant to help unemployed people or people with low-income to [...]

2023-04-19T10:05:03+00:00
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How Can You Get Rid Of Second Mortgages When You File For Bankruptcy Under Chapter 13?

Call: 888-297-6203 If your home value has gone down since you purchased it, you can still get rid of the second mortgage by filing for bankruptcy under chapter 13. Under chapter 13, by using the benefits of Lien Stripping, you can get rid of your second mortgage lien on our house. Understanding Lien Stripping Lien Stripping is a tool that can be used under chapter 13 bankruptcy, in situations where your mortgage value exceeds your House value. In such situations, with the jurisdiction of the court, the second and the third mortgage can be stripped off (removed) preventing [...]

2023-07-03T07:51:18+00:00
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How To Reaffirm Secured Debt In Chapter 7 Bankruptcy?

Call: 888-297-6203 While getting rid of your debts through bankruptcy, you might want to keep some loans. This happens when you wish to keep the associated property (car or home) with you. You need to reaffirm the loan for this to occur. This means that you agree to be responsible for the debt as you wish to keep the collateral associated with it. The reaffirmation agreement is a new contract submitted to the bankruptcy court. However, you need to be current on your debt for this to occur. Apart from this, you must be able to protect all [...]

2023-04-14T08:48:58+00:00
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If I File For Bankruptcy Under Chapter 7, Will I Lose My Home?

Call: 888-297-6203 There are fewer chances of you losing your home if you file for bankruptcy under chapter 7 if you do not have a lot of equity on your home. Below mentioned are certain factors, based on which it can be decided whether you can keep your home or not- You are paying your mortgage payments on time Probability of repaying the mortgage amount post-bankruptcy The percentage of equity that you can protect using homestead exemptions The value of equity in your home that you own. In case, you have not paid your dues on time, have [...]

2023-04-14T08:59:25+00:00
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Filling Bankruptcy Forms

Call: 888-297-6203 If you are filing for bankruptcy, you need to understand that there is much official paperwork involved. However, everything is quite straightforward, and you can easily fill the forms with the instructions provided. Unfortunately, these forms do not explain what happens in your case. To know whether you will protect your property by discharging your debts, you need to talk with a bankruptcy lawyer. To know more about bankruptcy discharge in Los Angeles, call 888-297-6203. Filing the Bankruptcy Forms Different bankruptcy forms provide various kinds of information relevant to your bankruptcy case. These include: Information regarding [...]

2023-04-14T08:54:55+00:00
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An Overview of Chapter 13 Bankruptcy

Call: 888-297-6203 If you are looking for a way to get rid of your financial debts, you can opt to file for bankruptcy. Chapter 7 bankruptcy allows you to wipe out all your qualifying dates in 4 to 6 months without repaying your creditors. However, this chapter is available to people with very little disposable income. People who earn a significant income and wish to protect their valuable property can file for bankruptcy under chapter 13. In this case, their disposable income is used to pay their creditors throughout a 3- to 5-year repayment plan. Chapter 13 bankruptcy [...]

2023-04-14T08:46:49+00:00
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Is Bankruptcy Filing Possible If I Have Equity In My Home?

Call: 888-297-6203 Bankruptcy filing is possible even if you have equity in your house. However, if you cannot protect it through exemption, you might end up losing it. There are various factors that determine what will happen to the equity. These include the bankruptcy chapter, the duration of ownership, and the state of federal exemption you are using. Both Chapter 7 and chapter 13 allow you to exempt certain equity in your home. However, the non-exempt equity is treated differently in both these chapters. In Chapter 7 bankruptcy, any non-exempt property is handed over to the bankruptcy trustee [...]

2023-04-14T09:01:48+00:00
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Understanding Secured Claims In Bankruptcy

Call: 888-297-6203 Usually, when individuals file for bankruptcy, they owe a significant amount of debt to their creditors. This outstanding balance is the claim that creditors assert as their own. However, this claim is different from a secured claim. The latter is a debt secured or guaranteed by a property. While paying a debt through bankruptcy, the court sends a notice informing the creditors of a deadline by which they need to submit a ‘proof of claim’ form. This form describes the type of debt (what it is for), the amount owed by the bankruptcy filer, whether the [...]

2023-04-14T08:49:56+00:00
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