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If you are going to file bankruptcy in California, you need to know the laws that pertain to you in filing a California bankruptcy.
The most common types of personal bankruptcy in California are Chapter 7 and Chapter 13. In Chapter 7, you surrender your non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to your unsecured creditors. In exchange for this, you are entitled to a discharge of some of your debt. In Chapter 13 bankruptcy, you retain possession and ownership of all of your assets, but you have to give some portion of your future income to repaying your creditors. Usually, this is over a period of three to five years.
If you do decide to file bankruptcy in California, you need to decide whether Chapter 7 or Chapter 13 bankruptcy is best for your situation. A California bankruptcy attorney can help you in making this decision if you are unsure which bankruptcy is best for you.
Chapter 7 bankruptcy is designed to give relief to people with a lot of unsecured debt and who do not have sufficient assets or income to make good on that debt. Chapter 13 is intended to help you catch up on your past-due accounts, but Chapter 7 is meant to wipe the slate clean and give you a new start.
There are eligibility requirements you have to meet if you want to file Chapter 7 bankruptcy in California. Your income is compared to the median income in the state of California. If your income is lower, you can file Chapter 7. If your income is higher than the median, you may still qualify to file a Chapter 7.
In California, federal supplemental exemptions can by used in conjunction with your California exemptions when you file Chapter 7. California has two different sets of exemptions. You have to choose one or the other.
Some of the same items are on both sets of exemptions like a homestead and personal property, but the amounts and limits are different. A California bankruptcy attorney can help you to understand which of these two sets of exemptions will be best for you if you are filing Chapter 7 bankruptcy in California.
The two most common consumer bankruptcies are Chapter 7 and Chapter 13, our sponsoring lawyers handle these types exclusively so you can be sure you are getting accurate legal advice when you file bankruptcy. Our Bankruptcy attorneys will fight to protect your rights and your property, fight the aggressive and annoying creditors for you, and they can help you keep your home, vehicles and other property.
A lawyer will be committed to getting you debt relief and providing you with valuable information, services and advice to get you a better financial future. There are many convenient locations to make filing bankruptcy or learning about the alternatives we offer, even easier.Get Help Now