Not everyone can File Chapter 13 Bankruptcy Santa Fe Springs

Most people are under the impression that it is easy to file for chapter 13 bankruptcy Santa Fe Springs and that filing a chapter 13 bankruptcy Santa Fe Springs is an option which is available to everyone. The truth is that bankruptcy is a complicated area and it can be difficult to know just where you stand and whether or not you are eligible to file chapter 13 bankruptcy Santa Fe Springs, or wherever.

Businesses Can't File for Chapter 13 Bankruptcy

A business, even a sole proprietorship, cannot file for Chapter 13 Santa Fe Springs in the name of that business. Businesses are steered toward Chapter 11 bankruptcy when they need help reorganizing their debts.

If you own a business, however, you can file for Chapter 13 bankruptcy Santa Fe Springs as an individual. You can include in your Chapter 13 bankruptcy case business-related debts for which you are personally liable. There is one exception to this rule: Stockbrokers and commodity brokers cannot file a Chapter 13 bankruptcy case, even if they want to discharge only personal debts.

Your Debts Must Not Be Too High

You do not qualify for Chapter 13 bankruptcy if your secured debts exceed $1,149,525. A debt is secured if you stand to lose specific property if you don't make your payments to the creditor. Home loans and car loans are the most common examples of secured debts. But a debt might also be secured if a creditor -- such as the IRS -- has filed a lien against your property.

In addition, for you to be eligible for Chapter 13 bankruptcy, your unsecured debts cannot exceed $383,175. An unsecured debt doesn't give the creditor a right to take a particular piece of property.  Most debts are unsecured, including credit card debts, medical and legal bills, back utility bills, and department store charges.

You Must Be Current on Your Income Tax Filings

To file for Chapter 13 Santa Fe Springs you will have to submit proof that you filed your federal and state income tax returns for the four tax years prior to your bankruptcy filing date. If you need some time to get current on your filings, the court can postpone the proceedings. Ultimately, however, if you don't produce your returns or transcripts of the returns for those four years, your Chapter 13 case will be dismissed.

Before filing a chapter 13 Santa Fe Springs, or wherever, there are a few things you need to do. The primary one is to determine whether bankruptcy is the best choice for you. If you are in trouble financially, there are a number of things you can do to get yourself back on track. Bankruptcy should be considered your last resort and should not be taken lightly.

Filing a chapter 13 bankruptcy Santa Fe Springs is a serious matter and although some people decide to handle the matter on their own, it makes more sense to hire a professional bankruptcy attorney so that your case can proceed smoothly and achieve the desired results.

You can get rid from your difficult time with the help of attorneys bankruptcy in La Palma

 The harassing calls from the creditors can only be avoided through attorneys bankruptcy La Palma court. The foreclosed of the business can be avoided with the help of the attorneys. If you are a debtor and you have burden of debts and you want to get out from the situation then you can avail the services of lawyers in this regard they will fight for you to save your risky property or house. The best guidance is provided by these expertises, they have prior knowledge of handling all the law issues and as you know that law procedure and law language is very difficult to understand only an expert can conduct all the activities with no difficulty. Nassar Law is providing talented attorneys to handle your cases in La Palma court.

Those who hire the lawyers of bankruptcy can enjoy their outstanding services because the most critical point for debtor is to save their property from being sued and it can only be possible with the help of experts they provide the untangled solution of property ownership issues. Before hiring the required lawyer individuals need to see the deep knowledge and experience of attorney, the appointed attorney should be capable enough to follow the local court rules and regulations. Like doctors the lawyers of bankruptcy are also the specialists of their area and they will provide their lawyers the best procedure to move on. Not all the lawyers are specialists of bankruptcy, it’s the foremost duty of clients to differentiate between the normal lawyer and the bankruptcy lawyer because if someone is a lawyer than it does not they are knowledgeable about bankruptcy law. The individuals need to do the proper research before hiring the best one.

You can easily find the best bankruptcy firms of your area on internet, like every field the competition is also very high in this field so almost all the service provider provides all the relevant information of their attorneys.  They are helpful and save your belongings from foreclosures and will also make your debts dischargeable which you are not able to pay in full. Those who are finding the solution to their debts can take off their stress with the help of attorneys.

Nassar law popularity is at its peak if you speak to their bankruptcy lawyer at their law firm, they will provide all the legal requirements and also let you know about the consequences of the procedure. Those who file under chapter 13 can take the advantage of payment plan which usually last for 3 to 5 years in this debtor make payment to the court in installment there is no direct interaction between the debtor and creditor. But because of the long term involvement mostly creditors prefer to file their case under chapter 7 but chapter 13 is best option in the strong financial health of the individual. The attorney advice you to file under chapter 13 because it will allow you to pay which you can easily afford, the payment procedure will not panic you and you business or your assets.

Debt Relief Attorneys La Puente are there to try and Help you

When you are facing financial problems it can often seem that the whole world is out to get you and that there is no one on your side who can either help or just even try to understand. You start to think that even your friends have deserted you and that your family hates you as well as feeling hounded by creditors. This is when it can be a great feeling to know that debt relief attorneys La Puente, or anywhere else, are actually there to try and help you out.

Anyone can lose control of their finances. Medical emergencies, unemployment, divorce and other obligations can overwhelm the coping abilities of even the most financially prudent person. If you are in serious debt, you face a choice. You can free yourself from debt by making a conscious decision to take matters into your own hand or you can just not bother and lose everything.

Bankruptcy

Depending on your financial circumstances, an experienced bankruptcy attorney La Puente can help you to file for bankruptcy under Chapter 7 or Chapter 13. In doing so, you can eliminate most or all of your debts, while preserving your most important assets. Whether you are an individual homeowner with an upside-down mortgage, a married couple with medical debts and unmanageable student loans, a small-business owner in financial trouble, or a person with other serious financial difficulties, a bankruptcy can help you get back on track.

Alternatives to bankruptcy

Although 7 and 13 chapter bankruptcy La Puente is an extremely powerful tool for managing debts, not everyone is comfortable with it. Whenever advisable, debt reduction lawyers or debt relief attorneys La Puente help clients to explore debt consolidation, loan modification, mortgage modifications and other alternatives to bankruptcy.

There is no shame attached to the act of filing for chapter bankruptcy 13 La Puente, or chapter bankruptcy 7 La Puente but the fact remains that most people are reluctant to do so. However it is often the case that many people feel that they do not wish to go down this avenue, at least not until they are forced to admit that they have no other choice.

It is easy enough to say that people should manage their finances better but sadly the truth is that there are often circumstances which are beyond the control of the individual and in these cases they are facing bankruptcy through no fault of their own. Ideally it is better to contact debt relief attorneys La Puente before things get to the critical stage but better late than ever is always a good saying.

If you find that you are going to file for chapter bankruptcy 13 La Puente, or chapter bankruptcy 7 La Puente, then it is in your best interests to try and find an experienced bankruptcy attorney La Puente to handle your case. Filing for chapter bankruptcy La Puente is not an easy task and should be left to the professionals in order to get things completed quickly and efficiently.

When filing a Chapter 13 Hacienda Heights you need to Disclose Everything

The law is not something which you want to mess with and it is one area where, contrary to popular belief, honesty really is the best policy- well in most cases. This is certainly true when you decide to file for chapter 13 bankruptcy Hacienda Heights. Filing a chapter 13 Hacienda Heights, or anywhere else for that matter, is a serious matter and not to be taken lightly.

If you find that you have to file for chapter 13 Hacienda Heights then the first step is to obtain as much information as possible, even before you retain an attorney in to help you with filing a chapter 13 bankruptcy Hacienda Heights. Open and honest communication is the foundation of the relationship between attorneys and their clients. Without the privilege, clients would not divulge important confidential information to their attorneys, and therefore, their attorneys would not be able to provide adequate advice or representation.

It is important for debtors who file a bankruptcy case under Chapter 13 to understand their rights and responsibilities. It is also important that the debtors know what their attorney's responsibilities are, and understand the importance of communicating with their attorney to make the case successful. Debtors should also know that they may expect certain services to be performed by their attorney. In order to assure that debtors and their attorney understand their rights and responsibilities in the bankruptcy process, the following guidelines provided by the court are hereby agreed to by the debtors and their attorneys.

Before the case is filed

The debtor agrees to:

• Provide the attorney with accurate financial information concerning income and expenses, and assets and liabilities.
• Discuss with the attorney the debtor's objectives in filing the case.

The attorney agrees to perform the following “Basic Services”:

• Meet with the debtor to review the debtor's assets, liabilities, income, and expenses.
• Counsel the debtor regarding the advisability of filing either a Chapter 7 or Chapter 13 case, discuss both procedures with the debtor, and answer the debtor's questions.
• Advise the debtor of the requirement (and procedures involved) for obtaining a credit counselling certificate and completing the debtor education course.
• Advise the debtor of the requirement for providing documentation on income and tax return filings.
• Explain to the debtor how, when, and where to make the Chapter 13 plan payments.
• Explain to the debtor how the attorney's fees and trustee's fees are paid and provide an executed copy of this document to the debtor.
• Explain to the debtor that the first plan payment must be made to the Chapter 13 Trustee within 30 days of the date the plan is filed.
• Advise the debtor of the requirement to attend the 341 Meeting of Creditors, and instruct the debtor as to the date, time and place of the meeting.
• Timely prepare and file the debtor's petition, plan, statements and schedules.

Filing chapter 13 bankruptcy Hacienda Heights is a common thing these days and nothing to be ashamed off. Filing a bankruptcy chapter Hacienda Heights is best done with professional assistance.

Lawyers for Bankruptcy La Puente need to be Courteous and Professional

The term people skills may be overused these days but the importance of these skills cannot be emphasised enough. Certainly in some professions these skills can make the difference between success and failure and the legal business is one which needs to have people who are courteous and professional in their dealings with the public. Lawyers for bankruptcy La Puente are no exception and law firms bankruptcy La Puente tend to hire people who are experienced in dealing with clients.

As of 2013, the U.S. Bureau of Labour Statistics estimates that there are approximately 740,000 practicing lawyers in the United States. As with most other professions, lawyers are broken down into specific disciplines that dictate their career paths.

There are several types of lawyers within that population of 740,000 and each discipline focuses on one specific field of law. It is possible to find attorneys that practice in several different legal areas, but most prefer to specialize. Lawyers bankruptcy La Puente, and elsewhere, will usually offer services for personal and corporate bankruptcy. This is one of those types of lawyers that will usually remain focused only on bankruptcy and forgo any other legal field.
Bankruptcy attorney skills and specifications

• Must have a vast experience in legal proceeding about corporate or personal bankruptcy litigations.
• Must have excellent organizational and law practicing skills.
• Must have excellent grip on the bankruptcy codes.
• Must have excellent communication and interpersonal skills
• Bankruptcy Attorney Education and Qualifications -A bachelor law degree to practice law in the state

Bankruptcy attorney salary

The average salary of a lawyer for bankruptcy La Puente, and other places, working in a bank or creditor firm is about $122,000. A Private practitioner can earn lower or higher as it depends on the number of cases they handle. This means that the fees which are asked from potential clients have to reflect the costs which are incurred by the firm, including the time of the lawyers bankruptcy La Puente, or wherever. For your money you would expect a lawyer bankruptcy La Puente to be reliable and efficient as well as being able to deal with the clients in a friendly and reassuring way.

The thing to remember is that small business bankruptcy La Puente is quite common and that when filing for bankruptcy the client needs to keep in mind his responsibilities too.

What obligations must clients abide by?

Maintaining an effective attorney-client relationship is a team responsibility. The lawyer for bankruptcy La Puente may withdraw representation from the client who does not abide by the following:

• The client must be truthful and honest in all communications with the lawyer.
• The client must cooperate with the lawyer throughout the case.
• The client must appear at all legal proceedings involved in the case, including the First Meeting of Creditors.
• The client must pay the lawyer’s fees as agreed in the retainer agreement.

Since there are many lawyers for bankruptcy La Puente you will have to look around until you find one you are comfortable working with.

Would you know how to find an Attorney Bankruptcy Hacienda Heights?

When I was younger I used to love the Nancy Drew mysteries and I still remember that her town was called River Heights and that her father was a lawyer. I was thinking about this last week when a friend needed advice finding an attorney bankruptcy law Hacienda Heights and did not know how to find a good one.

He need to file chapter 13 bankruptcy Hacienda Heights and was not sure which criteria were important when searching for an attorney bankruptcy Hacienda Heights, or elsewhere either for that matter. Since I had helped a mutual friend through a chapter 7 bankruptcy Hacienda Heights recently he approached me for help.

There are certain differences when filing for 13 chapter bankruptcy Hacienda Heights and 7 bankruptcy chapter Hacienda Heights but the important thing is to obtain as much information beforehand as you possibly can. This applies to the process and what to expect as well as when selecting the best attorney bankruptcy Hacienda Heights can offer within your budget.

Look online for attorneys who specialize in bankruptcy.

Bankruptcy attorneys typically have much more experience in this area than lawyers who specialize in a different area or multiple areas. Review the attorney's website to find out where he or she went to school, how long they've has been practicing in the field of bankruptcy law, and how big or small a support staff/office the individual has. If the person is certified by the American Board of Certification (and most bankruptcy attorneys aren't), that's a big plus because it means the lawyer is a specialist in the field and has proven expertise in bankruptcy law.

Contact your state bar association.

 
From California to Maine, every state has a bar association that lists practicing bankruptcy lawyers in your area. To find the website of your state bar association, simply Google your state name and the words "state bar" or "state bar association." From there, most bar association websites offer lawyer referral services, linking you to lawyers in your city, town or county.

Since state bar associations review complaints about attorneys, some association websites may also reveal whether a lawyer listed in their database has had any disciplinary action taken against them. If you find out about any serious infractions, look elsewhere for a good bankruptcy attorney.

Check with your local bankruptcy court.

In some parts of the country, courts may maintain a list of practicing lawyers in your area. To find out if this is true for your area, a simple call to the courts is likely all that's required.

When courts do offer lawyer referrals they typically provide the names and contact information for at least two or three attorneys. At the very least, even if they can't offer referrals, your local court will have a packet of information you can get that specifies court fees and explains the bankruptcy filing process, in case you file for 7 bankruptcy chapter Hacienda Heights on your own. This is because although recommended, an attorney bankruptcy Hacienda Heights is not essential.

Things to Note when Facing Small Business Bankruptcy Downey

When it comes to skimping on spending money there are certain areas where it is worth it but other places where it should not be done. One of these is if you ever need to hire a lawyer for bankruptcy Downey, or anywhere else. No one is saying that you need to hire the best bankruptcy attorney Downey has but you should certainly search among the best bankruptcy lawyers Downey has within your price range.

If your small business is struggling with debt, small business bankruptcy Downey, or wherever, may provide some relief. Whether bankruptcy can help depends on a number of factors, including:

• The legal form of your business, for example, is your business a sole proprietorship, general partnership, corporation, or Limited Liability Company?
• Whether you are personally liable for business debts
• Whether you want to close your business or keep it running, and
• How much and what types of debts you have.

Since lawyers bankruptcy Downey don't come cheap, it's important to work with an experienced yet affordable attorney who can really help you work through this process and achieve your goal of getting out of debt.

Depending on the circumstances, small businesses have three potential bankruptcy options:

Chapter 7 – Chapter 7 is a bankruptcy option for debtors that do not have the means to restructure their obligations and continue in business.  In Chapter 7, a trustee is appointed, available assets are sold, and creditors are paid to the extent funds are available.  Partnerships, limited liability companies, and corporations are all eligible to file bankruptcy under Chapter 7.  Depending on their income, individuals who own and operate small businesses as sole proprietorships also may file bankruptcy under Chapter 7.

Chapter 13 – Chapter 13 can be a restructuring option for small businesses owned and operated by individuals (that is, sole proprietorships).  Only individuals may file Chapter 13, so it is not an option for businesses operated through partnerships, limited liability companies, or corporations.  Chapter 13 eligibility is also subject to debt limits.  Currently, an individual cannot file Chapter 13 if he or she owes more than $383,175 in unsecured debt or $1,149,525 in secured debt.

Chapter 11 – The other bankruptcy option for small businesses is Chapter 11.  Generally, small businesses shy away from Chapter 11, because it is expensive, risky, time-consuming, and complex.  Chapter 11 is the only bankruptcy option, however, for a small business seeking to restructure and continue in operation if it is owned by a partnership, limited liability company, or corporation.  Chapter 11 is also the only bankruptcy option for individual business debtors who want to reorganize but owe too much money to meet Chapter 13’s eligibility requirements.

Lawyers for bankruptcy Downey and other places can advise you about all the necessary documentation and paperwork you need to support your case, they know local court rules and procedures, and they can answer any critical questions you may have about the process along the way. They are worth spending a little extra money on so that your case can proceed smoothly.

Could a Business Bankruptcy Attorney Norwalk Help you with your Debts?

When you are facing financial problems, and in particular are under a lot of debt, everything can seem too much and it is easy to feel overwhelmed. It is often difficult to know where to turn to for help and advice, especially if you feel that your only option is to declare bankruptcy. This is the time to see if a business bankruptcy attorney Norwalk, or wherever, could be of assistance and the time to find out about the best bankruptcy lawyers Norwalk has to offer.

If your small business is filing for bankruptcy or you think you may have to file, hire a business bankruptcy lawyer Norwalk, and elsewhere, who is a specialist in business bankruptcy. There are some important reasons that you should choose business bankruptcy attorneys Norwalk who are specialists in business such as:

They will be knowledgeable about state laws

Laws on state certifications vary. You can view those laws at the American Bar Association's website. A bankruptcy attorney can help you make sense of these laws.

They have experience in bankruptcy proceedings

If you choose a business bankruptcy attorney Norwalk, you can be sure that he or she already has experience in bankruptcy proceedings on a business level. Even if your business is not incorporated, you still need a bankruptcy attorney skilled at liquidating a business rather than one skilled in civil proceedings. Try to get references from several business bankruptcy lawyers Norwalk to determine how much experience they have in bankruptcy proceedings.

They are certified

The American Board of Certification certifies attorneys in different specialties. They certify business bankruptcy attorneys. ABC is the premier legal certification specialty organization for bankruptcy attorneys. A certified business bankruptcy lawyer Norwalk, or wherever, has met rigorous, objective standards and testing. They have demonstrated exceptional knowledge in bankruptcy and creditors' rights. A business bankruptcy attorney spent the last two years in law school specializing in business bankruptcy.

You do not need an attorney to file for bankruptcy, but a lawyer can help make sure you file correctly and that you don't miss any steps. A lawyer can also help you get the full benefit of your bankruptcy.

If you decide to file yourself, be careful to not commit bankruptcy fraud on accident. The law is clear that errors in your paperwork can cause serious consequences - from having your case thrown out to felony criminal charges. There are a lot of laws to consider when filing Chapter 7 or 13, and it's important to know what you're getting into when filing your own case. Put your fears to rest by speaking with a local attorney about filing bankruptcy.

Business bankruptcy Norwalk, and all over the country, is on the increase as more and more people are struggling to keep their heads above the water. It is a sad fact that since bankruptcy is on the up, the role of business bankruptcy attorneys Norwalk, and other places, is becoming more vital. These people can help you get through a bad period in your life.

The Bankruptcy Business Orange is Booming in Many Places Unfortunately

It is a shame that when some people are suffering there are others who stand to gain by this. Let us take the example of an attorney law firm Orange and the attorney legal Orange working there. In this day and age bankruptcy is a word which is thrown about in every level of society and no one bats an eyelid when they hear about yet another person or company filing for bankruptcy chapter 7 or chapter 13.
It is a sad fact that in a time when small business bankruptcy Orange is all too common, the bankruptcy business Orange is booming and good news for the business bankruptcy Orange attorneys. This is not to say that the attorneys are at fault here, just to point out that even bankruptcy has its positive side in terms of job opportunities.
Consider all of your options
Bankruptcy is not really the fresh start many think it to be. Certain types of debts, such as mortgage and child support debts, cannot be relieved. Bankruptcy stays on your credit record for up to ten years, and should be a last resort. Consider the following options instead:

• Credit counselling or financial coaching, which entails hiring a professional to help you work through your debt situation.
• Credit card consolidation can be a helpful way to get on top of credit card debt. Negotiating with creditors to work out a payment plan is another option.
• Loan modification or refinancing can help you figure out a way to pay back loans.

Know what type of bankruptcy to file

• The most popular is chapter 7, which is a straight or liquidation bankruptcy. Your debts are cancelled, and you may keep your protected property as long as you are able to keep making payments. Non-exempt property must be handed over to pay back your creditors.
• Chapter 13 allows you to set up a repayment plan, usually allowing between three and five years for you to pay back your creditors. Large assets, such as your house and car, may be kept as long as you are able to keep making payments. Many individuals will be forced to file a chapter 13 case because of the means test.

Undergo credit counselling
Prior to filing a bankruptcy case, an individual must obtain some consumer credit counselling from an entity approved by the U.S. Trustee within 180 days of the date of the filing of a bankruptcy case. Your business bankruptcy attorney Orange, or wherever, should assist you with completing the BAPCPA's means test to ensure that you file properly. This counselling is intended to provide an individual with alternatives to filing a bankruptcy case. Part of the counselling will include a "means" test to determine what type of bankruptcy you are eligible to file. Those with lesser means usually file Chapter 7, while those with greater means file Chapter 13 Bankruptcy.
Getting a chapter 7 discharge Orange is just one of the many things that an attorney can help with and each case means more fees for him!

My Best Friend is a Successful Attorney for Bankruptcy Whittier

There are some people who hate attorneys of every kind and I suppose they have their reasons. I am not one of them because I know how hard these people work and it is not their fault that they see people at a very difficult time in their lives. My best friend is a successful attorney for bankruptcy Whittier and he says that it is like hating the doctor for telling you that you have cancer!

Although this friend works for an attorney law firm Whittier which has many a professional attorney bankruptcy Whittier, I know that there is many an attorney in bankruptcy Whittier who is not as professional. A good attorney bankruptcy lawyer Whittier will provide a reliable and efficient service and keep your best interests in mind.

After a proper evaluation of your case, the attorney should arrange for you to attend pre-bankruptcy counselling, a requirement under the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). As this goes on, he should review all your insurance policies to determine if you are entitled to make any claims to raise funds to pay off some of your debts. At the same time, he should determine if there is any legal technicality that may prevent your bankruptcy application from being successful.

Once he has the complete picture of your situation, the attorney would draft out a formal petition for a Chapter 13 plan that includes a proposed payment schedule. You should expect your attorney to go through the petition with you before filing it. Upon filing the petition, your attorney will serve the Notice of Bankruptcy Filing together with the Chapter 13 plan on each of your creditors.

Your attorney would assist you in organizing a meeting with all creditors about 30 days after filing your petition. This is to explain how you will repay your debts to them and address their individual concerns. Should any of your creditors file a lawsuit against you, your attorney would file a Notice of Bankruptcy to address it. Your creditors and the bankruptcy trustee have the right to file an objection against your Chapter 13 plan or a complaint to determine dischargeability. In such a case, your attorney should work out a plan to defend you against it.

During the Meeting of Creditors, the bankruptcy trustee will ask the debtor various questions about the bankruptcy, such as whether all of the information contained within the bankruptcy documents are true and correct. The trustee may ask other questions about a debtor's financial affairs. It is important to note that at the Meeting of Creditors, as the name suggests, any creditor may appear and ask a debtor questions about his bankruptcy and finances.

When dealing with an attorney bankruptcy law Whittier, or anywhere else in the country, your best bet is to be as honest as you can when you are asked for information. This is because if you try to hide things and they later come to light you can be accused of committing fraud.

Chapter 13 Attorneys Buena Park Will Point Out the Advantages of Filing

Although you may think that all bankruptcy is the same this is not the case. I was speaking to a bankruptcy law attorney Buena Park last month and he pointed out that chapter 13 Buena Park, or wherever, has certain advantages over bankruptcychapter 7 Buena Park 

In a Chapter 13 bankruptcy, you make monthly affordable payments that will go to your creditors. A Chapter 13 bankruptcy has many benefits. For example, Chapter 13 allows you to pay back amounts that you owe on car loans or mortgage loans. You can pay the back amounts owing even if the creditor does not agree. By being in a Chapter 13 payment plan, you can prevent repossession and foreclosure. It is a very valuable tool and it may allow you to keep property that you could have lost to creditors if you had filed a Chapter 7 case

.

The Chapter 13 plan payments are designed to be affordable for you and are typically much less than what could be negotiated through creditors directly or through "debt settlement companies" located in other states – many of whom offer payments that that are not much lower that what the credit card companies offer. At the end of the Chapter 13 plan, credit card, medical and many other types of debt will be completely eliminated as a reward for completing the plan.

There are other great reasons to file a Chapter 13. One can use a Chapter 13 to pay many back taxes and child support debts which you could not normally eliminate in a Chapter 7 case. Furthermore, if your household income is too high for a Chapter 7, a Chapter 13 may be the best option. People find that Chapter 13 plan payments are much less than they would have to be normally without filing.

In order to complete the Official Bankruptcy Forms that make up the petition, statement of financial affairs, and schedules, the debtor must compile the following information:

·         A list of all creditors and the amounts and nature of their claims;

·         The source, amount, and frequency of the debtor's income;

·         A list of all of the debtor's property; and

·         A detailed list of the debtor's monthly living expenses, i.e., food, clothing, shelter, utilities, taxes, transportation, medicine, etc

.

Married individuals must gather this information for their spouse regardless of whether they are filing a joint petition, separate individual petitions, or even if only one spouse is filing. In a situation where only one spouse files, the income and expenses of the non-filing spouse is required so that the court, the trustee and creditors can evaluate the household's financial position.

Bankruptcy law attorneys Buena Park and specialist chapter 13 attorneys Buena Park have an obligation to tell you the truth and to encourage you to do the same thing too. it is not advisable to be dishonest as you will not be able to get the correct advice and help. You may also find yourself in further trouble by being accused of being fraudulent

It is Boring Reading through Bankruptcy Laws Chapter 7 Placentia

I was upset to hear recently from a friend who was facing bankruptcy chapter 7 Placentia and even more upset when he mentioned a mutual friend who had just gone through a bankruptcy chapter 13 Placentia. This second friend had handled his case by himself and been successful so my friend was thinking about filing for chapter 7 bankruptcy Placentia without professional help. 

I was roped in to help with the research and must admit that I found reading up on bankruptcy laws chapter 7 Placentia to be very boring. In my opinion bankruptcy laws chapter 13 Placentia, or chapter 7 and anywhere, should be left for the attorneys to deal with. I did learn quite a lot and was happy to be able to assist my friend who went on to do well in his case. 

What Happens After I File For Bankruptcy?

The Bankruptcy Court sends out a notice of your bankruptcy filing to all of the creditors listed in your schedules. This notice advises the creditors that you have filed for protection, which chapter you filed and advises them that an "automatic stay" is in effect, preventing creditors from pursuing any further efforts to collect the debt. This would include staying a foreclosure sale, wage garnishment and even a civil court proceeding or trial. Criminal cases are not stayed, nor are child support hearings. Also on the notice is the date and time of your meeting of creditors and/or confirmation hearing with the court, as well as the deadline for taking certain action against creditors. Prior to the 341 meeting, your bankruptcy attorney will discuss any potential issues and help you prepare for any questions that the trustee is likely to ask.

At the meeting of creditors, a Trustee, appointed by the court, will examine you under oath as to the accuracy of the information contained in your schedules. Creditors have a right to be present at this hearing and may ask you questions pertaining only to your assets and liabilities, income and expenses. If they wish to challenge a particular debt from being discharged, most creditors are required to file an adversary proceeding within sixty days of the meeting of creditors in a Chapter 7 case, or the debt is discharged. There may be debts that will survive your bankruptcy, such as student loans, personal tax liability and domestic support obligations. 

Creditors who are owed money on a home or car are secured creditors and possess certain rights that unsecured creditors (such as credit card companies) do not possess. For example, they have the right to foreclose on a home or repossess a car if payments are not made in accordance with the contract. A debtor who is behind on these payments can file under Chapter 11 or 13 and propose a plan to repay the arrears. However, in all cases, the debtor must continue to make the current monthly payments to keep the property. I would have to say that it is advisable to hire chapter13 attorneys Placentia.