12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Frequently Asked Questions about Personal Bankruptcy in Zip Code 92235

Frequently Asked Questions about Personal Bankruptcy in Zip Code 92235


Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start.
 
- Tim Johnson


Bankruptcy is a legal procedure that allows an individual or company to eliminate debt and stop their creditors from harassing them.

What does "Chapter 7" and "Chapter 13" bankruptcy mean?

There are different types of bankruptcy, referred to as "chapters" because of their chapter location in the bankruptcy laws. For example, Chapter 7 refers to the seventh chapter in the Bankruptcy Codes. Bankruptcy Chapter 11 is for business reorganization, while Chapters 7, 12, and 13 can apply to families and individuals.

What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?

Chapter 7 bankruptcy is known as a "fresh start "or "liquidation bankruptcy." It is used to sell off assets in an attempt to satisfy the outstanding debts. On the other hand, Chapter 13 bankruptcy does not require assets to be sold. Instead, the filer follows a payment plan which typically gives them several years to pay off a percentage of their debts based on their income.


What are the advantages and disadvantages of choosing to file Chapter 7 rather than Chapter 13 bankruptcy?

  • Under Chapter 7 bankruptcy, the basic principle is to sell off the majority of your assets and properties so that creditors can reclaim part of the money that is owed to them. Certain assets, such as a primary residence or a vehicle, can be declared exempt and may be retained even after Chapter 7 bankruptcy has been filed. Certain debts, such as taxes and student loans, may not be eliminated under Chapter 7 bankruptcy. By contrast, under Chapter 13 bankruptcy you may be able to keep all of your assets, and are only required to pay off a percentage of the debt over time.
  • You only qualify for Chapter 13 bankruptcy if you have a regular source of income and your debt is below a certain amount. This ensures that a restructured payment plan is workable. If you don't have the means to pay off your debt over time, then Chapter 7 bankruptcy may be the only option for you.

  • How does filing for bankruptcy help me deal with creditors?

    After you have filed your paperwork, the court clerk will inform all of your creditors that they may no longer contact you in pursuit of payment.

    What happens to my assets during Chapter 7 and Chapter 13 bankruptcy?

    If you file for Chapter 7 bankruptcy, you are required to make a complete list of all of your assets and properties. There are a limited number of assets that you may keep, depending on the laws of your state. If you file for Chapter 13 bankruptcy, you are able to keep all of your assets.


    Can I keep any of my current or old credit cards once I have filed for Chapter 7 or Chapter 13 bankruptcy?

    Your credit card company will decide if you can keep your credit cards after you file for bankruptcy.

    Can I apply for new credit cards after filing for bankruptcy?

    Credit card companies may perceive you to be a greater credit risk once you have filed for bankruptcy. This may cause them to offer you lower credit limits, higher interest rates, and additional fees and penalties. As an alternative, some companies may offer you a secured credit card (or prepaid card) in which you are required to pay a specific amount of money up front. That money acts as the credit limit for your credit card.

    Do I have to file for bankruptcy if I am in debt?

    If your debts are significantly higher than the value of your assets and income, then you might consider filing for bankruptcy.

    Do I have to disclose all of my assets and property when I file for bankruptcy?

    Yes. Full disclosure of all of your assets is required by the bankruptcy law. In fact, it is a felony to fail to list all of your assets or to transfer them to another party in an attempt to hide them.


    Does filing for bankruptcy require that I go to court?

    If you are able to resolve all issues between you and your creditors, it is not necessary to go to court.

    Will everybody know about my bankruptcy?

    Bankruptcy filings are public, but personal information is withheld. Your creditors and co-debtors will be given direct notice of your bankruptcy. If you have an ex-spouse who receives child support from you, he or she will receive a letter regarding your bankruptcy and what to do if child support cannot continue.

    If I am married, does my spouse have to file for bankruptcy too?

    If you and your spouse have co-signed debts together, then you can file for a joint-bankruptcy petition and eliminate or restructure the debt for both spouses. If the debts are only in your name, then you can file for bankruptcy individually.

     
    Personalize & Print a Free CA Last Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Personalize & Print a Free CA Living Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Related Legal Services near Zip Code 92235
    Flory, Jan M
    1400 Brea Blvd
    Fullerton, CA 92835
    (714) 525-9998
    Attorneys, Child Custody Attorneys, Family Law Attorneys, Divorce Attorneys
    Document Preparation Svc Inc
    9673 Sierra Ave # F
    Fontana, CA 92335
    (909) 350-9787
    Paralegals, Legal Document Assistance
    Coffey and Coffey
    1440 N. Harbor Blvd. #500
    Fullerton, CA 92835
    (714) 880-9753
    Traffic Law Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys
    Guzman Paralegal Services
    18305 Sherman Way
    Reseda, CA 91335
    (818) 776-9717
    Attorneys Referral & Information Service, Paralegals
    Srivastav Indu
    1440 N Harbor Blvd # 250
    Fullerton, CA 92835
    (714) 447-9695
    Attorneys, Legal Service Plans
    VICTOR S.PALACIOS & ASSOCIATES, A PROFESSIONAL CORPORATION
    8456 Sierra Ave Suite 205
    Fontana, CA 92335
    (909) 356-9595
    Divorce Attorneys, Malpractice Law Attorneys, Social Security & Disability Law Attorneys, Drug Charg
    Personal Injury Law Offices
    919 South Wooster St
    Los Angeles, CA 90035
    (310) 779-9327
    Bankruptcy Law Attorneys,  Divorce Attorneys,  Personal Injury Law Attorneys,  Workers Compensation
    Gerber David A
    2741 Victoria Ave # C
    Oxnard, CA 93035
    (805) 382-8760
    General Practice Attorneys, Attorneys
    Clement & Ho
    1440 N Harbor Blvd # 900
    Fullerton, CA 92835
    (714) 449-8440
    Elder Law Attorneys, Attorneys
    Reed, Nancy E
    133 S Main St
    Milpitas, CA 95035
    (408) 262-7992
    Attorneys,  Probate Law Attorneys,  Child Custody Attorneys,  Divorce Assistance,  Family Law Attorn
    Aladdin Bail Bonds
    8127 Mulberry Ave
    Fontana, CA 92335
    (877) 765-7888
    Bail Bonds, Criminal Law Attorneys, Bail Bond Referral Service, DUI & DWI Attorneys
    Community Paralegal Services
    9228 Sierra Ave
    Fontana, CA 92335
    (909) 823-7488
    Legal Clinics,  Attorneys,  Paralegals,  Attorneys Referral & Information Service
    Elenbaas, Thomas E
    211 Imperial Hwy
    Fullerton, CA 92835
    (714) 871-7100
    Attorneys,  Business Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Corporation & Partners
    Ross Linda K Atty
    1370 Brea Blvd
    Fullerton, CA 92835
    (714) 680-6456
    Attorneys,  Divorce Assistance,  Estate Planning, Probate, & Living Trusts,  Elder Law Attorneys,
    Berkley Benjamin H 7148716440
    1440 N Harbor Blvd
    Fullerton, CA 92835
    (714) 871-6440
    Attorneys
    Kirk Nuzum
    3663 Meadowlands Ln
    San Jose, CA 95135
    (408) 532-6433
    Attorneys Referral & Information Service, Legal Clinics, Attorneys
    Duron Paul J.
    1440 N Harbor Blvd
    Fullerton, CA 92835
    (714) 487-6405
    Child Custody Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys
    The Tax Doctor
    16981 Foothill Blvd
    Fontana, CA 92335
    (909) 829-6300
    Paralegals, Notaries Public, Tax Return Preparation, Legal Document Assistance
    Madnawat Law Firm
    1578 Centre Pointe Drive
    Milpitas, CA 95035
    (408) 905-6161
    Estate Planning, Probate, & Living Trusts,  Civil Litigation & Trial Law Attorneys,  Personal Inju
    Pacific Attorney Group
    856 S Robertson Blvd
    Los Angeles, CA 90035
    (323) 666-6066
    Personal Injury Law Attorneys, DUI & DWI Attorneys, Malpractice Law Attorneys
    Daniel R. Perlman
    1400 N Harbor Blvd. Suite 650
    Fullerton, CA 92835
    (714) 882-5700
    Domestic Violence Attorneys, Criminal Law Attorneys, Drug Charges Attorneys
    Moerbeek Stanley L-
    285 Imperial Hwy Ste 103
    Fullerton, CA 92835
    (714) 773-5396
    Attorneys, Legal Service Plans
    June Harris
    1440 N Harbor Blvd
    Fullerton, CA 92835
    (714) 526-5048
    Family Law Attorneys,  Tax Attorneys,  Probate Law Attorneys,  Wills, Trusts & Estate Planning Atto
    Operini Edward G
    16820 Ivy Ave
    Fontana, CA 92335
    (909) 822-5041
    Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US