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 93265

Frequently Asked Questions about Personal Bankruptcy in Zip Code 93265


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 93265
    Mark A Brodka Law Office
    29170 Heathercliff Rd
    Malibu, CA 90265
    (310) 457-9994
    General Practice Attorneys, Attorneys
    Cohen Susan
    303 Twin Dolphin Dr Suite 600
    Redwood City, CA 94065
    (650) 216-9949
    Attorneys
    Hadley & Fraulob Law Offices
    1876 Bird St
    Oroville, CA 95965
    (530) 534-9786
    Attorneys,  Social Security & Disability Law Attorneys,  General Practice Attorneys,  Legal Service
    Rockett III Thomas E Law Offices
    10 Pointe Dr, Suite 150
    Brea, CA 91765
    (909) 396-9600
    Personal Injury Law Attorneys, Attorneys, Employee Benefits & Worker Compensation Attorneys
    Apger William G
    1453 Downer St # B
    Oroville, CA 95965
    (530) 533-9575
    Attorneys, Probate Law Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Re
    Dzivi Bartly A-
    180 Harbor Dr
    Sausalito, CA 94965
    (415) 339-9550
    Attorneys, Legal Service Plans, General Practice Attorneys
    Topform Data
    2326 N Batavia St # 105
    Orange, CA 92865
    (714) 921-9500
    Paralegals, Legal Document Assistance
    Blasser Law
    20955 Pathfinder Rd.,Suite 100
    Diamond Bar, CA 91765
    (909) 542-9456
    Estate Planning, Probate, & Living Trusts,  Bankruptcy Law Attorneys,  Family Law Attorneys,  Labo
    Pitts Michael E
    333 Twin Dolphin Dr
    Redwood City, CA 94065
    (650) 620-9435
    Attorneys, Wills, Trusts & Estate Planning Attorneys
    Aiken Suzan Barrie
    1000 Bridgeway
    Sausalito, CA 94965
    (415) 332-9400
    Arbitration Services, Attorneys, Family Law Attorneys
    Sobrato Foundation
    350 Twin Dolphin Dr
    Redwood City, CA 94065
    (650) 620-9246
    Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
    James Studer
    1420 E Los Angeles Ave Ste 204C
    Simi Valley, CA 93065
    (805) 582-9191
    General Practice Attorneys,  Attorneys,  Bankruptcy Services,  Legal Service Plans,  Bankruptcy Law
    Webster & Webster
    3743 Railroad Ave
    Pittsburg, CA 94565
    (925) 439-9181
    Attorneys,  Divorce Assistance,  Family Law Attorneys,  General Practice Attorneys,  Legal Service P
    James Dunn
    303 Twin Dolphin Dr Ste 600
    Redwood City, CA 94065
    (619) 744-9164
    Paul Mammarella
    2700 N Canal St
    Orange, CA 92865
    (800) 951-9067
    Foreclosure Services,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Criminal Law Attorneys,  Gen
    Jacoby & Meyers-Bankruptcy, LLP
    20955 Pathfinder Rd Suite 100
    Diamond Bar, CA 91765
    (909) 979-9022
    Bankruptcy Law Attorneys
    Nowicki Edmund M
    240 Twin Dolphin Dr
    Redwood City, CA 94065
    (650) 596-9022
    Tax Attorneys,  Attorneys,  Tax Reporting Service,  Taxes-Consultants & Representatives,  Tax Return
    Johnson Law Firm
    430 Railroad Ave
    Pittsburg, CA 94565
    (925) 427-9006
    Estate Planning, Probate, & Living Trusts,  Personal Injury Law Attorneys,  General Practice Attor
    Johnson Law Firm
    158 E 6th St
    Pittsburg, CA 94565
    (925) 427-9006
    Estate Planning, Probate, & Living Trusts, Personal Injury Law Attorneys, General Practice Attorneys
    Land Wayland
    21671 Gateway Center Dr Ste 211
    Diamond Bar, CA 91765
    (909) 861-8890
    Attorneys, Immigration Law Attorneys, Immigration & Naturalization Consultants, General Practice Att
    Kraft Marcia L Law Offices
    1445 E Los Angeles Ave # 301U
    Simi Valley, CA 93065
    (805) 583-8800
    Attorneys, General Practice Attorneys, Adoption Services, Legal Service Plans
    Grathwohl-Rauch & Cohen PC
    100 Marine Pkwy Ste 305
    Redwood City, CA 94065
    (650) 592-8600
    Legal Service Plans,  Attorneys,  Probate Law Attorneys,  Landlord & Tenant Attorneys,  Wills, Trus
    Beck Devan D
    6487 Cavalleri Rd
    Malibu, CA 90265
    (310) 457-8460
    Civil Litigation & Trial Law Attorneys, Attorneys
    Republic Document Management
    660 N Diamond Bar Blvd # 105
    Diamond Bar, CA 91765
    (909) 860-8446
    Attorneys Referral & Information Service, Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US