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 Eureka, CA

Frequently Asked Questions about Personal Bankruptcy in Eureka, CA


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 Eureka, CA
    Manny Daskal & Benjamin Okin
    309 O Street
    Eureka, CA 95501
    (707) 443-9842
    Greg Rael Law Offices
    1026 3rd St
    Eureka, CA 95501
    (707) 445-9666
    Attorneys, Criminal Law Attorneys
    Zwerdling Bragg & Mainzer LLP
    804 3rd St
    Eureka, CA 95501
    (707) 445-9628
    Personal Injury Law Attorneys, Attorneys
    Dibble Dave
    123 F St
    Eureka, CA 95501
    (707) 444-9330
    Attorneys, Mediation Services, Arbitration Services
    Harland Law Firm
    622 H St
    Eureka, CA 95501
    (707) 444-9281
    Attorneys, Estate Planning, Probate, & Living Trusts, General Practice Attorneys, Real Estate Manage
    Steward Lorna L
    1402 Union St # B
    Eureka, CA 95501
    (707) 445-9056
    Social Security & Disability Law Attorneys, Attorneys
    Bryson Kathleen
    732 5th St
    Eureka, CA 95501
    (707) 268-8600
    Attorneys,  Legal Service Plans,  Domestic Violence Attorneys,  Criminal Law Attorneys,  DUI & DWI A
    Edson Judith L
    1026 3rd St
    Eureka, CA 95501
    (707) 445-8413
    Attorneys, Divorce Attorneys
    Dan O Wilkinson
    2361 Harrison Ave
    Eureka, CA 95501
    (707) 476-8354
    Attorneys
    Wilkinson Dan Olson
    2361 Harrison Ave
    Eureka, CA 95501
    (707) 476-8354
    Attorneys,  Child Custody Attorneys,  Real Estate Attorneys,  Family Law Attorneys,  Divorce Attorne
    Aladdin Bail Bonds
    503 H St
    Eureka, CA 95501
    (877) 765-7888
    Bail Bonds, Criminal Law Attorneys, DUI & DWI Attorneys, Bail Bond Referral Service
    Hjerpe Thomas
    350 E St
    Eureka, CA 95501
    (707) 442-7262
    Bankruptcy Law Attorneys, Bankruptcy Services, Consumer Law Attorneys
    Poovey James D
    937 6th St
    Eureka, CA 95501
    (707) 443-6744
    Attorneys,  Probate Law Attorneys,  Family Law Attorneys,  Estate Planning Attorneys,  Divorce Attor
    Crane David J
    369 8th St
    Eureka, CA 95501
    (707) 443-6708
    Attorneys, Family Law Attorneys, Divorce Assistance, Legal Service Plans
    Truitt Lawrence Andrew
    924 5th St
    Eureka, CA 95501
    (707) 443-6490
    Attorneys
    Barnum William F
    1036 5th St Ste B
    Eureka, CA 95501
    (707) 442-6405
    Attorneys, General Practice Attorneys
    Arnot Phillip M
    307 N St
    Eureka, CA 95501
    (707) 443-6386
    General Practice Attorneys, Attorneys, Legal Service Plans
    Alternative Legal Solutions
    1657 C St
    Eureka, CA 95501
    (707) 443-6016
    Paralegals
    Hapgood Mark W
    816 3rd St
    Eureka, CA 95501
    (707) 443-5956
    Attorneys,  Legal Service Plans,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  Juvenile
    Humboldt County Bar Association
    730 5th St
    Eureka, CA 95501
    (707) 445-5865
    Attorneys Referral & Information Service, Attorneys, Legal Service Plans
    Daly Richard
    123 F St
    Eureka, CA 95501
    (707) 445-5471
    Attorneys, Tax Attorneys
    Prior Robert D Atty
    710 I St
    Eureka, CA 95501
    (707) 443-4573
    Attorneys Referral & Information Service, Attorneys, Legal Service Plans
    Pre-Paid Legal Services, Inc. Independent Associate
    PO Box 8
    Eureka, CA 95502
    (707) 633-4570
    Attorneys Referral & Information Service, Legal Service Plans
    Lyons, Jon H
    634 H St
    Eureka, CA 95501
    (707) 443-4561
    Personal Injury Law Attorneys, Attorneys, Employee Benefits & Worker Compensation Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US