Eligibility For Bankruptcy in Los Angeles
Author: State Bar Approved Lawyer Referrals
The bankruptcy laws in earlier times used to affect the debtor harshly as the creditors used legal and physical methods to get back their credits. But as time changed, new bankruptcy laws evolved as well as older ones were amended to make the laws more permanent and beneficial for both the debtors and creditors.
If you are facing a financial crisis then you should get the help of a bankruptcy lawyer that can help you understand the complexities of chapter 7 and chapter 13 and other procedures related to it.
About Chapter 7 Bankruptcy:
Chapter 7 bankruptcy: otherwise known as liquidation is most common and is proposed for the discharging of the unsecured debts such as medical bills, credit card debt, and unsecured personal loans. These types of bankruptcy can be completed within a period of months. It gives trustees, the ability to pay creditors by liquidating the non-exempt assets, although due to problem of absence of non-exempt assets among people who are filing the chapter 7 bankruptcy, the trustees are able to keep their property and can easily eliminate the debts which are unsecured.
Eligibility
The qualification for being eligible to file a chapter 7 bankruptcy is the debtor must be an individual, a corporation, a partnership or any other business entity. The first thing that will be done to check your eligibility is that your average income for 6 months earlier to the filling date and comparing it with the median earnings of the state in which you reside if your average income is below that median income then you are eligible to apply.
One another important eligibility criteria is to be able to discharge your non-exempt debts you should have unsecured debts such as consumer debts, medical bills, or payday loans.
There are certain conditions that make you ineligible and you should take care about these:
1. If you have enough disposable income to repay your debts , after cutting the allowed expenses and important debt payments for repaying small portion of the unsecured debts on a five-year repayment phase 2. If you have already attained a chapter 7 bankruptcy earlier within a time period of the last eight years prior to the time of filing.
Proceedings and working:
The chapter 7 bankruptcy works on the concept that any of the secured assets a petitioner has will be handed over to an estate which is a legal that becomes the temporary owner of all secured assets and the creditor has no right to liquidate these assets until the case is over.
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Article Source: http://www.articlesbase.com/bankruptcy-articles/eligibility-for-bankruptcy-in-los-angeles-1063699.html
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Anybody have any useful info about bankruptcy laws in California?
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My close relatives are thinking about declaring bankruptcy, they’re at least 100-150 thousand dollars in debt. They can just make the minimum payments, and sometimes not even, and now one of them isn’t working so, doesn’t seem to be much hope for them. They also have a very large mortgage, and are forced to sell their house. The house is in both their names (they’re married). Some of their credit cards are joint accounts, like they both have cards with the same number. If they declared bankruptcy, could one of them just do that, rather than both of them? The majority of the money that they owe is on the husband’s credit cards, but some of the money like I said is joint. Any advice on that, from anyone that’s been through it? Any good bankruptcy lawyers agencies in the Los Angeles area? Thanks.
Where can I find a pro bono bankruptcy lawyer in Los Angeles?
What about a lawyer that will not charge too much? I have very limited income.
How can I find out if a bankruptcy lawyer in Los Angeles is trustworthy?
I’m trying to find a reputable and affordable bankruptcy lawyer in the Los Angeles area but there are many sites, ads in the paper of people who claim to be attorneys when they are not. Please advise ….
In Los Angeles. I need a lawyer or paralegal assistance to help me file for bankruptcy.?
Most are student’s and university loans. And yes, student’s loans can be included in bankruptcy. I offer Spanish-English translations as an exchange. Please do not send me links. Thank you.
My 17 year-old daughter wants to move to Los Angeles,California to pursue her singing career?
Hello!
My daughter, Rayne is 17 years old I (as her mother) find her extremely gifted with music.
Her voice is soft but so moving. I truly believe with a little tweaking in a few areas, she could really be something!
This morning, she approached me with a packet about Los Angeles, California which I would say had about three months worth of research. In the packet, it mentioned her wanting to move to Southern California.
We currently live in Milwaukee,Wisconsin. It’s very low key, wholesome and cozy here. I fear that if she were to move there so young, she would be overwhelmed and loose her Midwestern roots. Her father is a bankruptcy lawyer and makes a very comfortable living. Our life here is so smooth here- but she’s clearly not satisfied.
I would appreciate anything about the music industry in Los Angeles or in general, whether it is worth a move, what Los Angeles is like any other pieces of information that may help in our decision.
Thank You & God Bless
-Mina
Try a California Bar Certified Lawyer Association, they can direct you to a screened lawyer in your area.
http://www.1000attorneys.com/
If you need a bankruptcy attorney, I would guess you have very little resources. Contact the California Bar Association.
http://www.calbar.ca.gov/state/calbar/calbar_home.jsp
I can’t recommend any bankruptcy attorneys in LA, it’s not my area, but I think you better look into student loans and bankruptcy before paying an attorney.
Discharge due to bankruptcy is only under rare circumstances. Maybe if one was paralyzed in a coma and had 4 minor children to support on their disability check. Seriously. That’s what the judges consider undue hardship. It’s been this way since changes were made in 1998 and 2005. You may be able to consolidate under Chapter 13 if you have enough income and not very much debt. But it won’t eliminate it and you must continue to pay any student loan balance even after you complete your plan.
Usually attorneys want to use translators who are experienced with legal work, but I have heard of instances where they will let a client pay off with translations. (But honestly, I think he just wanted to date the client. ugh)
Here’s some info on student loans / bankruptcy so you will understand your chances of discharging a student loan.
http://bankruptcy.lawyers.com/Student-Loans-In-Bankruptcy.html
Good luck!
If most of the debt is credit cards, they may be able to negotiate a smaller monthly payment to reduce the debt. It isn’t in anyone’s best interest for them to file bankruptcy. If they sell their home and file bankruptcy, the home could be brought back into the bankruptcy if it is sold within 6 months of filling. Some property can be brought back into the estate for a year. Bankruptcy laws changed about a year or so ago. You can no longer just discharge your debts. In most cases, you must meet certain income criteria to get a discharge. If you don’t qualify, you will need to file a repayment schedule which could run from 3-5 years. Given the new bankruptcy laws, I would suggest that they make a list of all their creditors and income and see if something could be worked out at a lower cost to help them get out of debt. I am very sorry for their current situation. You may also suggest for them to contact a consumer conseling agency. Most cities have something such as this. They can sometimes work out a payment schedule to help you get out of debt without filing bankruptcy. As a last resort, you could contact a bankruptcy attorney. I would contact the District Court, which handles bankruptcy, and ask them of some names of lawyers who do a lot of bankruptcies. They cannot recommend anyone, but could give you several names you could contact.
Creditors will come after both of them if they are both on the loan papers, even if only one used the cards. If one files bankruptcy the other one will be responsible for the debts if they are jointly owned. There are exemptions for your home which varies from state to state. It is usually called a homestead exemption. California used to have a high exemption for bankruptcy. A bankruptcy could help them to keep their home. Good luck.
You’re in Milwaukee. That’s just a long chip shot from Chicago. Your daughter should try getting her feet wet there before heading west.