Chapter 7
Chapter 7 Bankruptcy filing allows an individual to discharge all or part of a debt while retaining exempt assets determined by the bankruptcy court.
To file Chapter 7, you must also meet the means test:
- Family income below the set forth amount determined by the bankruptcy court.
- Discharge unsecured debts, Chapter 7 will eliminate debt due for obligations that do not have collateral attached.
- There are other debts that will not be dischargeable under Chapter 7 .
U.S. Bankruptcy regulations have redefined the steps you must take before filing a personal bankruptcy as well as the type of bankruptcy action you may choose. Designed specifically to provide greater protection to creditors, these new laws make it much harder to file a Chapter 7 debt liquidation action as opposed to Chapter 13 debt reorganization and may require additional steps including debt counseling. I can clearly explain these new laws and apply them correctly according to your situation and goals.
Chapter 13
A Chapter 13 Plan is a bankruptcy reorganization for an individual tax payer.
- It has benefits in many areas including, saving a home from foreclosure.
- The plan requires you to pay an amount of your unsecured debt over a 36-60 month period.
- Certain debts which cannot be discharged or reduced in a Chapter 7 may be dealt with in a Chapter 13.
- There are maximum debt limitations for filing a Chapter 13 plan.
Areas Served
We proudly represent bankruptcy clients throughout the State of California including Antelope Valley, San Fernando Valley, Santa Clarita Valley, Ventura County, Los Angeles County, San Bernardino County, and Kern County. With our law office based in Lancaster, CA many of our clients come from Lancaster, Palmdale, Acton, Green Valley, Quartz Hill, Little Rock, Pearblossom, Mojave, Edwards Air Force Base, Rosamond, California City, and Bakersfield.