Some individuals cannot handle their own finances due to poor spending habits. Some may even use credit to buy food. In many cases, bankruptcy attorneys in Los Angeles County help people to keep from losing their homes.
The Chapter 7 is the type that erases most of the debt. It helps individuals and families to make a new start. Some debt, however, cannot be excused by a Chapter 7.
Included are taxes, child support and student loans. Certain properties cannot be lost by the person who is declaring bankruptcy. He or she is entitled to keep a home.
A car that is considered necessary can also be kept. Debt such as non-secured loans, credit card debt and utilities are excused. A Chapter 7 erases those debts.
Meeting with an attorney for the first time allows a determination of eligibility to be made. Some financial parameters are required. If a client is qualified, there will be papers to fill out.
Using that information, the lawyer files a motion in federal court. A judge reviews the case. He or she will decide whether to accept the petition.
If accepted, a retainer is paid to the lawyer for services to be rendered. There is a filing fee paid for court costs. All debt that is eligible is vacated at that time.
There is another choice. It is the Chapter 13. This type gives the client time to make payments. It totals all debt and a plan is made to repay it, usually within five years. The client must be earning a set amount of money that is sufficient to pay two things. First, he must earn enough to make payments to cover the debt.
The petitioner must have sufficient salary left over to support himself. In other words, the earnings must be high enough to pay for rent, food and the other necessities of life. The attorney will explain the requirements.
All bankruptcies must be filed in federal court. As soon as the case is approved by a judge, no more interest can be added to the amounts owed. The Chapter 13 allows a number of years to repay every debt.
The Chapter 7 is the type that erases most of the debt. It helps individuals and families to make a new start. Some debt, however, cannot be excused by a Chapter 7.
Included are taxes, child support and student loans. Certain properties cannot be lost by the person who is declaring bankruptcy. He or she is entitled to keep a home.
A car that is considered necessary can also be kept. Debt such as non-secured loans, credit card debt and utilities are excused. A Chapter 7 erases those debts.
Meeting with an attorney for the first time allows a determination of eligibility to be made. Some financial parameters are required. If a client is qualified, there will be papers to fill out.
Using that information, the lawyer files a motion in federal court. A judge reviews the case. He or she will decide whether to accept the petition.
If accepted, a retainer is paid to the lawyer for services to be rendered. There is a filing fee paid for court costs. All debt that is eligible is vacated at that time.
There is another choice. It is the Chapter 13. This type gives the client time to make payments. It totals all debt and a plan is made to repay it, usually within five years. The client must be earning a set amount of money that is sufficient to pay two things. First, he must earn enough to make payments to cover the debt.
The petitioner must have sufficient salary left over to support himself. In other words, the earnings must be high enough to pay for rent, food and the other necessities of life. The attorney will explain the requirements.
All bankruptcies must be filed in federal court. As soon as the case is approved by a judge, no more interest can be added to the amounts owed. The Chapter 13 allows a number of years to repay every debt.
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Find a review of the advantages you get when you consult bankruptcy attorneys in Los Angeles County and more information about a well-respected lawyer at http://www.goldbachlaw.com/ now.
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