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 Littlerock, CA

Frequently Asked Questions about Personal Bankruptcy in Littlerock, 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 Littlerock, CA
    Valley Immigration
    300 S Imperial Ave # 2
    El Centro, CA 92243
    (760) 339-9998
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    Lifeline Legal LLP
    732 W State St
    El Centro, CA 92243
    (760) 352-9900
    Bankruptcy Law Attorneys, Legal Service Plans, Attorneys
    Gloria & Son
    4641 Crenshaw Blvd
    Los Angeles, CA 90043
    (323) 292-9330
    Paralegals, Legal Document Assistance
    Beaudikofer Eric
    414 Vine St
    El Centro, CA 92243
    (760) 353-9250
    General Practice Attorneys, Attorneys
    Rizio & Nelson
    1105 E Florida Ave
    Hemet, CA 92543
    (909) 954-9201
    General Practice Attorneys, Attorneys, Legal Service Plans
    Bonilla Law Office
    444 S 8th St
    El Centro, CA 92243
    (760) 352-9100
    General Practice Attorneys,  Legal Service Plans,  Attorneys,  Bankruptcy Services,  Criminal Law At
    Marcus Family Law Center
    120 S Juanita St
    Hemet, CA 92543
    (951) 765-9000
    Family Law Attorneys, Attorneys
    Dina L Nguyen
    10608 Garden Grove Blvd
    Garden Grove, CA 92843
    (714) 638-8975
    Attorneys, Legal Service Plans
    Windham William E
    102 S Harvard St
    Hemet, CA 92543
    (951) 927-8894
    General Practice Attorneys, Attorneys, Legal Service Plans
    Carriedo Carlos R
    300 S Imperial Ave # 4
    El Centro, CA 92243
    (760) 353-8877
    General Practice Attorneys, Attorneys, Legal Service Plans
    Don Y Del Enterprises Immigration Services
    321 E Main St
    El Centro, CA 92243
    (760) 337-8800
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    Marcus Family Law Center
    910 N State St Ste B
    Hemet, CA 92543
    (951) 652-8770
    Family Law Attorneys, Divorce Attorneys, Attorneys
    ZARKESH LAW - Your Personal Immigration Attorney - call toll-free - Espanol Si
    13211 Garden Grove Blvd
    Garden Grove, CA 92843
    (714) 663-8360
    Immigration Law Attorneys
    Lenderman & Salorio
    303 S 8th St
    El Centro, CA 92243
    (760) 353-7949
    Bankruptcy Law Attorneys,  Divorce Attorneys,  Family Law Attorneys,  Tax Attorneys,  Attorneys
    Social Security Disability Advocates of California
    3150 Spruce Hill Ct.
    Antelope, CA 95843
    (916) 721-7800
    Social Security Services, Disability Services, Social Security Consultants & Representatives, Social
    Pace Patrick M.
    444 S 8th St Suite A
    El Centro, CA 92243
    (760) 352-7800
    Estate Planning, Probate, & Living Trusts,  Attorneys,  Real Estate Management,  Financial Service
    James E Root
    10971 Garden Grove Blvd
    Garden Grove, CA 92843
    (714) 892-7668
    Immigration & Naturalization Consultants, Attorneys, Immigration Law Attorneys, General Practice Att
    Powers & Hanich
    910 N State St Ste D
    Hemet, CA 92543
    (951) 929-7664
    Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
    William Van Order
    145 S Carmalita St
    Hemet, CA 92543
    (951) 652-7600
    Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attorneys,  General Practice Atto
    Weiss Daniel
    401 Parnassus Ave # 181
    San Francisco, CA 94143
    (415) 476-7557
    Bankruptcy Law Attorneys
    Professional Business Svc
    4708 Crenshaw Blvd # 204
    Los Angeles, CA 90043
    (323) 291-7274
    Attorneys Support & Service Bureaus
    Tepper Scott B
    836 W State St
    El Centro, CA 92243
    (760) 352-7272
    Child Custody Attorneys, Attorneys, Family Law Attorneys, Divorce Attorneys, Immigration Law Attorne
    Tepper Scott B Law Offices
    836 W State St
    El Centro, CA 92243
    (760) 352-7272
    Family Law Attorneys
    Darrell C. Harriman
    8912 Haskell Ave
    North Hills, CA 91343
    (818) 892-7093
    Estate Planning Attorneys,  Probate Law Attorneys,  Business Law Attorneys,  Attorneys,  Real Estate
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US