How do I know if I qualify for Chapter 7 bankruptcy?
The first thing to consider when determining whether or not you qualify for a Chapter 7 bankruptcy is your income. The general rule, if you are a California resident, is: If you make less income than the average California household [...]
Will I Get to Keep My House if I File for Chapter 7 Bankruptcy?
Since chapter 7 bankruptcy is known as the “liquidation” chapter, many individuals fear they will lose their house if they file for chapter 7 bankruptcy. Due to the current housing market, however, most individuals do not have to worry about [...]
How long will it take me to rebuild my credit after I file for bankruptcy?
Unfortunately, there is no law that determines how long it will take every individual to rebuild their credit. The actual word “bankruptcy” will remain on a person’s credit report for ten years. (That is the same whether you file chapter [...]
How do I know if I qualify for a chapter 7 bankruptcy?
If you are considering bankruptcy, it is a good idea to consult with a bankruptcy attorney to determine what your options are. Your attorney will ask you for the information necessary to determine which chapter you are eligible for. Before [...]
Chapter 7 and Car Payments
Question: Do I have to continue making my car payment if I am filing for Chapter 7 bankruptcy? Answer: The answer to this question depends on your intentions. Do you plan on keeping your vehicle, or do you plan on [...]
Bankruptcy by the Numbers: Debt and Income Limits
Many individuals are uncertain whether or not they qualify for bankruptcy relief. Some believe that their debt is too low or that their income is too high. In reality, the eligibility requirements to file for bankruptcy relief are fairly broad [...]
What to Ask a Bankruptcy Lawyer before Signing Up
Before retaining a bankruptcy attorney, there are a few key questions you should ask your attorney. Number One: Ask if an attorney will be the one putting your petition together rather than a paralegal or legal assistant. Number Two: Ask [...]
Difference between Chapter 7 and Chapter 13 Bankruptcies
Individuals have the option of filing either chapter 7 or chapter 13 bankruptcy. The chapter that is best for you is dependent on several factors, such as: your income, your assets, what you wish to accomplish by filing bankruptcy. It [...]
Don’t Fail to Disclose Assets
What are assets? An asset is something that you own. Everything that you own is considered an asset for purposes of bankruptcy law. It can be your car, your clothes, your stock, money in your bank account, etc. Do I [...]
Keeping Your Car With Bankruptcy
Losing your car to creditors can be a very frightening reality to face. Fortunately, there are options that will allow you, the debtor, to keep your car. If faced with this situation, a debtor has the choice of filing for [...]
