Many people are in financial trouble due to poor spending habits. Using credit cards is often the last resort for them to pay bills and buy food. Bankruptcy Attorneys in Los Angeles County help families to keep their homes in many cases.
In Chapter 7, most of their debt is excused. This relieves debtors of financial obligations and allows them to make a fresh start. However, some debts cannot be cleared.
Those that cannot be erased include child support, student loans and taxes. The individuals are entitled to keep their home. If they own a second property, they may not keep it.
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.
The first consultation with a lawyer is a time to determine if the client qualifies to go bankrupt. Some parameters must be met. If the client qualifies, the attorney will make another appointment to fill out paperwork.
The petitioner must bring required information and the lawyer prepares a motion to file in federal court. It is reviewed by a judge. A decision will be made to accept or deny the petition.
The attorney will require a retainer to cover the cost of services. A filing fee is charged. At that time all eligible debt is dismissed.
Chapter 13 is another choice. This type does not seek to dismiss debt. Instead, it gives a client a number of years in which to pay off the debt. The amount owed to creditors is frozen. All debt is added up and a plan to repay it is made. His or her salary must be high enough to be considered sufficient.
Plus, he must have earnings that will cover living expenses. Food, rent and other necessary things are to be affordable after the legal payments are met. There are specific regulations.
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.
In Chapter 7, most of their debt is excused. This relieves debtors of financial obligations and allows them to make a fresh start. However, some debts cannot be cleared.
Those that cannot be erased include child support, student loans and taxes. The individuals are entitled to keep their home. If they own a second property, they may not keep it.
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.
The first consultation with a lawyer is a time to determine if the client qualifies to go bankrupt. Some parameters must be met. If the client qualifies, the attorney will make another appointment to fill out paperwork.
The petitioner must bring required information and the lawyer prepares a motion to file in federal court. It is reviewed by a judge. A decision will be made to accept or deny the petition.
The attorney will require a retainer to cover the cost of services. A filing fee is charged. At that time all eligible debt is dismissed.
Chapter 13 is another choice. This type does not seek to dismiss debt. Instead, it gives a client a number of years in which to pay off the debt. The amount owed to creditors is frozen. All debt is added up and a plan to repay it is made. His or her salary must be high enough to be considered sufficient.
Plus, he must have earnings that will cover living expenses. Food, rent and other necessary things are to be affordable after the legal payments are met. There are specific regulations.
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 info about a well-respected lawyer at http://www.goldbachlaw.com/ today.
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