What is Chapter 7 bankruptcy?
Chapter 7 Bankruptcy is a liquidation bankruptcy. It discharges most unsecured debts like credit cards, medical bills, personal loans, and payday loans. In order to qualify for a typical consumer Chapter 7 bankruptcy, you must pass a “means test” which takes into account your household income. In most situations, you will also need to show that you have no disposable income to repay your creditors. If your income is too high to qualify for a Chapter 7, you may want to consider Chapter 13 bankruptcy or debt settlement. Chapter 7 is a relatively quick process. You will typically receive a discharge in as little as four to five months after the filing of your case. Read more
What Is The Difference Between Chapter 7 And Chapter 13 Bankruptcy?
The majority of bankruptcy cases that are filed in the United States generally fall within the realm of Chapter 7 or Chapter 13 bankruptcy. Whether you need a Chapter 7 or Chapter 13 Bankruptcy case depends on several factors like your debts, assets, income and financial goals for the future. This article will provide a quick summary about both Chapter 7 and Chapter 13 bankruptcy to better inform you of the differences. We recommend discussing your options with an experienced bankruptcy attorney to ultimately decide which route to take. Read more
Why you should consider hiring a bankruptcy attorney instead of a paralegal or bankruptcy petition prepare to file your chapter 7 or chapter 13
Before making any firm decisions regarding your bankruptcy case, it’s vital that you know who can help you, and to what extent. Don’t let the appealing lower fee mislead you. While attorneys charge a higher fee, you get actual attorney representation. Don’t get trapped having your papers drawn up by a paralegal or bankruptcy petition preparer only to later find out that they won’t be representing your case in court. Too often, attorneys get called in to substitute into a case that was filed with improperly prepared paperwork through non-attorneys. At times, their failure to properly prepare the bankruptcy petition puts the client’s case and discharge in jeopardy.
Can I avoid my second mortgage or home equity line through a Chapter 13?
Yes, under certain conditions. If your first mortgage/deed of trust is underwater (amount owed on your 1st < fair market value of your home), you can avoid the lien on your second mortgage/deed of trust/home equity line through a Chapter 13 bankruptcy. Call our experienced bankruptcy attorneys today to discuss further details on this process.
Call (949)705-4630 for a free consultation.
Can I stop the foreclosure or sale of my property by filing bankruptcy?
Yes, in most cases. Filing a bankruptcy gives you an “automatic stay” which temporarily protects you from collection efforts. When you give proper notice of your bankruptcy filing to the creditor/lienholder and trustee that is set to conduct the sale, the bankruptcy filing will put a hold on the sale. In certain situations, you can file a Chapter 13 and catch up on your delinquent mortgage payments through a 3-5 year repayment plan. This scenario is ideal for people who experienced a temporary loss in income but can now afford to pay ongoing mortgage payments, but need help catching up on delinquent mortgage payments. Thousands of people save their homes from foreclosure through Chapter 13 bankruptcy filing. Call us to discuss your options.
Are you struggling to pay off older tax debt?
A Chapter 7 bankruptcy may provide you with relief and eliminate your tax debt. While most taxes are usually considered nondischargeable, there are certain criteria which may enable you to discharge your liability on tax debt. The taxes had to have been income-based, due at least
Karine Karadjian graduated from University of California, Los Angeles in 2008 with a B.A. in History and International Development Studies. In 2011, she received her J.D. and M.D.R. from Pepperdine University School of Law, where she served as Vice President for the Armenian Law Student Association and as Philanthropy Chair for the Women’s Legal Association. Ms. Karadjian’s practice currently focuses on consumer bankruptcy (Chapter 7 and Chapter 13), debt settlement, and immigration.
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