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By: Chris Bhardwaj

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Wednesday, 1-Jun-2011 12:00 Email | Share | | Bookmark
Find the right bankruptcy advice for California bankruptcy

Are you filing bankruptcy In California?Well, read further to find out the exact rules and save as many assets as you can.

Bankruptcy will negatively impact your credit and might make it a lot harder to get new credit, according to the United States Bankruptcy Court Southern District of California. Most general bankruptcy-related regulations are federal and thus also upheld through the bankruptcy laws in California. A Chapter 7 case will be reflected on your credit reports for 10 years from the date you filed bankruptcy in California, while a Chapter 13 repayment plan will be reported on your credit for seven years from the date you requested this type of filing bankruptcy.Under no circumstances can any California bankruptcy court reverse accurate credit reporting before the federally-mandated period of time ends.
California Bankruptcy Exemptions

As long as you've lived in California for at least two years at the time you declare bankruptcy, you can keep at least some of your assets under state bankruptcy laws.

1. When you file Chapter 7, a type of case that requests permanent forgiveness of debts like credit card accounts and medical bills, you often risk losing assets such as a home, according to the book "How to File for Chapter 7 Bankruptcy." Also, there may be instances where creditors are allowed to resort to involuntary bankruptcy cases against their debtors. This becomes true for debtors who fail to pay debts on time.
2. Under a Chapter 13 partial debt repayment plan, you still run the risk of losing some of your assets. However, California bankruptcy laws are especially generous when it comes to asset exemptions, notes the "Bankruptcy Action" website. A single California resident could keep $75,000 equity in real estate; a disabled or older-than-65 single California resident declaring bankruptcy can keep as much as $150,000 in real estate equity.

In filing for every bankruptcy in California that has been arranged, the federal law dictates the debtor to go through a liquidation of assets or reorganization under the supervision of the court. This will be helpful for the lenders whom the debtor owes money from. The debtor is then stripped of his debt by virtue of a "discharge". In the state of such affairs it is usually advised to seek for professional help that is ask for bankruptcy advice from California bankruptcy attorney. His professional experience and insight would help you deal with your bankruptcy better and hence give you an edge over other customers and conventional. Besides, a professional bankruptcy advice gives you the best chance to save most of your possible assets and it does not matter then what credit scores you hold or under which California bankruptcy laws you have filed for your bankruptcy in California.

Thus, if you are filing for bankruptcy in California, just consult a California bankruptcy attorney and you will be sorted with most of the work apart from being relieved of saving of most of your assets.


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