Some individuals cannot handle their own finances due to poor spending habits. Some may even use credit to buy food. In many cases, bankruptcy attorneys in Los Angeles County help people to keep from losing their homes.
Most debt is absolved in a Chapter 7 bankruptcy. The individuals are allowed to make a fresh start. There is no excusing certain kinds of debt, however.
Child support, taxes and student loans are among those. The petitioner cannot lose a home when going bankrupt. It is one of the things a person is able to keep.
A car is exempt too. In the case of a couple, two may be kept. Credit card debt, non-secured loans and utilities are excused. The Chapter 7 absolves them of these types of debt.
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.
Then a petition is filed in a federal court. It is read by a judge. The petition is accepted or denied at that judge's discretion.
If accepted, a retainer is paid to the lawyer for services to be rendered. There is a filing fee paid for court costs. All debt that is eligible is vacated at that time.
Another type is Chapter 13. For many, this is considered a better choice. The debt is paid over an extended period of time. Amounts owed are added up and a repayment plan is prepared. The client must have a job that pays a certain amount. It must be high enough to cover two things. The first is making the payments to the court.
The debtor must have enough left after mandated payments to support himself. It must cover rent, utilities and food. All amounts required will be figured out by the attorney.
At the time that the federal judge grants the petition, all interest will stop. No more will be added to the debts. The Chapter 13 type of bankruptcy give the client a chance to clear his or her debt.
Most debt is absolved in a Chapter 7 bankruptcy. The individuals are allowed to make a fresh start. There is no excusing certain kinds of debt, however.
Child support, taxes and student loans are among those. The petitioner cannot lose a home when going bankrupt. It is one of the things a person is able to keep.
A car is exempt too. In the case of a couple, two may be kept. Credit card debt, non-secured loans and utilities are excused. The Chapter 7 absolves them of these types of debt.
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.
Then a petition is filed in a federal court. It is read by a judge. The petition is accepted or denied at that judge's discretion.
If accepted, a retainer is paid to the lawyer for services to be rendered. There is a filing fee paid for court costs. All debt that is eligible is vacated at that time.
Another type is Chapter 13. For many, this is considered a better choice. The debt is paid over an extended period of time. Amounts owed are added up and a repayment plan is prepared. The client must have a job that pays a certain amount. It must be high enough to cover two things. The first is making the payments to the court.
The debtor must have enough left after mandated payments to support himself. It must cover rent, utilities and food. All amounts required will be figured out by the attorney.
At the time that the federal judge grants the petition, all interest will stop. No more will be added to the debts. The Chapter 13 type of bankruptcy give the client a chance to clear his or her debt.
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Find a complete review of the advantages you get when you consult bankruptcy attorneys in Los Angeles County and information about a well-respected lawyer at http://www.goldbachlaw.com/ today.
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