Real estate attorneys in southern California explain how the law provides different alternatives to permit people to pay what they owe while they build a replacement financial foundation. Bankruptcy has been a robust tool to manage and solve debt problems for many years – but are you able to file multiple bankruptcies?
A skilled bankruptcy attorney can answer critical questions regarding how often one is able to file for Chapter 7 or Chapter 13 in California. If you’re contemplating bankruptcy in California, there are several important decisions you want to make as you begin. First, attempt to avoid formal bankruptcy by finding an alternate thanks to pay off your debts.
Second, before you’ll be able to file for bankruptcy you must complete a required means test which will assist you to determine your eligibility. Once you file for bankruptcy and complete the procedure, most of your debts are going to be discharged. However, some debts will remain with you.
Avoiding bankruptcy on your own is sound advice. Before you dive into chapter 7 proceedings, attempt to take some steps to avoid the method altogether. If you’re financial situation isn’t beyond repair, you should attempt to:
- Reduce your expenses
- Increase your income
- Negotiate lower interest rates
- Sell your property.
Your eligibility for an additional bankruptcy discharge will rely on the type of bankruptcy you filed for within the past, and therefore the type you plan to file for next.
For example, if you previously filed for Chapter 7 and were successful in getting your debts discharged, you’d must wait eight years before obtaining another Chapter 7 discharge. Expert California bankruptcy lawyers can walk you through this process.
If you filed for Chapter 13, your waiting time may differ. To start with, Chapter 13 bankruptcy usually takes three to 5 years to finish, compared to four to 6 months in Chapter 7, adding more time into the filing.
However, the waiting period to receive another Chapter 13 discharge after your initial Chapter 13 discharge is simply two years, compared to eight years for successive Chapter 7 discharges.
Ask for referrals.
Bankruptcy proceedings may be complex, and a real estate attorney should be hired whenever possible. To retain an attorney, start by asking friends and family if they need any good referrals for you. Referrals are a valuable thanks to find attorneys.
When a devotee or family gives you the name of a lawyer, ask about their experiences with the attorney and why they think the person is true for the duty.
Filing for bankruptcy in California can bring many benefits to debtors who are probing a difficult financial situation. Selecting the acceptable bankruptcy chapter can facilitate your get a brand new financial beginning.
Chapter 7
Chapter 7 or “straight bankruptcy” may be a process through which debtors can obtain the good thing about discharging most of their debt, including medical and consumer debt. Take note, however, that a bankruptcy cannot remove certain obligations, like support payments. Another advantage of Chapter 7 is that it’s a quick process.
Many bankruptcy cases can take as little as three to four months to resolve. which means you’ll be debt-free, or a minimum of dramatically reduce what you owe, in an exceedingly matter of mere months.
If you file for Chapter 7 bankruptcy, your qualifying assets are liquidated – sold by the court – and therefore the proceeds are going to be accustomed pay your creditors. you’ll keep exempt property and while most of your debts are drained, some debts are excepted from these proceedings. you can’t file for Chapter 7 bankruptcy unless you pass the enquiry or are exempted.
