Bankruptcy Legal Help Offered By Los Angeles County Bankruptcy Lawyer For Debt Relief
There are many people who are irresponsible in taking care of financial matters. They use credit cards for living expenses, including food. Bankruptcy attorneys in Los Angeles County save the homes they own from foreclosure.
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.
Included are taxes, child support and student loans. Certain properties cannot be lost by the person who is declaring bankruptcy. He or she is entitled to keep a home.
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.
There are specific parameters that must be met to qualify. In the first meeting with an attorney, he or she makes a determination as to their eligibility. If found eligible, they will have a second appointment to fill out all paperwork.
Using that information, the lawyer files a motion in federal court. A judge reviews the case. He or she will decide whether to accept the petition.
A retainer is an amount of money paid to the attorney. There is a filing fee paid to the court. When a judge accepts the petition, the client is absolved of debt.
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 petitioner must have sufficient salary left over to support himself. In other words, the earnings must be high enough to pay for rent, food and the other necessities of life. The attorney will explain the requirements.
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.
Included are taxes, child support and student loans. Certain properties cannot be lost by the person who is declaring bankruptcy. He or she is entitled to keep a home.
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.
There are specific parameters that must be met to qualify. In the first meeting with an attorney, he or she makes a determination as to their eligibility. If found eligible, they will have a second appointment to fill out all paperwork.
Using that information, the lawyer files a motion in federal court. A judge reviews the case. He or she will decide whether to accept the petition.
A retainer is an amount of money paid to the attorney. There is a filing fee paid to the court. When a judge accepts the petition, the client is absolved of debt.
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 petitioner must have sufficient salary left over to support himself. In other words, the earnings must be high enough to pay for rent, food and the other necessities of life. The attorney will explain the requirements.
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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