Review Bankruptcy Lawyer Carlsbad CA In san-diego, california, united-states | Attorneys In San Diego

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Bankruptcy Lawyer Carlsbad CA

San-diego,

California,United-states - 92008

Detailed description is 2260 Rutherford Rd, Ste 111 Carlsbad Ca 92008.
--What is a Bankruptcy?.
--What is a Chapter 7 Bankruptcy?.
--Do I qualify for a Chapter 7 Bankruptcy What is a Bankruptcy?.
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A bankruptcy is a legal declaration by a person (or business entity that qualifies), that they/it cannot pay all or a .
portion of their existing debt to their creditors and need protection from the creditors remedies to enforce payment.
In .
California, and throughout the United States, this often means that a person cannot meet their contractual obligations .
to make their home, car, credit card and/or other monthly expense statements..
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The law allows you to seek protection from your creditors by filing a “Petition” in the United States Bankruptcy Court.
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The filing of the “Petition” automatically “stays” (stops for a period of time) your creditors from trying to collect the .
debt.
It also stays any pending civil legal action against you and/or your property (e.g.
Civil court lawsuits, .
foreclosures, repossessions, etc.)..
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There are different types of bankruptcies that apply to different types of circumstances.
For purposes of the following .
articles we will be dealing exclusively with those designed for most people (“consumers”) and small businesses, .
Chapter 7 and 13..
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In order to determine whether or not you qualify for protection the Court must be informed of your complete holdings .
including your income, expenses, assets, liabilities and property holdings (personal property, real property, life .
insurance policies, securities accounts, trusts, holdings in foreign countries of any kind, etc.)..
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In a Chapter 7 a “trustee” is assigned to your individual case to evaluate and determine what assets you can protect .
(keep) and what property may be sold to pay off your existing creditors.
Property that you are allowed to keep is .
classified as “exempt” property.
“Non-exempt” property can be taken by the U.S.
Trustee to be sold to pay off your .
creditors..
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What is a Chapter 7 Bankruptcy?.
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A Chapter 7 Bankruptcy allows you to completely eliminate certain debt and either “surrender” or “reaffirm” other debt.
Debt .
is categorized as Secured, Unsecured Priority.
Secured debt is something that is tangible like a car or home that can be .
repossessed or foreclosed on and the lender can physically take it back if you fail to make your payments.
Examples of .
“unsecured debt” are credit cards and personal loans where if you fail to make your payments the lender’s only recourse is .
usually limited to filling a lawsuit and obtaining a judgment in order to collect on the debt.
Common “Unsecured Priority” debt .
is usually tied to student loans or taxes that, by law are given special treatment and quite often not discharge able in a .
bankruptcy..
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In Chapter 7 Bankruptcy your debt is categorized into one of the three areas described above.
Your unsecured debt is .
eliminated in its entirety.
Your secured debt is either surrendered (i.e.
Given back to the creditor) or “reaffirmed”, which .
means that you can keep the property under the same terms and conditions as you had when you purchased the item, or in .
some instances creditors will negotiate a settlement with you.
Unsecured Priority debt can be either discharge able or non-.
discharge able depending on the nature of the debt and when the debt was incurred.
For instance, under certain circumstances .
tax obligations over three years old can be eliminated, whereas student loans cannot..
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Do I qualify for a Chapter 7 Bankruptcy?.
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To determine whether or not you qualify for a Chapter 7 bankruptcy if your income in relation to the Median Income in the .
State of California, and where your income exceeds the Median Income, whether or not your debt is so great that you do not .
have sufficient disposable income to qualify under a Chapter 13 bankruptcy.
This is less than the Median Income then you are .
“presumptively” qualified to file for Chapter 7 protection.
If your, income exceeds the Median Income then you must take the .
“Means Test.”.
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What is the Chapter 7 “Means Test”?.
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The “Means Test” is used to determine whether nor not you qualify for a Chapter 7 bankruptcy if your income exceeds the .
median income in the State of California based on the number of members in your family that are dependent upon your income .
and your necessary monthly expenses such as a mortgage payment.
If your income exceeds California States median income .
then a formula is used to determine whether you have enough income left over, after subtracting certain expenses, to repay .
some of your debt, in which case you may have to opt for a Chapter 13.
If not, then you may qualify for a Chapter 7 .
Bankruptcy.
This formula is called the “means test.”.
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Is Bankruptcy my only choice?.
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No.
Just because you qualify for a Chapter 7 bankruptcy does’t mean that you should file for that kind of protection.
There are .
many downsides to filing bankruptcy.
Some of which include the negative effect on your credit score, and the fact that you can .
only file for Chapter 7 bankruptcy protection every 8 years, which would prevent you from exercising this option if your .
situation worsens after filing.
Please contact the “Bankruptcy Center San Diego,” to find out which option is best for you – Call .
(877) 378-7000 OR “Bankruptcy Center of North County” – Call (760) 434-5200..
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What happens if I don’t pass the Chapter 7 Means Test?.
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If you don’t pass the means test, you have other options available to you.
You can file a Chapter 13 Bankruptcy, which requires .
you to make monthly payments over a three to five-year period according to a strict budget monitored by the court.
Most people .
who file for bankruptcy prefer Chapter 7, because it requires no payment to unsecured creditors and allows you to elect “ .
unsecured” portion is treated as the other “unsecured” debt, of which a portion of it may or may not repaid under the “plan.”.
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This should be contrasted with the Lien Avoidance procedure permissible under Section 522 of the Bankruptcy Code where .
judicial liens, such as judgment liens and voluntary liens on household goods, can be avoided if the property is otherwise exempt..
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What is “Lien Avoidance”?.
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Lien avoidance is a procedure under 522 of the US Bankruptcy Code that allows judicial liens, such as judgment liens and .
voluntary liens on household goods can avoided if the property is otherwise exempt.
Once a bankruptcy is filed not all .
governmental agencies (e.g.
County Clerk) will be notified of the filing, only those you list on your bankruptcy papers.
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Therefore, presentation of the bankruptcy filing and discharge will not automatically result in the lien being removed.
For that .
you will need a court order.
In order to obtain a lien avoidance a “motion” must be made to the bankruptcy court and will .
ordinarily cost more money in terms of attorney fees and costs..
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What is “exempt property” (exemptions)?.
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When filing a Chapter 7 bankruptcy there is certain property that is exempt form the bankruptcy court.
This is property that .
you can keep as long as its value does not exceed a certain monetary figure.
Initially, every debtor must choose between two .
different exemption statutes, what attorney’s in California often refer to as the 703’s or 704’s..
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WARNING: *The following is not a complete list of all exemptions and are subject to change.
They are not to be used as a .
means of determining whether or not you will or will not be able to protect certain property.
They are used only as examples for .
a better understanding as to what an “exemption” is..
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For those who elect the “703’s” the most commonly used exempts are as follows:*.
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Up to $23,250.00 in any property (this includes cash and real property);.
Up to $3,525.00 in one motor vehicle;.
Up to $1,425.00 in jewelry;.
Up to $2,200.00 in tools of the trade;.
100% of any qualified Retirement Account; etc..
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For those who elect the “704’s” the most commonly used exemptions are as follows:*.
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Up to $75,000 (for a single person); $100,000 (for a married couple); $175,00 (for persons 65 years or older OR is mentally or .
physically disabled OR is 55 years or older and is single and makes not more than $15,000 gross annual income - $20,000 if .
married).
All require the property to be debtor’s primary residence..
Up to $2,550 in any one motor vehicle;.
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Can I eliminate a student loan obligation through bankruptcy?.
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Under a Chapter & you cannot eliminate student loans unless you can show “undue hardship.” This standard is extremely .
difficult to meet and usually requires a showing that you are so disabled that you cannot work and your chances for obtaining .
future employment are almost non-existent..
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Under the Bankruptcy Abuse prevention and Consumer Protection Act of 2005 privately funded student loans are treated the .
same as federally guaranteed student loans..
In a Chapter 13, you may not be able to totally eliminate student loans in bankruptcy, but you can consolidate them with your .
other bills.
Under this chapter, you can propose a repayment plan in which to pay your creditors over three to five years.
If you .
include your student loans in a Chapter 13 repayment plan, you might be able to reduce balance over the life of your other .
debts, and the amount of your disposable income.
However, you will still owe whatever student loan debt remains when you .
complete your plan..
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Can I eliminate a second mortgage in a Chapter 7 Bankruptcy?.
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The issue is whether or not you can eliminate (discharge) the debt associated with a second mortgage where the value of the .
real property is equal to or less than the amount owed to senior lien holders (e.g.
First mortgage) leaving the second mortgage .
(or other lien holders) completely unprotected based on prevailing market prices.
The answer is no in Chapter 7.
However, it is .
possible to eliminate a second mortgage through a Chapter 13 bankruptcy.
It is called “lien stripping.”.
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What is “Lien Stripping”?.
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In a Chapter 13, under Section 506 of the Bankruptcy Code, liens can be “stripped off’ of the debtor’s assets when there is not .
enough equity in the asset, after deduction senior liens from the property’s current market value, to secure the unsecured .
portion is the amount that the claim exceeds the value of the collateral.
For example, where the property’s value is $350,000 .
and the first mortgage is $400,000, and the second mortgage is $100,000 then the second mortgage is completely is unprotected .
and may be “stripped’..
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Historically, the most common type of lien stripping involved motor vehicles.
For example, where $15,000 is owed on an auto .
loan, but the vehicle is only worth $10,000, then 5,000 may be “stripped”, and the debtor’s obligation is only $10,000 is .
characterized as “secured’ debt, and the $5,000 is characterized as “unsecured” debt.
So, in a Chapter 13, the “plan” must .
provide for the 100% repayment of the secured debt over a period of time, and the repayment or the surrender of property on .
secured debt.
However, Chapter 13 bankruptcy is usually the best way to handle specific types of problems, like curing a default .
on a mortgage or potentially eliminating a second mortgage entirely, which is know as “lien stripping”.
Another option is to .
negotiate a settlement with your creditors at a reduced amount of existing principal owed.
However, negotiated settlements .
often times require a lump sum payment and the creditor may file an IRS Form 1099 on the unpaid balance against you..
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What is the difference between a Chapter 7 and a Chapter 13 Bankruptcy?.
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The simplest explanation is that a Chapter 7 allows you to eliminate all of your unsecured debt, and elect to keep or return your .
secured debt, and allows you to eliminate those creditors cannot attempt to collect on the debt without violating the law, and you .
are not legally obligated to repay the debt..
A Chapter 13 requires the debtor to make monthly payments to a trustee who in turn pays off all or a portion of your debt over .
a period of 3 to 5 years..
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What is a Chapter 13 bankruptcy?.
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A Chapter 13 bankruptcy is designed for those individuals who either cannot qualify under a Chapter 7 or have an asset(s) that .
cannot be protected in a Chapter 7 (usually a home).
In a Chapter 13 debtor is required to propose a “plan” whereby they make .
an affordable monthly payment to a trustee with the goal of repaying all or a portion of their debt..
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Do I qualify for a Chapter 13?.
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For a Chapter 13 bankruptcy, you must have a stable income with sufficient disposable income to make monthly payments to .
reduce your debt; you must have no more than $1,010,650 in secured debt, and no more than #336,900 in unsecured debt.
These .
amounts are adjusted periodically to reflect changes in the consumer price index.
Chapter 13 will also stop collection action .
against you..
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How long does bankruptcy last?.
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Typically, a Chapter 7 bankruptcy will have a very adverse effect on your credit score.
The good news is that a Chapter 7 .
ordinarily does not take more than 6 months to complete, and usually only 90 days.
Afterward your income to debt ratio is .
almost certainly much improved and you can start to re-establish your credit sooner.
Having a house payment or installment .
payment (e.g.
Car) that is reported to credit bureaus.
For the most part a bankruptcy is a bankruptcy and as long as it is still .
open your ability to obtain credit will be much harder.
Consequently, a Chapter 13 which lasts from 3 to 5 years will likely .
inhibit your ability to obtain credit for the entire time your case is open..
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Am I prevented from filing Chapter 7 after filing a Chapter 13?.
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Generally speaking, there is no bar to filing a Chapter 7 after a Chapter 13.
Exceptions to this rule are when (1) the prior cases .
was dismissed due to a willful failure to abide by orders of the court and (2) there was a voluntary dismissal following the filing .
of a request for relief from stay.
In these cases, there is a 6 month bar (mandatory waiting period)..
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A person cannot obtain a discharge in a Chapter 7 for six years after obtaining a discharge in a Chapter 13, unless the person in .
the chapter 13 paid 100% of the unsecured creditors OR at least 70% if the debt is repaid and it is found that the plan was filed .
in good faith and was the person’s best effort..
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Can I file a chapter 13 after having filed a Chapter 7?.
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Yes, you can.
In fact, you may be able to file a Chapter 7 and eliminate all of your unsecured debt, then later file a Chapter 13 .
and eliminate a second mortgage, which is called “lien stripping.” Contact us at (877) 378-7000 and find out how..
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Can I protect my retirement account in a Chapter 7 bankruptcy?.
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For the most part, yes you can protect 100% of your retirement account.
Ask your attorney if your plan qualifies.
We are .
Bankruptcy center San Diego and Bankruptcy Center of North County – call (877) 378-7000..
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Can I eliminate tax obligations in a Chapter 7 Bankruptcy?.
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Yes, if you meet the following requirements:.
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The debt obligation is at least 3 years olds;.
You filed a tax return for the year you are seeking to discharge;.
up to $6,75.00 in jewelry;.
1005 of any qualified retirement Account; etc..
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* This is not a complete list of all exemptions and is subject to change.
They are not to be used as a means of determining .
whether or not you will or will not be able to protect certain property.
They are used only as examples for a better .
understanding as to what an “exemption” is..


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