San Diego Attorney
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.
The law allows you to seek protection from your creditors by fil...
Read more...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.
Do I qualify for a Chapter 13?
For a Chapter 13 bankruptcy, you must have a stable income with sufficient disposable income to make monthly paymen...
Read more...A Chapter 7 Bankruptcy allows you to completely eliminate certain debt and either “surrender”, "redeem" 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 us...
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