Bankruptcy Law

                              Bankruptcy is a difficult process for many to fathom and work through. There are so many facets, that it can be hard to determine what the next step is, and to go through the process and come out better on the other side. There are some common bankruptcy mistakes that filers tend to make that can affect the outcome. Using the Wrong Funds to Pay the Debt Though it might seem like a great idea to use a home equity loan or a retirement fund to pay down your debt, you should avoid this bankruptcy filing mistake. If you are all set on filing for bankruptcy, you should allow your attorney to help you file for full bankruptcy and have your debt dismissed in the proceedings rather than try to pay it down with other funds. Retirement funds are something you will need in the future, and a home equity loan can put you further in debt. Transferring Assets Before Filing Any sensible bankruptcy la...

A debt consolidation loan is a kind of loan wherein you can combine two different loans and make singe payments for the same. Having bigger EMI’s can be a tough thing to meet up with every month. Sometimes the installments get so huge that it can cause you to run to a  bankruptcy attorney Los Angeles  for filing bankruptcy. But getting a debt consolidation loan can save you from the jiffies of paying different EMI’s. You can get a bit of relief from paying off different loans every month when you can sum up all of them into one. In such a case, one can expect a decline in the monthly installments, which may save an individual from going bankrupt. It can provide you the ease and comfort by paying a single loan to your debtor rather than running helter and skelter for several payments. So here is how you can qualify for a debt consolidation loan : Income factor While giving off a loan, the creditor will always wish to now your earning capability. They may ...

Follow my blog with Bloglovin Securing a loan is tricky but maintaining a healthy credit report after getting it can be trickier. Oftentimes, a borrower takes a loan from a lender when they need to arrange for a large amount of money in a quick time. They pay a certain part of the principal along with the interest on it every month until they pay off the borrowed amount of money.  If a borrower fails to honor the agreement for one to two months, a fine is imposed on them for the duration. Usually, it adds up to the payment for the third month. What happens when they fail to honor it for more than three consecutive months? It leads to a double whammy on the part of a borrower: serious debt with legal consequences. The only ray of hope for a borrower to escape from such a daisy situation is to file a Chapter 7 bankruptcy or Chapter 13 bankruptcy on time. Here’s how both differ from one another.  Chapter 7 bankruptcy vs. Chapter 13 bankruptcy laws   Chapter 7...

Follow my blog with Bloglovin You will be amazed to know the fact that the bankruptcy court is not just the final stop of your financial devastation. Instead, there is some federal bankruptcy code which helps you to eliminate or delay the sale of your property. Let us understand what this chapter 13 bankruptcy is. Chapter 13 is mainly made for those categories of people for whom income is not a problem, but they face issue in meeting the demand for immediate payment by the creditor. You can also say that chapter 13 has been made for those people who already have enough income to repay their present dept.   One of the categories of chapter 13 is that you can keep your home along with you as long as you are able to pay the mortgage under a fixed settlement plan. Mainly the people falling under chapter 13 will have almost three to five years to resolve their debts, and this is only possible when they apply all their disposable income for debt reduction.   Moreover...

Follow my blog with Bloglovin Let us understand all the aspects of Chapter 7 bankruptcy filing. It is also known as the liquidation bankruptcy, and the reason behind it is that it discharges most of the unsecured debt, which includes the medical bills, personal loans, and also the credit card debt. You will be astonished to know that it is one of the quickest, simplest and also the most common type of bankruptcy. And on a survey it was found that way back in the year 2016 almost sixty-three percent of the total 819 bankruptcy cases, were of chapter 7 only. The best part is that the chapter 7 bankruptcy in attorney Los Angeles has made most of the debts discharged. But before you plan to file a chapter 7, you should also check whether you are eligible for the same or not.   You must fall under the defined income limits, which may vary from state to state and you need to have a debt requirement. Other than this, you also need to pass a “means test” in order to qualify for ...