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Bankruptcy In California Article
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Filing Bankruptcy Brings a Sigh of Relief!
from:After filing bankruptcy, you can breathe a sigh of relief. When you let creditors know you are seeking debt relief through the legal system, they have to suspend collection efforts. It doesn’t take long to realize that the USA Bankruptcy Court offers a powerful solution to those who find themselves unable to handle their debt.
Filing for bankruptcy is a process that is best handled by an attorney specializing in bankruptcies. There are many different forms and steps that must be taken, and they need to be completed according to the law. Most people really don’t have a good understanding of how to begin the process, much less know how to complete the paperwork, file court documents and contact creditors.
In addition, there are many different laws that can help you restart from a strong vantage point if you know they exist. For example, you can keep your house in many personal bankruptcies today. An attorney will go through the process with you step-by-step which begins with a lengthy questionnaire.
The questionnaire you complete has a lot of questions about current debt, payments, delinquent accounts, assets and income. The questions are designed to get answers to the same questions that will be asked by the bankruptcy court. Based on your answers, the attorney will tell you which of the chapters is best for your situation. When filing bankruptcy, you can file a chapter 7 or chapter 13 as an individual.
After filing bankruptcy, the court appoints a trustee. The job of the trustee is to review the information the attorney collected and determine if the information is accurate and complete. You will probably have to attend a brief meeting with the trustee to answer any questions about the personal information submitted to the court. Your attorney will also let all the creditors know the official filing has taken place.
When filing a bankruptcy as a chapter 7, the courts allow you to keep enough assets to begin a fresh start. You may be allowed to keep your house and the car you drive to work, for example. You are also allowed to keep a certain amount of cash. It’s possible you will have to sell some assets or use cash over the minimum allowed to pay off a portion of the debt owed.
When filing bankruptcy as a chapter 13, you are actually asking the court to force the debtors to accept a repayment plan. You are given up to five years to pay the debts you owe. The court will determine the repayment plan.
When you decide it’s time for filing bankruptcy, the first step should be to consult an attorney. The process is complex, and there are many different decisions which must be made along the way. Chances are that amendments will have to be filed also before the final discharge. It’s common for people to remember old debt that should have been listed on the first questionnaire.
Bankruptcy In California News
Record number of school districts in state face bankruptcy - Los Angeles Times
Record number of school districts in state face bankruptcy Los Angeles Times Pummeled by relentless budget cuts, a record number of California school districts are facing bankruptcy, state Supt. of Public Instruction Tom Torlakson announced Monday. The Inglewood Unified School District and 11 others -– most in northern ... |
Reno's Silver Legacy files for Chapter 11; Indian casinos a factor - Sacramento Bee
 News10.net | Reno's Silver Legacy files for Chapter 11; Indian casinos a factor Sacramento Bee Instead, it became one of the biggest victims to date of the Northern California Indian gaming. The mammoth 17-year-old casino filed for Chapter 11 bankruptcy reorganization last week after a deal to restructure its $142.8 million in debts fell apart. Silver Legacy the latest gaming property to seek a fresh financial start |
Stockton Creditors Extend Talks to Avert Bankruptcy - BusinessWeek
Stockton Creditors Extend Talks to Avert Bankruptcy BusinessWeek By Alison Vekshin on May 21, 2012 Stockton, the California city on the brink of bankruptcy, and creditors agreed to extend talks aimed at restructuring its municipal debt for an extra 30 days. The bargaining was set to end after 60 days under a ... Stockton, Calif., creditors extend mediation period Oprah Winfrey Endorses Michael Tubbs: Media Mogul Moneybombs Stockon City ... Stockton pre-bankruptcy mediation extended another 30 days |
'Octomom' files for bankruptcy in California - Chicago Tribune
 MiamiHerald.com | 'Octomom' files for bankruptcy in California Chicago Tribune LOS ANGELES, May 1 (Reuters) - The California mother of octuplets, dubbed "Octomom," has filed for bankruptcy, after previously admitting she was on public assistance to support herself and her 14 children. Nadya Suleman, 36, gave birth to eight babies ... 'Octomom' files for bankruptcy, owes $30K in rent Octomom files for bankruptcy but gets another week in her home 'Octomom' Nadya Suleman Files For Bankruptcy |
Tepid power auction raises chances for a MidwestGen bankruptcy - Crain's Chicago Business
Tepid power auction raises chances for a MidwestGen bankruptcy Crain's Chicago Business By Steve Daniels May 21, 2012 Analysts now are betting that the Chicago-based unit of California-based utility holding company Edison International will have to shutter its Waukegan station, as well as one of its three units at Joliet, in addition to ... |