Anyone know what the state law is in CA. for filing bankruptcy on credit card & medical bills debt? Are you still able to do it?
2006-09-19 08:13:56 · 4 answers · asked by Janes_Addiction 2 in Business & Finance ➔ Other - Business & Finance
California Bankruptcy Network
The California Bankruptcy Legal Research Center. CALIFORNIA STATE. LAWS,CODES & RULES ... Southern Cal. Whittier College. Search: California Court Opinions ...www.californiabankruptcy.net/ref4.htm
Good luck!
2006-09-19 08:16:40 · answer #1 · answered by NANCY K 6 · 0⤊ 0⤋
If you are like many San Diego residents suffering from the stress of mounting debt, facing a threatened bank foreclosure of your home, or just overwhelmed by your debts, you may want to start considering your debt relief options. There are many benefits designed to help you get rid of your unwanted debts and get a fresh start for you and your family. Choosing a bankruptcy attorney is much like choosing any other professional or service provider to do a task. You want to make sure that the person is highly skilled in the area in which you need help. If you have the most simple form of bankruptcy, then you might be able to get away with having a simple, inexpensive bankruptcy attorney. Look for an experienced bankruptcy attorney.
2014-08-25 09:23:40 · answer #2 · answered by Anonymous · 7⤊ 0⤋
California Bankruptcy Process
2005 Bankruptcy Act Credit Counseling
The 2005 Bankruptcy Act requires all individual debtors who file bankruptcy on or after October 17, 2005, to undergo credit counseling within six months before filing for bankruptcy relief and to complete a financial management instructional course after filing bankruptcy.
2005 Bankruptcy Act Means Test
Under the 2005 Bankruptcy Act you income and expenses will be analyzed to determine if you qualify to file a Chapter 7 or if you must file Chapter 13. To apply the means test, the courts will look at the your average income for the 6 months prior to filing and compare it to the median income for that state. If the income is below the median, then you may choose Chapter 7. If your income exceeds the median, the remaining parts of the means test will be applied to determine if you can file Chapter 7 or if you must file Chapter 13.
Your will likely still be able to file a Chapter 7 bankruptcy if you are unable to pay at least $6,000 over the next five years ($100 per month) to your unsecured creditors after your expenses. However, if you can pay at least $10,000 over five years ($166.67 per month or more) your Chapter 7 will likely be denied.
If you could afford more than $6,000 but less than $10,000 over five years, then a mathematical calculation determines whether your Chapter 7 will likely be successful or not. If you could afford to pay 25% or more of your unsecured debt, then a Chapter 7 will likely be denied. If you can't afford to pay 25% of your unsecured debt, your Chapter 7 filing will likely be successful. Examples of unsecured debts would include medical and credit card bills. Note that you can still opt for Chapter 13 even if you qualify to file under Chapter 7.
Gathering Paperwork
To begin the bankruptcy process you must itemize your current income sources; major financial transactions for the last two years; monthly living expenses; debts (secured and unsecured); and property (all assets and possessions, not just real estate). You should also collect your tax returns for the last two years, deeds to any real estate you own, your car(s) titles, and the documents for any loans you may have.
Filing Bankruptcy
Once you have gathered this information, either on your own or with the help of an attorney, you should then determine which property you believe is exempt from seizure based on the California exemptions. To actually file, either you or your attorney, will need to file a two-page petition and several other forms at your California district bankruptcy court. These forms, collectively are referred to as the schedules and ask you to describe your current financial status and recent financial transactions (typically within the last two years). If your creditors or the judge feel or find out that you have not been entirely forthcoming in your bankruptcy filing, it could jeopardize the outcome of your petition.
The cost for filing a Chapter 7 bankruptcy is $274. This fee may not be waived but you may be able to pay it in installments. The fee of $189 for a Chapter 13 bankruptcy can not be waived.
2006-09-19 08:23:25 · answer #3 · answered by Art 2 · 0⤊ 0⤋
You can file bankruptcy against those types of businesses. The only thing you can't file bankruptcy on is child support and student loans.
2006-09-19 08:19:27 · answer #4 · answered by Medical and Business Information 5 · 0⤊ 0⤋