bankruptcy california law
can I file for personal bankruptcy under california bankruptcy law if I’m married and have a job?
bankruptcy
You should consult with a lawyer. California is a community property state, so it may complicate things being married.
bankruptcy california law
Bankruptcy Law in California? I need info thanks.?
First, go to hummingbirdcreditcounseling.com. They are a non-profit organization that does not sell anything and they are not owned by creditors. Take the first part of their bankruptcy training, which is required before you file anyway. You can take it annonomously first & it’s free.
The new bankruptcy laws are pretty stringent, and complicated. If you are considering filing, I would recommend that you consult a good bankruptcy attorney, immediately! I used one from the Price Law Group, and I was very satisfied. Do not attempt to file yourself – the attorney will save you a lot of heartache and even money, in the long run. Try to find an attorney that specializes in bankruptcy, that give a free consultation & that charges a flat fee. Mine also did all the paperwork – I just answered questions and provided information.
If you have substantial assets other than retirement, you may not be able to go bankrupt. The bankruptcy court will allow you to keep enough money to live fairly comfortably. Yuo can keep your car, house, personal items, most furniture and appliances, and other items that are necessary. I was able to keep my compters, but I had to buy back my motorcycle and coin collection.
There are a few very important things to consider – no matter what, BE HONEST AND THOROUGH. If you do a poor job of inventory of your assets, the Court may throw your case out. If you are deceptive, they will probably catch you. The US Bankruptcy Court HATES liars. The law is designed to protect you and help to give you a fresh start, but if you try to play games you will lose. In blatant cases, you may even be criminally prosecuted. Spell out who you are, what you owe, what you own and exactly how much you make from ALL sources. Do not give away anything. Do not buy anything on credit & do not use your credit cards at all! This is very, very important – your attorney will explain the details.
The credit dings will stay on your ratings for seven years. The bankruptcy will stay on for ten years, and is public information. You may be able to re-establish some credit immediately, depending on your history and income. I was able to get a credit card almost immediately with a small annual fee and about 20% interest. You can get credit a couple years after your discharge, but it will cost you more than someone with an excellent credit rating. The creditors listed in your bankruptcy will probably elect not to do business with you again, ever.
Be sure to examine honestly how you got to where you are and use the experience as a lesson learned. One of the definitions of insanity is repeating the same behavior and expecting different results.
Once you file, all creditors are ordered by the court to leave you alone. They are not allowed to make any effort whatsoever to collect debt.
After you file, you will immediately start getting offers for credit – expensive offers. Ignore them. After discharge, you will get even more. You can virtually eliminate this junk mail by requesting certain companies to stop sending you the junk. Search “junk mail” for details.
Good luck. If you follow my advice the experience will not be too terrible. They treat you professionally, but they are very thorough and very good at whast they do. It’s much more detailed than an IRS audit. And, if you make more than the median income for California, you will automatically be audited by a CPA as a part of the process.
California bankruptcy lawyer explains BK chapters