Chapter 13 bankruptcy california
Chapter 13 bankruptcy also known as reorganization bankruptcy allows people to pay of their debts within 3-5 years without having their house down on foreclosure and losing their assets. However, this type of bankruptcy holds good for people who have a fixed income that is good enough to meet the expenses and pay the debts also. For being able to file chapter 13 bankruptcy in California you are required to have unsecured debts under $269,250 and secured debts under $807,750.
When can chapter 13 bankruptcy be filed
Chapter 13 bankruptcy can be filed if:
It has been more than four years that the debtor has got a discharge over chapter 7, 11 or 12 bankruptcy
It has been two years since the debtor has got discharge under chapter 13 bankruptcy
If you have a co-signer for any of the debts (Under chapter 13 co-signer also gets relieved)
A larger part of your debts includes federal tax debt
California chapter 13 exemptions
When you file bankruptcy under chapter 13 in California there are certain possessions that are exempted from the dealings. These include:
Homestead:
Real personal property up to $50,000 if you are single and $75,000 if a family. Property over $100,000 if over 65 years old and $100,000 if over 55 years old and a) single and earn less than $15,000/year or b) married and earn less than $20,000/year are exempted.
Household things:
Appliances, clothing, wrongful death causes of action or recoveries, jewelry and heirlooms up to $5,000, social security bank deposits etc.
Insurance: Homeowner's insurance money for 6 months, life insurance -
a) matured: needed for support or
b) Immature: loan value to $4,000, disability or health benefits.
Pensions:
Private retirements, including IRAs and Keoghs, County employees, police or firefighters, Public employees and retirement benefits. Besides these there are many other things that are exempted under chapter 13 bankruptcy.
Should you hire an attorney
Filing bankruptcy under chapter 13 does not specify hiring of any attorney. However, it is always better to be on a safer side rather than falling into trouble. Bankruptcy is a major decision and involves complex legalities. It is better that you take the help of an attorney who deals with filing of chapter 13 bankruptcy. Make sure that the attorney whom you hire should be experienced and should represent you in front of the creditors and trustees.
Some of the chapter 13 bankruptcy attorneys functioning in California are mentioned below.
Henry Rendler:
Contact details: 1550 The Alameda Suite 308, San Jose, CA 95126; phone: 408-293-5112; fax: 408-293-4939
Timothy G. McFarlin:
Contact details: 4 Park Plaza Suite 1025, Irvine, CA 92614, Toll Free: (888) 728-0044, Local: (949) 206-0400, Fax: (949) 206-0404.
Mark J. Markus:
Contact details: Phone: 818.509.1173, Fax: 818.509.1460, Mailing Address: 11684 Ventura Blvd. PMB 403, Studio City, CA 91604; Office Address: By Appointment Only, 2600 W. Olive Ave. , 5th Flr. Burbank, CA 91505. Los Angeles Office: 12100 Wilshire Blvd. , Suite 800, Los Angeles, CA 90025.
Hagen & Hagen:
Contact details: 17525 Ventura Boulevard, Suite 201, Encino, California 91316, Phone: (818) 501-6161, Fax: (818) 907-6722.
Moran Law Group:
Contact details: 1674 N. Shoreline Blvd. Suite 140 Mt. View CA, phone: 650-694 4700, Taking the help of an attorney is recommended so that all your paperwork is submitted on time and you have a legal representation on your end.
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