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Divorce, Separation, Custody, Child Support, Visitation, Alimony, Paternity
Phoenix San Diego
ATTORNEY LAWYER |
A Different Kind SM |
||||||||||||||||||||||||||
|
11811 N. Tatum Boulevard Suite 3031 Phoenix, AZ 85028
990 Highland Drive Suite 212B Solana Beach, CA 92075
Ph: 800-966-5215 Fax: 800-966-5214
|
|
Practice Areas Ask a Question Do-It-Yourself The Team Contact Home Bankruptcy |
Client Testimonials:
"Your competency and humor and determination to make sure I survived was truly inspiring. I thank you so much. I know that there is no way this would have worked without you. Trusting is not a skill I possess in abundance. Deciding to do so with you was the smartest thing I've done in a long time." - Elizabeth B.
"Thanks for taking such good care of us, Jacque. Your promptness in responding to our questions and concerns has been most impressive. Your professionalism and genuine helpfulness has been greatly appreciated, and we will gladly refer our friends to you in the future." Sincerely, Ali Cheng
"You have been really fantastic and wonderful and I deeply appreciate that. Thank you again." Jane L
|
||||||||||||||||||||||||
|
Since the implementation of the new bankruptcy law, which occurred on October 17, 2005, it is a common misconception that filing bankruptcy is no longer possible. This is simply not true. Studies show that 80% or more of the people who filed Chapter 7 under the prior law would still qualify for Chapter 7 under the new law. Additionally, most of those people who cannot qualify for Chapter 7 under the new law, can still qualify for Chapter 13. The two primary consequences of the new law are that the process has become more complicated, and the costs are higher. However, the bankruptcy system will carry on. Click the links below to view information about the three types of bankruptcy available.
Chapter 7 To initiate bankruptcy, you must file a petition and other documents regarding your financial affairs with the court. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Prior to filing the Petition you must attend a financial counseling class. The Debtor(s) must attend The First Meeting of Creditors, which occurs about 30 days after the filing date. The Bankruptcy Trustee assigned to the case facilitates the meeting. He or she will ask the debtor(s) questions regarding the accuracy of the documents filed, including information pertaining to income, expenses, and assets. If the Trustee determines there are NON-EXEMPT assets, the Trustee will sell the assets and will distribute the proceeds to creditors. However, it is typical that most or all of the assets have liens against them, which means there is no asset to sell. Although creditors are permitted to attend and ask questions, they usually don't. The discharge is usually issued approximately 60 days after the First Meeting of Creditors, unless a creditor or Trustee successfully objects to it. A discharge means the bankruptcy has granted by the court and the case is over. Prior to receiving the discharge you are required to attend a financial counseling class. Objections can be based on: the debtor's lack of cooperation or lack of financial records; the debtor's fraudulent transfer, concealment or destruction of assets; or a bankruptcy crime. In your bankruptcy papers, you disclose to the court all of your assets and debts. In most cases, you are allowed to keep all your assets under the "Exemption" statutes provided for by law. In California, you must elect one of two different sets of "Exemptions," which proscribe how much property you can keep. Arizona has a similar regime. Please contact us for a list of Arizona Exemptions. Below is partial lists of California Exemptions:
Chapter 11 Chapter 11 is initiated by filing a petition and other documents with the court. The debtor business becomes a "debtor in possession," which means that it retains control of assets during the bankruptcy. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking assets. However, in certain circumstances a creditor may motion the court to lift the automatic stay, which means it will be permitted to repossess or foreclosure on property if approved. A reasonable plan will be confirmed by the court unless a creditor objects to it for good cause. Pre-confirmation debts are discharged upon plan confirmation, with certain exceptions. The confirmed plan essentially creates new contracts and the debtor in possession must adhere to the terms.
Chapter 13 Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Additionally, Chapter 13 stays actions against co-debtor when the debt is a consumer debt (not business debt). A Chapter 13 plan can help prevent foreclosure of a residence, as it permits the debtor to repay the amount in arrears over the life of the plan. Automobile debts can be reduced to the fair market value of the car. If there are objections to the plan, the judge will need to determine whether the plan is reasonable. Common objections are: the creditors would receive more if the debtor's assets were liquidated; or the the debtor has additional disposable income to apply to the plan. The debtor may modify the plan if it's not confirmed. It may also be modified after confirmation if circumstances change.
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We hope the information was helpful. |
|||||||||||||||||||||||||||
|
Divorce, Separation, Custody, Child Support, Visitation, Alimony, Paternity
Phoenix San Diego
ATTORNEY LAWYER |
A Different Kind SM |
||||||||||||||||||||||||||
|
11811 N. Tatum Boulevard Suite 3031 Phoenix, AZ 85028
990 Highland Drive Suite 212B Solana Beach, CA 92075
Ph: 800-966-5215 Fax: 800-966-5214
|
|
Practice Areas Ask a Question Do-It-Yourself The Team Contact Home Bankruptcy |
Client Testimonials:
"Your competency and humor and determination to make sure I survived was truly inspiring. I thank you so much. I know that there is no way this would have worked without you. Trusting is not a skill I possess in abundance. Deciding to do so with you was the smartest thing I've done in a long time." - Elizabeth B.
"Thanks for taking such good care of us, Jacque. Your promptness in responding to our questions and concerns has been most impressive. Your professionalism and genuine helpfulness has been greatly appreciated, and we will gladly refer our friends to you in the future." Sincerely, Ali Cheng
"You have been really fantastic and wonderful and I deeply appreciate that. Thank you again." Jane L
|
||||||||||||||||||||||||
|
Since the implementation of the new bankruptcy law, which occurred on October 17, 2005, it is a common misconception that filing bankruptcy is no longer possible. This is simply not true. Studies show that 80% or more of the people who filed Chapter 7 under the prior law would still qualify for Chapter 7 under the new law. Additionally, most of those people who cannot qualify for Chapter 7 under the new law, can still qualify for Chapter 13. The two primary consequences of the new law are that the process has become more complicated, and the costs are higher. However, the bankruptcy system will carry on. Click the links below to view information about the three types of bankruptcy available.
Chapter 7 To initiate bankruptcy, you must file a petition and other documents regarding your financial affairs with the court. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Prior to filing the Petition you must attend a financial counseling class. The Debtor(s) must attend The First Meeting of Creditors, which occurs about 30 days after the filing date. The Bankruptcy Trustee assigned to the case facilitates the meeting. He or she will ask the debtor(s) questions regarding the accuracy of the documents filed, including information pertaining to income, expenses, and assets. If the Trustee determines there are NON-EXEMPT assets, the Trustee will sell the assets and will distribute the proceeds to creditors. However, it is typical that most or all of the assets have liens against them, which means there is no asset to sell. Although creditors are permitted to attend and ask questions, they usually don't. The discharge is usually issued approximately 60 days after the First Meeting of Creditors, unless a creditor or Trustee successfully objects to it. A discharge means the bankruptcy has granted by the court and the case is over. Prior to receiving the discharge you are required to attend a financial counseling class. Objections can be based on: the debtor's lack of cooperation or lack of financial records; the debtor's fraudulent transfer, concealment or destruction of assets; or a bankruptcy crime. In your bankruptcy papers, you disclose to the court all of your assets and debts. In most cases, you are allowed to keep all your assets under the "Exemption" statutes provided for by law. In California, you must elect one of two different sets of "Exemptions," which proscribe how much property you can keep. Arizona has a similar regime. Please contact us for a list of Arizona Exemptions. Below is partial lists of California Exemptions:
Chapter 11 Chapter 11 is initiated by filing a petition and other documents with the court. The debtor business becomes a "debtor in possession," which means that it retains control of assets during the bankruptcy. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking assets. However, in certain circumstances a creditor may motion the court to lift the automatic stay, which means it will be permitted to repossess or foreclosure on property if approved. A reasonable plan will be confirmed by the court unless a creditor objects to it for good cause. Pre-confirmation debts are discharged upon plan confirmation, with certain exceptions. The confirmed plan essentially creates new contracts and the debtor in possession must adhere to the terms.
Chapter 13 Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Additionally, Chapter 13 stays actions against co-debtor when the debt is a consumer debt (not business debt). A Chapter 13 plan can help prevent foreclosure of a residence, as it permits the debtor to repay the amount in arrears over the life of the plan. Automobile debts can be reduced to the fair market value of the car. If there are objections to the plan, the judge will need to determine whether the plan is reasonable. Common objections are: the creditors would receive more if the debtor's assets were liquidated; or the the debtor has additional disposable income to apply to the plan. The debtor may modify the plan if it's not confirmed. It may also be modified after confirmation if circumstances change.
|
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|
We hope the information was helpful. |
|||||||||||||||||||||||||||
|
Divorce, Separation, Custody, Child Support, Visitation, Alimony, Paternity
Phoenix San Diego
ATTORNEY LAWYER |
A Different Kind SM |
||||||||||||||||||||||||||
|
11811 N. Tatum Boulevard Suite 3031 Phoenix, AZ 85028
990 Highland Drive Suite 212B Solana Beach, CA 92075
Ph: 800-966-5215 Fax: 800-966-5214
|
|
Practice Areas Ask a Question Do-It-Yourself The Team Contact Home Bankruptcy |
Client Testimonials:
"Your competency and humor and determination to make sure I survived was truly inspiring. I thank you so much. I know that there is no way this would have worked without you. Trusting is not a skill I possess in abundance. Deciding to do so with you was the smartest thing I've done in a long time." - Elizabeth B.
"Thanks for taking such good care of us, Jacque. Your promptness in responding to our questions and concerns has been most impressive. Your professionalism and genuine helpfulness has been greatly appreciated, and we will gladly refer our friends to you in the future." Sincerely, Ali Cheng
"You have been really fantastic and wonderful and I deeply appreciate that. Thank you again." Jane L
|
||||||||||||||||||||||||
|
Since the implementation of the new bankruptcy law, which occurred on October 17, 2005, it is a common misconception that filing bankruptcy is no longer possible. This is simply not true. Studies show that 80% or more of the people who filed Chapter 7 under the prior law would still qualify for Chapter 7 under the new law. Additionally, most of those people who cannot qualify for Chapter 7 under the new law, can still qualify for Chapter 13. The two primary consequences of the new law are that the process has become more complicated, and the costs are higher. However, the bankruptcy system will carry on. Click the links below to view information about the three types of bankruptcy available.
Chapter 7 To initiate bankruptcy, you must file a petition and other documents regarding your financial affairs with the court. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Prior to filing the Petition you must attend a financial counseling class. The Debtor(s) must attend The First Meeting of Creditors, which occurs about 30 days after the filing date. The Bankruptcy Trustee assigned to the case facilitates the meeting. He or she will ask the debtor(s) questions regarding the accuracy of the documents filed, including information pertaining to income, expenses, and assets. If the Trustee determines there are NON-EXEMPT assets, the Trustee will sell the assets and will distribute the proceeds to creditors. However, it is typical that most or all of the assets have liens against them, which means there is no asset to sell. Although creditors are permitted to attend and ask questions, they usually don't. The discharge is usually issued approximately 60 days after the First Meeting of Creditors, unless a creditor or Trustee successfully objects to it. A discharge means the bankruptcy has granted by the court and the case is over. Prior to receiving the discharge you are required to attend a financial counseling class. Objections can be based on: the debtor's lack of cooperation or lack of financial records; the debtor's fraudulent transfer, concealment or destruction of assets; or a bankruptcy crime. In your bankruptcy papers, you disclose to the court all of your assets and debts. In most cases, you are allowed to keep all your assets under the "Exemption" statutes provided for by law. In California, you must elect one of two different sets of "Exemptions," which proscribe how much property you can keep. Arizona has a similar regime. Please contact us for a list of Arizona Exemptions. Below is partial lists of California Exemptions:
Chapter 11 Chapter 11 is initiated by filing a petition and other documents with the court. The debtor business becomes a "debtor in possession," which means that it retains control of assets during the bankruptcy. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking assets. However, in certain circumstances a creditor may motion the court to lift the automatic stay, which means it will be permitted to repossess or foreclosure on property if approved. A reasonable plan will be confirmed by the court unless a creditor objects to it for good cause. Pre-confirmation debts are discharged upon plan confirmation, with certain exceptions. The confirmed plan essentially creates new contracts and the debtor in possession must adhere to the terms.
Chapter 13 Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Additionally, Chapter 13 stays actions against co-debtor when the debt is a consumer debt (not business debt). A Chapter 13 plan can help prevent foreclosure of a residence, as it permits the debtor to repay the amount in arrears over the life of the plan. Automobile debts can be reduced to the fair market value of the car. If there are objections to the plan, the judge will need to determine whether the plan is reasonable. Common objections are: the creditors would receive more if the debtor's assets were liquidated; or the the debtor has additional disposable income to apply to the plan. The debtor may modify the plan if it's not confirmed. It may also be modified after confirmation if circumstances change.
|
|||||||||||||||||||||||||||
|
We hope the information was helpful. |
|||||||||||||||||||||||||||
|
Divorce, Separation, Custody, Child Support, Visitation, Alimony, Paternity
Phoenix San Diego
ATTORNEY LAWYER |
A Different Kind SM |
||||||||||||||||||||||||||
|
11811 N. Tatum Boulevard Suite 3031 Phoenix, AZ 85028
990 Highland Drive Suite 212B Solana Beach, CA 92075
Ph: 800-966-5215 Fax: 800-966-5214
|
|
Practice Areas Ask a Question Do-It-Yourself The Team Contact Home Bankruptcy |
Client Testimonials:
"Your competency and humor and determination to make sure I survived was truly inspiring. I thank you so much. I know that there is no way this would have worked without you. Trusting is not a skill I possess in abundance. Deciding to do so with you was the smartest thing I've done in a long time." - Elizabeth B.
"Thanks for taking such good care of us, Jacque. Your promptness in responding to our questions and concerns has been most impressive. Your professionalism and genuine helpfulness has been greatly appreciated, and we will gladly refer our friends to you in the future." Sincerely, Ali Cheng
"You have been really fantastic and wonderful and I deeply appreciate that. Thank you again." Jane L
|
||||||||||||||||||||||||
|
Since the implementation of the new bankruptcy law, which occurred on October 17, 2005, it is a common misconception that filing bankruptcy is no longer possible. This is simply not true. Studies show that 80% or more of the people who filed Chapter 7 under the prior law would still qualify for Chapter 7 under the new law. Additionally, most of those people who cannot qualify for Chapter 7 under the new law, can still qualify for Chapter 13. The two primary consequences of the new law are that the process has become more complicated, and the costs are higher. However, the bankruptcy system will carry on. Click the links below to view information about the three types of bankruptcy available.
Chapter 7 To initiate bankruptcy, you must file a petition and other documents regarding your financial affairs with the court. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Prior to filing the Petition you must attend a financial counseling class. The Debtor(s) must attend The First Meeting of Creditors, which occurs about 30 days after the filing date. The Bankruptcy Trustee assigned to the case facilitates the meeting. He or she will ask the debtor(s) questions regarding the accuracy of the documents filed, including information pertaining to income, expenses, and assets. If the Trustee determines there are NON-EXEMPT assets, the Trustee will sell the assets and will distribute the proceeds to creditors. However, it is typical that most or all of the assets have liens against them, which means there is no asset to sell. Although creditors are permitted to attend and ask questions, they usually don't. The discharge is usually issued approximately 60 days after the First Meeting of Creditors, unless a creditor or Trustee successfully objects to it. A discharge means the bankruptcy has granted by the court and the case is over. Prior to receiving the discharge you are required to attend a financial counseling class. Objections can be based on: the debtor's lack of cooperation or lack of financial records; the debtor's fraudulent transfer, concealment or destruction of assets; or a bankruptcy crime. In your bankruptcy papers, you disclose to the court all of your assets and debts. In most cases, you are allowed to keep all your assets under the "Exemption" statutes provided for by law. In California, you must elect one of two different sets of "Exemptions," which proscribe how much property you can keep. Arizona has a similar regime. Please contact us for a list of Arizona Exemptions. Below is partial lists of California Exemptions:
Chapter 11 Chapter 11 is initiated by filing a petition and other documents with the court. The debtor business becomes a "debtor in possession," which means that it retains control of assets during the bankruptcy. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking assets. However, in certain circumstances a creditor may motion the court to lift the automatic stay, which means it will be permitted to repossess or foreclosure on property if approved. A reasonable plan will be confirmed by the court unless a creditor objects to it for good cause. Pre-confirmation debts are discharged upon plan confirmation, with certain exceptions. The confirmed plan essentially creates new contracts and the debtor in possession must adhere to the terms.
Chapter 13 Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Additionally, Chapter 13 stays actions against co-debtor when the debt is a consumer debt (not business debt). A Chapter 13 plan can help prevent foreclosure of a residence, as it permits the debtor to repay the amount in arrears over the life of the plan. Automobile debts can be reduced to the fair market value of the car. If there are objections to the plan, the judge will need to determine whether the plan is reasonable. Common objections are: the creditors would receive more if the debtor's assets were liquidated; or the the debtor has additional disposable income to apply to the plan. The debtor may modify the plan if it's not confirmed. It may also be modified after confirmation if circumstances change.
|
|||||||||||||||||||||||||||
|
We hope the information was helpful. |
|||||||||||||||||||||||||||
|
Divorce, Separation, Custody, Child Support, Visitation, Alimony, Paternity
Phoenix San Diego
ATTORNEY LAWYER |
A Different Kind SM |
||||||||||||||||||||||||||
|
11811 N. Tatum Boulevard Suite 3031 Phoenix, AZ 85028
990 Highland Drive Suite 212B Solana Beach, CA 92075
Ph: 800-966-5215 Fax: 800-966-5214
|
|
Practice Areas Ask a Question Do-It-Yourself The Team Contact Home Bankruptcy |
Client Testimonials:
"Your competency and humor and determination to make sure I survived was truly inspiring. I thank you so much. I know that there is no way this would have worked without you. Trusting is not a skill I possess in abundance. Deciding to do so with you was the smartest thing I've done in a long time." - Elizabeth B.
"Thanks for taking such good care of us, Jacque. Your promptness in responding to our questions and concerns has been most impressive. Your professionalism and genuine helpfulness has been greatly appreciated, and we will gladly refer our friends to you in the future." Sincerely, Ali Cheng
"You have been really fantastic and wonderful and I deeply appreciate that. Thank you again." Jane L
|
||||||||||||||||||||||||
|
Since the implementation of the new bankruptcy law, which occurred on October 17, 2005, it is a common misconception that filing bankruptcy is no longer possible. This is simply not true. Studies show that 80% or more of the people who filed Chapter 7 under the prior law would still qualify for Chapter 7 under the new law. Additionally, most of those people who cannot qualify for Chapter 7 under the new law, can still qualify for Chapter 13. The two primary consequences of the new law are that the process has become more complicated, and the costs are higher. However, the bankruptcy system will carry on. Click the links below to view information about the three types of bankruptcy available.
Chapter 7 To initiate bankruptcy, you must file a petition and other documents regarding your financial affairs with the court. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Prior to filing the Petition you must attend a financial counseling class. The Debtor(s) must attend The First Meeting of Creditors, which occurs about 30 days after the filing date. The Bankruptcy Trustee assigned to the case facilitates the meeting. He or she will ask the debtor(s) questions regarding the accuracy of the documents filed, including information pertaining to income, expenses, and assets. If the Trustee determines there are NON-EXEMPT assets, the Trustee will sell the assets and will distribute the proceeds to creditors. However, it is typical that most or all of the assets have liens against them, which means there is no asset to sell. Although creditors are permitted to attend and ask questions, they usually don't. The discharge is usually issued approximately 60 days after the First Meeting of Creditors, unless a creditor or Trustee successfully objects to it. A discharge means the bankruptcy has granted by the court and the case is over. Prior to receiving the discharge you are required to attend a financial counseling class. Objections can be based on: the debtor's lack of cooperation or lack of financial records; the debtor's fraudulent transfer, concealment or destruction of assets; or a bankruptcy crime. In your bankruptcy papers, you disclose to the court all of your assets and debts. In most cases, you are allowed to keep all your assets under the "Exemption" statutes provided for by law. In California, you must elect one of two different sets of "Exemptions," which proscribe how much property you can keep. Arizona has a similar regime. Please contact us for a list of Arizona Exemptions. Below is partial lists of California Exemptions:
Chapter 11 Chapter 11 is initiated by filing a petition and other documents with the court. The debtor business becomes a "debtor in possession," which means that it retains control of assets during the bankruptcy. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking assets. However, in certain circumstances a creditor may motion the court to lift the automatic stay, which means it will be permitted to repossess or foreclosure on property if approved. A reasonable plan will be confirmed by the court unless a creditor objects to it for good cause. Pre-confirmation debts are discharged upon plan confirmation, with certain exceptions. The confirmed plan essentially creates new contracts and the debtor in possession must adhere to the terms.
Chapter 13 Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Additionally, Chapter 13 stays actions against co-debtor when the debt is a consumer debt (not business debt). A Chapter 13 plan can help prevent foreclosure of a residence, as it permits the debtor to repay the amount in arrears over the life of the plan. Automobile debts can be reduced to the fair market value of the car. If there are objections to the plan, the judge will need to determine whether the plan is reasonable. Common objections are: the creditors would receive more if the debtor's assets were liquidated; or the the debtor has additional disposable income to apply to the plan. The debtor may modify the plan if it's not confirmed. It may also be modified after confirmation if circumstances change.
|
|||||||||||||||||||||||||||
|
We hope the information was helpful. |
|||||||||||||||||||||||||||
|
Divorce, Separation, Custody, Child Support, Visitation, Alimony, Paternity
Phoenix San Diego
ATTORNEY LAWYER |
A Different Kind SM |
||||||||||||||||||||||||||
|
11811 N. Tatum Boulevard Suite 3031 Phoenix, AZ 85028
990 Highland Drive Suite 212B Solana Beach, CA 92075
Ph: 800-966-5215 Fax: 800-966-5214
|
|
Practice Areas Ask a Question Do-It-Yourself The Team Contact Home Bankruptcy |
Client Testimonials:
"Your competency and humor and determination to make sure I survived was truly inspiring. I thank you so much. I know that there is no way this would have worked without you. Trusting is not a skill I possess in abundance. Deciding to do so with you was the smartest thing I've done in a long time." - Elizabeth B.
"Thanks for taking such good care of us, Jacque. Your promptness in responding to our questions and concerns has been most impressive. Your professionalism and genuine helpfulness has been greatly appreciated, and we will gladly refer our friends to you in the future." Sincerely, Ali Cheng
"You have been really fantastic and wonderful and I deeply appreciate that. Thank you again." Jane L
|
||||||||||||||||||||||||
|
Since the implementation of the new bankruptcy law, which occurred on October 17, 2005, it is a common misconception that filing bankruptcy is no longer possible. This is simply not true. Studies show that 80% or more of the people who filed Chapter 7 under the prior law would still qualify for Chapter 7 under the new law. Additionally, most of those people who cannot qualify for Chapter 7 under the new law, can still qualify for Chapter 13. The two primary consequences of the new law are that the process has become more complicated, and the costs are higher. However, the bankruptcy system will carry on. Click the links below to view information about the three types of bankruptcy available.
Chapter 7 To initiate bankruptcy, you must file a petition and other documents regarding your financial affairs with the court. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Prior to filing the Petition you must attend a financial counseling class. The Debtor(s) must attend The First Meeting of Creditors, which occurs about 30 days after the filing date. The Bankruptcy Trustee assigned to the case facilitates the meeting. He or she will ask the debtor(s) questions regarding the accuracy of the documents filed, including information pertaining to income, expenses, and assets. If the Trustee determines there are NON-EXEMPT assets, the Trustee will sell the assets and will distribute the proceeds to creditors. However, it is typical that most or all of the assets have liens against them, which means there is no asset to sell. Although creditors are permitted to attend and ask questions, they usually don't. The discharge is usually issued approximately 60 days after the First Meeting of Creditors, unless a creditor or Trustee successfully objects to it. A discharge means the bankruptcy has granted by the court and the case is over. Prior to receiving the discharge you are required to attend a financial counseling class. Objections can be based on: the debtor's lack of cooperation or lack of financial records; the debtor's fraudulent transfer, concealment or destruction of assets; or a bankruptcy crime. In your bankruptcy papers, you disclose to the court all of your assets and debts. In most cases, you are allowed to keep all your assets under the "Exemption" statutes provided for by law. In California, you must elect one of two different sets of "Exemptions," which proscribe how much property you can keep. Arizona has a similar regime. Please contact us for a list of Arizona Exemptions. Below is partial lists of California Exemptions:
Chapter 11 Chapter 11 is initiated by filing a petition and other documents with the court. The debtor business becomes a "debtor in possession," which means that it retains control of assets during the bankruptcy. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking assets. However, in certain circumstances a creditor may motion the court to lift the automatic stay, which means it will be permitted to repossess or foreclosure on property if approved. A reasonable plan will be confirmed by the court unless a creditor objects to it for good cause. Pre-confirmation debts are discharged upon plan confirmation, with certain exceptions. The confirmed plan essentially creates new contracts and the debtor in possession must adhere to the terms.
Chapter 13 Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Additionally, Chapter 13 stays actions against co-debtor when the debt is a consumer debt (not business debt). A Chapter 13 plan can help prevent foreclosure of a residence, as it permits the debtor to repay the amount in arrears over the life of the plan. Automobile debts can be reduced to the fair market value of the car. If there are objections to the plan, the judge will need to determine whether the plan is reasonable. Common objections are: the creditors would receive more if the debtor's assets were liquidated; or the the debtor has additional disposable income to apply to the plan. The debtor may modify the plan if it's not confirmed. It may also be modified after confirmation if circumstances change.
|
|||||||||||||||||||||||||||
|
We hope the information was helpful. |
|||||||||||||||||||||||||||
|
Divorce, Separation, Custody, Child Support, Visitation, Alimony, Paternity
Phoenix San Diego
ATTORNEY LAWYER |
A Different Kind SM |
||||||||||||||||||||||||||
|
11811 N. Tatum Boulevard Suite 3031 Phoenix, AZ 85028
990 Highland Drive Suite 212B Solana Beach, CA 92075
Ph: 800-966-5215 Fax: 800-966-5214
|
|
Practice Areas Ask a Question Do-It-Yourself The Team Contact Home Bankruptcy |
Client Testimonials:
"Your competency and humor and determination to make sure I survived was truly inspiring. I thank you so much. I know that there is no way this would have worked without you. Trusting is not a skill I possess in abundance. Deciding to do so with you was the smartest thing I've done in a long time." - Elizabeth B.
"Thanks for taking such good care of us, Jacque. Your promptness in responding to our questions and concerns has been most impressive. Your professionalism and genuine helpfulness has been greatly appreciated, and we will gladly refer our friends to you in the future." Sincerely, Ali Cheng
"You have been really fantastic and wonderful and I deeply appreciate that. Thank you again." Jane L
|
||||||||||||||||||||||||
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Since the implementation of the new bankruptcy law, which occurred on October 17, 2005, it is a common misconception that filing bankruptcy is no longer possible. This is simply not true. Studies show that 80% or more of the people who filed Chapter 7 under the prior law would still qualify for Chapter 7 under the new law. Additionally, most of those people who cannot qualify for Chapter 7 under the new law, can still qualify for Chapter 13. The two primary consequences of the new law are that the process has become more complicated, and the costs are higher. However, the bankruptcy system will carry on. Click the links below to view information about the three types of bankruptcy available.
Chapter 7 To initiate bankruptcy, you must file a petition and other documents regarding your financial affairs with the court. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Prior to filing the Petition you must attend a financial counseling class. The Debtor(s) must attend The First Meeting of Creditors, which occurs about 30 days after the filing date. The Bankruptcy Trustee assigned to the case facilitates the meeting. He or she will ask the debtor(s) questions regarding the accuracy of the documents filed, including information pertaining to income, expenses, and assets. If the Trustee determines there are NON-EXEMPT assets, the Trustee will sell the assets and will distribute the proceeds to creditors. However, it is typical that most or all of the assets have liens against them, which means there is no asset to sell. Although creditors are permitted to attend and ask questions, they usually don't. The discharge is usually issued approximately 60 days after the First Meeting of Creditors, unless a creditor or Trustee successfully objects to it. A discharge means the bankruptcy has granted by the court and the case is over. Prior to receiving the discharge you are required to attend a financial counseling class. Objections can be based on: the debtor's lack of cooperation or lack of financial records; the debtor's fraudulent transfer, concealment or destruction of assets; or a bankruptcy crime. In your bankruptcy papers, you disclose to the court all of your assets and debts. In most cases, you are allowed to keep all your assets under the "Exemption" statutes provided for by law. In California, you must elect one of two different sets of "Exemptions," which proscribe how much property you can keep. Arizona has a similar regime. Please contact us for a list of Arizona Exemptions. Below is partial lists of California Exemptions:
Chapter 11 Chapter 11 is initiated by filing a petition and other documents with the court. The debtor business becomes a "debtor in possession," which means that it retains control of assets during the bankruptcy. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking assets. However, in certain circumstances a creditor may motion the court to lift the automatic stay, which means it will be permitted to repossess or foreclosure on property if approved. A reasonable plan will be confirmed by the court unless a creditor objects to it for good cause. Pre-confirmation debts are discharged upon plan confirmation, with certain exceptions. The confirmed plan essentially creates new contracts and the debtor in possession must adhere to the terms.
Chapter 13 Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Additionally, Chapter 13 stays actions against co-debtor when the debt is a consumer debt (not business debt). A Chapter 13 plan can help prevent foreclosure of a residence, as it permits the debtor to repay the amount in arrears over the life of the plan. Automobile debts can be reduced to the fair market value of the car. If there are objections to the plan, the judge will need to determine whether the plan is reasonable. Common objections are: the creditors would receive more if the debtor's assets were liquidated; or the the debtor has additional disposable income to apply to the plan. The debtor may modify the plan if it's not confirmed. It may also be modified after confirmation if circumstances change.
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Since the implementation of the new bankruptcy law, which occurred on October 17, 2005, it is a common misconception that filing bankruptcy is no longer possible. This is simply not true. Studies show that 80% or more of the people who filed Chapter 7 under the prior law would still qualify for Chapter 7 under the new law. Additionally, most of those people who cannot qualify for Chapter 7 under the new law, can still qualify for Chapter 13. The two primary consequences of the new law are that the process has become more complicated, and the costs are higher. However, the bankruptcy system will carry on. Click the links below to view information about the three types of bankruptcy available.
Chapter 7 To initiate bankruptcy, you must file a petition and other documents regarding your financial affairs with the court. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking your assets. Prior to filing the Petition you must attend a financial counseling class. The Debtor(s) must attend The First Meeting of Creditors, which occurs about 30 days after the filing date. The Bankruptcy Trustee assigned to the case facilitates the meeting. He or she will ask the debtor(s) questions regarding the accuracy of the documents filed, including information pertaining to income, expenses, and assets. If the Trustee determines there are NON-EXEMPT assets, the Trustee will sell the assets and will distribute the proceeds to creditors. However, it is typical that most or all of the assets have liens against them, which means there is no asset to sell. Although creditors are permitted to attend and ask questions, they usually don't. The discharge is usually issued approximately 60 days after the First Meeting of Creditors, unless a creditor or Trustee successfully objects to it. A discharge means the bankruptcy has granted by the court and the case is over. Prior to receiving the discharge you are required to attend a financial counseling class. Objections can be based on: the debtor's lack of cooperation or lack of financial records; the debtor's fraudulent transfer, concealment or destruction of assets; or a bankruptcy crime. In your bankruptcy papers, you disclose to the court all of your assets and debts. In most cases, you are allowed to keep all your assets under the "Exemption" statutes provided for by law. In California, you must elect one of two different sets of "Exemptions," which proscribe how much property you can keep. Arizona has a similar regime. Please contact us for a list of Arizona Exemptions. Below is partial lists of California Exemptions:
Chapter 11 Chapter 11 is initiated by filing a petition and other documents with the court. The debtor business becomes a "debtor in possession," which means that it retains control of assets during the bankruptcy. Filing a petition automatically stays (temporarily stops) creditor's from attempting to collect the debt or taking assets. However, in certain circumstances a creditor may motion the court to lift the automatic stay, which means it will be permitted to repossess or foreclosure on property if approved. A reasonable plan will be confirmed by the court unless a creditor objects to it for good cause. Pre-confirmation debts are discharged upon plan confirmation, with certain exceptions. The confirmed plan essentially creates new contracts and the debtor in possession must adhere to the terms.
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