| . BENJAMIN CHARCHIAN & ASSOCIATES |
IS BANKRUPTCY RIGHT FOR YOU
Bankruptcy is the true "get out of jail free" card. The bankruptcy laws in the
United States were put in place to give people in financial trouble fresh start so
that they could be freed from the burdens of debt and allowed to try again.
While bankruptcy is a wonderful tool you should be fully informed before
jumping into it. If you call our office for an appointment (which is completely
free) you will sit down with a bankruptcy attorney who will learn about your
exact situation and provide advice catered to you individually. At this time,
here are the most important points that you should consider:
Chapter 7 vs. Chapter 13, which one should you file under?
For individuals filing bankruptcy there are two main chapters available, Chapter
7 and Chapter 13. Chapter 7, is a total liquidation. Under this chapter, all of
your non-exempt debts can be completely wiped away. Debts that will usually
not be erased by a Chapter 7 are student loans, taxes owed, child support
obligations, and debts secured by some property like your home or car. Debts
that are discharged include, but are not limited to, credit card debts, medical
expenses, most judgments, and sums owed after a repossession or foreclosure.
In order to file Chapter 7, you must qualify under the new bankruptcy laws that
took effect on 2005. Basically, your gross yearly income must be at or below
the median income for your state. In California, for example, if you live alone
and make under $49,000 you qualify. For a household of 2 in California you
need to make under $65,000 annually.
Chapter 13 bankruptcy is a repayment plan. What happens is that you submit
to the court a repayment plan which details how you will pay back your
creditors over a 3-4 year period. Because you repay a considerable amount of
money and because you still get a bankruptcy on your credit report, this
Chapter is generally less liked. However, if you have a home which you wish to
save from foreclosure, Chapter 13 had more remedies available for you.
Because the analysis of which chapter to file under is a detailed task, again, we
highly recommend that you speak with one of our attorneys who can offer more
detailed advice.
You can only file Chapter 7 Bankruptcy once every 8 years.
Once you file Chapter 7, you will not be able to refile for another eight years.
As a result, you should really contemplate whether doing so would be a good
decision at this point in your life. If your total debt amount if low, under
$10,000, for example, our office would advise you not to file bankruptcy
because you may be able to pay that amount back.
Filing bankruptcy vs. simply doing nothing.
Many of our clients simply
If you have high amounts of debt that you cannot pay, we are here to help. We
charge nothing for the initial consultation so feel free to give us a call. We will
gladly sit down with you in person and answer any questions that you may have.
Bankruptcy is the true "get out of jail free" card. The bankruptcy laws in the
United States were put in place to give people in financial trouble fresh start so
that they could be freed from the burdens of debt and allowed to try again.
While bankruptcy is a wonderful tool you should be fully informed before
jumping into it. If you call our office for an appointment (which is completely
free) you will sit down with a bankruptcy attorney who will learn about your
exact situation and provide advice catered to you individually. At this time,
here are the most important points that you should consider:
Chapter 7 vs. Chapter 13, which one should you file under?
For individuals filing bankruptcy there are two main chapters available, Chapter
7 and Chapter 13. Chapter 7, is a total liquidation. Under this chapter, all of
your non-exempt debts can be completely wiped away. Debts that will usually
not be erased by a Chapter 7 are student loans, taxes owed, child support
obligations, and debts secured by some property like your home or car. Debts
that are discharged include, but are not limited to, credit card debts, medical
expenses, most judgments, and sums owed after a repossession or foreclosure.
In order to file Chapter 7, you must qualify under the new bankruptcy laws that
took effect on 2005. Basically, your gross yearly income must be at or below
the median income for your state. In California, for example, if you live alone
and make under $49,000 you qualify. For a household of 2 in California you
need to make under $65,000 annually.
Chapter 13 bankruptcy is a repayment plan. What happens is that you submit
to the court a repayment plan which details how you will pay back your
creditors over a 3-4 year period. Because you repay a considerable amount of
money and because you still get a bankruptcy on your credit report, this
Chapter is generally less liked. However, if you have a home which you wish to
save from foreclosure, Chapter 13 had more remedies available for you.
Because the analysis of which chapter to file under is a detailed task, again, we
highly recommend that you speak with one of our attorneys who can offer more
detailed advice.
You can only file Chapter 7 Bankruptcy once every 8 years.
Once you file Chapter 7, you will not be able to refile for another eight years.
As a result, you should really contemplate whether doing so would be a good
decision at this point in your life. If your total debt amount if low, under
$10,000, for example, our office would advise you not to file bankruptcy
because you may be able to pay that amount back.
Filing bankruptcy vs. simply doing nothing.
Many of our clients simply
If you have high amounts of debt that you cannot pay, we are here to help. We
charge nothing for the initial consultation so feel free to give us a call. We will
gladly sit down with you in person and answer any questions that you may have.
| The Law Offices of Benjamin Charchian & Associates is a law firm representing clients throughout all of California, including Los Angeles, Burbank, Beverly Hills, City of Industry, Claremont, Covina, Culver City, Gardena, Glendale, Glendora, Hawthorne, Hermosa Beach, Manhattan Beach, Marina Del Rey, Monterey Park, Hollywood, North Hollywood, Pacoima, Chattsworth, Northridge, Pacific Palisades, Pasadena, Reseda, San Dimas, Santa Clarita, Santa Monica, Sherman Oaks, Torrance, Universal City, Van Nuys, Whittier, Woodland Hills, Long Beach, Bakersfield, Fresno, Modesto, Oakland, Orange County, Riverside, San Bernardino, Sacramento, San Diego, San Francisco, San Jose, Santa Barbara, Ventura, Tujunga, Toluca Lake, La Canada, La Crescenta, Montrose, Studio City, Encino, West Los Angeles, Riverside, and Redding |
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