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Know More about Bankruptcy – Common Reasons and What you Can Do to Avoid It

Bankruptcy Los Angeles
By definition, chapter 13 bankruptcy is the legal status where an individual or a firm fails to pay the debts due to their creditors. The uncertainty and turbulence in the US economy has resulted in an increase in the number of individuals as well as businesses falling prey to this financial phenomenon. Today, cases of individual and business bankruptcies are on the rise. Here are some of the most common reasons for bankruptcy. 1. Lack of jobs In this fast growing economy, we are presented with a scarcity of job opportunities. This may be also attributed to the heavy migration of people...

341(A) Meeting Of Creditors, What Is It And Who Must Attend?

Approximately 20 to 40 days after you file your Chapter 7 bankruptcy case, you will have what is called a Meeting of Creditors or 341 (a) Meeting.  It is required, so you have to be there. If you do not show up, the trustee, the court-appointed official who oversees the details of your bankruptcy, can dismiss your case. However, this meeting sounds a lot worse than it actually is. In fact, it’s usually a very simple procedure. The Clerk’s Office mails a notice of the date, time, and location of the 341(a) Meeting to the debtor and to all creditors whose mailing addresses were listed in...

Avoid or STOP Wage Garnishment

When you neglect to pay your debt, your creditor will call you and send letters requesting payment. Garnishment makes for a more effective remedy.  A creditor can garnish your wages and/or bank account, leaving you to figure out how to pay all of your bills instead of just that one. How much of my paycheck can be taken? In California, the law allows creditors to garnish 25% of your net income. This is a substantial amount if you are living paycheck to paycheck and may affect your ability to provide for your families’ needs forcing you to take action to protect yourself. Bankruptcy will...

I filed a Chapter 7 Bankruptcy and I really need to keep my car.

Chapter 7 - keep car
What can I do? Consider a reaffirmation agreement: A reaffirmation agreement is a new promissory note to keep paying on an old contract for the purchase of goods where the lender can repossess or foreclose the goods. Because you have signed a security agreement the lender has the right to repossess or foreclose if you do not pay for it.  Any reaffirmation agreement must be entered into prior to the filing of a discharge in bankruptcy.  The document must also be approved by the court and not rescinded by the debtor prior to the discharge being filed. The court can also refuse to sign the...