Bankruptcy Is Not That Scary, You Can File For Affordable Bankruptcy In California And Culver City Through Specialist Attorneys |
Posted: December 14, 2022 |
Bankruptcy is a scary word, it becomes scarier if it will cost you money to filing for bankruptcy and the associated costs of the attorney to get rid of your debt, while you are still in debt. The two most common types of bankruptcies are filed under Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 bankruptcy is relatively expensive when it comes to affordable bankruptcy California and affordable bankruptcy Culver City. To qualify for Chapter 7 bankruptcy, your income needs to be below the median income of your state. What makes Chapter 7 bankruptcy more appealing and a viable option for affordable bankruptcy in Culver City and affordable bankruptcy in California is that it allows you to hold most of your assets by claiming them to be exempt property. You can also retain your home and other necessities like clothes, tools, and car.
This way, Chapter 7 bankruptcy provides an opportunity for a fresh start for the bankrupt person, instead of completely forcing them to start their lives all over again. With allowed exemptions, more than 90% of the people are able to protect all of their assets who file for affordable bankruptcy under Chapter 7. However, protecting your assets requires filing for it before the bankruptcy court. If you don’t claim any exemptions or if you file in the wrong way, your property may not be protected. So, approaching experienced attorneys that deal exclusively with bankruptcy cases, such as the ones available with the Recovery Law Group, would be of great help. The experienced attorneys at the Recovery Law Group will help in exempting certain properties that you are entitled to as per law, like your vehicle, furniture, real estate used as a home, life insurance, and social security benefits.
You can have your fees waived off Chapter 7 bankruptcy is the cheapest way for filing affordable bankruptcy California and affordable bankruptcy Culver City because it provides you with ways to reduce or waive costs. If the person filing for bankruptcy has no tangible assets, their filing fee and/or bankruptcy court fee will be waived. Low-income individuals are allowed to pay for their filing fee in installments or have the fee waived off completely under affordable bankruptcy Culver City, or affordable bankruptcy California. To have your fee waived off, your income must be below 150% of the poverty level of your family size in your state, and your circumstances should be such that you cannot pay the fee in installments too.
If you can’t have the fee waived off, your experienced bankruptcy attorney at the Recovery Law Group will apply to have the fee paid in installments. For this, the attorney will file Form 103A. This way, you will be allowed to pay the filing fee in four installments.
Filing for bankruptcy under Chapter 13 Chapter 13 bankruptcy is also a legitimate and effective way to file for bankruptcy but it is more expensive and more complicated too. Under Chapter 13 bankruptcy, the court will come to an agreement on a payment plan to pay down debts. Chapter 13 is best if you are behind on the mortgage, you have debts that cannot be discharged, or you have a loan with a high-interest rate.
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