Legal Question in Bankruptcy in California

There are 2 types of bankruptcy what are the differences

My car just got repo'd and it was upside down about $8000.00 I also have credit card debit and a loan for about $6000 which type of bankruptcy should I file? I don't want to have to pay these back. Total owed about $40,000

Please advise

Thanks,


Asked on 2/02/05, 1:53 pm

3 Answers from Attorneys
Chris Johnson Christopher B. Johnson, Attorney at Law

Re: There are 2 types of bankruptcy what are the differences

Chapter 7 eliminates the debt, while a Chapter 13 is a repayment plan of 3-5 years to pay back the debts or a portion of them. Chapter 7 is probably more desirable for you, but you'd have to speak with an attorney to see if you qualify and whether any assets you have could be at risk.

Read more
Answered on 2/03/05, 1:21 am
Mark Markus Law Office of Mark J. Markus

Re: There are 2 types of bankruptcy what are the differences

Which chapter of bankruptcy is best for you to file can only be determined after a comprehensive consultation with a bankruptcy professional. If you would like a free phone consultation, please visit my webpage at http://www.bklaw.com/consult.html and then contact me to schedule an appointment.

Regards,

Mark

Read more
Answered on 2/02/05, 1:57 pm
Robert F. Cohen Law Office of Robert F. Cohen

Re: There are 2 types of bankruptcy what are the differences

You're looking to eliminate the debt, so a Chapter 7 would be the way to go, depending on whether you qualify. Please feel free to call at (310) 858-9771 for a free phone consultation. By the way, the BK "reform" bill has been reintroduced in Congress, so you might not want to procrastinate.

Read more
Answered on 2/02/05, 6:21 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in California