Legal Question in Bankruptcy in California

Re: Bankruptcy - Chapter 7

No matter what type of bankruptcy you file, you must be able to make the mortgage payments if you want to keep your home. Also, the court must consider how much equity you have in your home. Homes with too much equity might be sold for the benefit of creditors in a Chapter 7.

Chapter 7 is often the most useful type of bankruptcy for getting rid of credit card debt if you have little or no equity in your home. Chapter 13 is often used to help people get caught up on their mortage payments and get rid of other debts.

You need to have a detailed consultation with a bankruptcy attorney to determine what is best for you.

Re: Bankruptcy - Chapter 7

Bankruptcy can, in the right circumstances, help you keep your home. It can also help you eliminate entirely, or partially your credit card debt. There are two forms of bankruptcy generally pursued by individuals with consumer debt (credit cards, etc...), those being Chapter 7 and 13. I generally spend about an hour with clients going over the differences between the two, and applying each type to their situation to analyze the pros and cons, so it will be impossible to repeat that here. I would suggest that you contact a qualified bankruptcy attorney to review your options, and what you can and cannot do in bankruptcy. My offices are in San Clemente and we do offer a free initial consultation on bankruptcy matters, so please feel free to call me to discuss your situation.

In terms of which attorney to call, and how much they charge - you are free to select any attorney you wish, but you do want an attorney who is a bankruptcy attorney representing consumers. Finally, what attorneys charge is a matter of experience, the complexity of your matter, and which chapter of bankruptcy you pursue. That is usually one of the first things I cover with clients, and I think you will find that most attorneys are the same way. For consumer bankruptcy, most attorneys charge a flat fee.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.