Legal Question in Bankruptcy in California

Bankruptcy

I'm considering filing for bankruptcy. I essentially suffered from working in the dot com industry when it finally burst and I've just never been able to catch up to bills. I make a pretty decent amount of money now, but between rent, the increased cost of gas (I drive a truck unfortunately for that) and food I am still not able to maintain a comfortable living. I've been on a debt counseling program that is one of the officially registered ones for some time now and it's still not helping enough. My question is, will I be looking at paying back the 20% margin I read about as a new law going into effect in California or will I be able to go bill free afterwards minus attorney fees of course?


Asked on 2/07/08, 5:45 pm

2 Answers from Attorneys
Mark Markus Law Office of Mark J. Markus

Re: Bankruptcy

I've never heard of any 20% law, and it wouldn't be state law anyway. Eligibility for bankruptcy depends on your income, expenses and other factors. If you would like a free consultation, please visit http://www.bklaw.com/consult/ and complete the 4 steps there and I will be happy to go over your situation with you.

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Answered on 2/07/08, 5:52 pm
Robert F. Cohen Law Office of Robert F. Cohen

Re: Bankruptcy

A bankruptcy is fact-specific. It all depends on how your income, expenses, and debt load shakes out. Feel free to provide me with your e-mail address and we can communicate further. If you have to repay debt because you might not qualify for a Chapter 7, under a Chapter 13 it's possible you could pay back a portion -- and not all -- of your debt.

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Answered on 2/07/08, 5:57 pm


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