Legal Question in Bankruptcy in California

Re: Chapter 13 Bankruptcy

To further expand upon Attorney Whitaker's response, assets in a Chapter 13 bankruptcy remain yours - there is no "estate" created like there is in a Chapter 7 bankruptcy, and the court looks at your assets for only one purpose. The question with respect to assets is are creditors better served under a Chapter 13 than a 7? In other words, if your Chapter 13 plan proposes to pay less than the liquidation value of your estate (the sum total of your non-exempt assets, less costs of liquidation and Trustee administration), then a Trustee could move to have the case converted to a Chapter 7 because the creditors would be better served. This is rarely the case, but you need to have a qualified attorney analyze your situation and advise you as to what is the best option.

*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.

Re: Chapter 13 Bankruptcy

There is no minimum or maximum.