Filing a bankruptcy suit is not an easy task. Assistance at each and every step is required for filing all the legalities and formalities. California Bankruptcy Lawyer has the expertise related to fighting such cases. Proper execution is required, at both ends, to file a perfect suit.
Filing for a bankruptcy suit can have adverse affects on a citizen's credit score. Liquidation and re-organization methods have to be dealt with, in a tactful manner. Chapter 7 deals with the liquidation category whereas Chapter 13 is bent to deal with re-organization methods. Proper assistance is required to make sure that you file the appropriate bankruptcy case. Bankruptcy Lawyer in California has the skills to take care of all the formalities on behalf of the clients.
There are various methods that an attorney has to adopt for bailing out his/her clients out of the situation. They are:
Filing the Suit in the Court:
Filing and fighting cases is never an easy option to come to a settlement. Residing anywhere in the area of San Jose, you are required to file your petition in the U.S. Bankruptcy Court for the Northern District of California. Certain time-limits and regulations have to be fulfilled before filing your suit. You should receive a brief from a government-authorised credit counselling agency 180 days prior to filing your petition. At the time of filing the case, you will have to provide this certificate in the court of law. A Bankruptcy Lawyer in California will help you with all the guidelines.
Together with this, you will have to pay the filing fees that depends on the type of bankruptcy case you will file. Fees for a chapter 7 bankruptcy suit stands at $299 whereas, a chapter 13 case involves payment of $274. Insufficiency of funds or failure to do so will force you to make the payment in a period of 120 days. You are given a relaxation of four installments to pay your fees.
Choosing the Appropriate Type of Bankruptcy:
Filing the correct bankruptcy suit is required to get the desired results. Individuals are given the flexibility to file for consumer or personal bankruptcy cases in San Jose. These are different as compared to commercial bankruptcy, which is generally filed by corporates.
Several types of consumer bankruptcy cases are available to file for. California Bankruptcy Lawyer assists you in all your decision making and takes care of all the legal matters on your behalf. Some of the types are:
- Chapter 7 Bankruptcy: Here the debtor's property is seized by the court and sold off to pay back the creditors.
- Chapter 13 Bankruptcy: In this method you are given a time-frame of three to five years to repay your debts and a repayment plan is approved by the court.
A California Chapter 13 Bankruptcy Attorney takes care of all the issues and provides relief to its clients. Proper discussions with the lawyer appointed is a must so as to get a knowledge on the eligibility of the type of bankruptcy involved. Assistance pertaining to the cases is always provided so as to release the burden on the clients.