How Long Does It Take To Go Through The Bankruptcy Process?

A Chapter 7 usually requires a three month period and a Chapter 13 can be a minimum payment plan of three years or a maximum payment plan of five years.

Should I Consolidate Debt Or Explore Other Options Before Filing For Bankruptcy?

Generally, if you’re in a position where you need bankruptcy, it may be better to simply be assessed to address all your debts at once and get a clean slate.

Can I Even Afford To File Bankruptcy?

There are many options to completing bankruptcy and paying for your bankruptcy. At the Law Office of Chris T. Nguyen, we provide affordable rates to get the process started.

Should I Transfer Money Or Assets To Friends Or Family Before Filing For Bankruptcy?

Any transfer to friends or family close to the filing of bankruptcy will look fraudulent. Under most circumstances, debtors will keep all their properties anyway.

Can I Leave My Spouse Out Of The Bankruptcy?

You do not have to file with your spouse. It’s best to speak with the attorney to assess whether it is appropriate to file without your spouse or together with your spouse.

Can I Charge Up Credit Card Debt Before Filing For Bankruptcy?

Accumulating more debt right before filing for bankruptcy would be considered a presumption of fraud. There is a presumption of fraud for the purchase of luxury goods or services of $650 or more within a 90 day period before filing bankruptcy and or cash advance of $950 within 70 days of the bankruptcy filing.

What Are Short And Long Term Negative and Positive Effects Of Filing Bankruptcy?

Adverse effects of bankruptcy will generally just be an impact on your credit score. Usually, people’s credit score will decrease at the filing of the bankruptcy and the bankruptcy will be on a person’s credit report for 10 years. However, positive effects can include no more collection calls or wage garnishments and immediate relief from creditor collection. People can start fresh and begin rebuilding their credit immediately.

How Much Debt Must I Have Before Filing For A Bankruptcy?

There’s no set amount of debt to qualify for bankruptcy. The bankruptcy looks at your disposable income and determines whether you can pay some of your debts back or not.

For more information on Timeline of Bankruptcy Process In CA, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (866) 651-6118 today.