Bankruptcy In Oakland California [mortgageinsuranceguide.blogspot.com]
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After you have received federally mandated credit counseling -- which is a requirement for filing for personal bankruptcy -- you need to hire Oakland bankruptcy lawyers. If experienced and competent, Oakland bankruptcy lawyers will know both the federal and state bankruptcy laws that apply to your particular bankruptcy. They also know which exemptions you can use.
Generally speaking, there is a federal list of possible bankruptcy exemptions and then there is a list of possible bankruptcy exemptions particular to the state you live in. Some states allow you to choose exemptions from both lists, choose between the federal list and their own list, or have you choose only from their state list. The state of California has two lists of possible bankruptcy exemptions Oakland bankruptcy filers must choose between. They do not allow federal bankruptcy exemptions.
Your Oakland bankruptcy lawyers will know which list of California bankruptcy exemptions will work best with your own bankruptcy case.
They will also know what kind of personal bankruptcy case you should be filing for. Your options include chapter 7 personal bankruptcy and chapter 13 personal bankruptcy.Chapter 11 bankruptcy and chapter 12 bankruptcy also exist. However, chapter 11 is for farmers and chapter 12 is for businesses so you need not concern yourself with either of them. Either chapter 7 or chapter 13 will work with your case.
Chapter 7 is straight bankruptcy in which a court appointed trustee helps you liquidate nonexempt personal property to help pay back your creditors. Chapter 13 reorganizes your debts into a three to five year repayment plan. At any point during your bankruptcy, so long as you are eligible for both and have not already switched once before, you can switched between them.
Both kinds of personal bankruptcy has their advantages and disadvantages.
Your Oakland bankruptcy lawyers will know best which to utilize. Suggest Bankruptcy In Oakland California Topics
