Banktuptcy Chapter 7and 13 California by stonehavenlaw


Chapter 7 bankruptcy also referred to as liquidation strives to completely eliminate all of your legal liability to pay unsecured debt. Learn more Chapter 7 bankruptcy at

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									Stone Haven Law Group LLC. Bankruptcy Laws in California

Be the first to know and get aware of the bankruptcy law California to best ascertain the rights that an individual has in order to shed off burden of debts falling over a defaulter. He or she over-burdened with debts can file bankruptcy to stop foreclosures and also the creditors coming to you. The bankruptcy laws are different in California and if in moments of great hardships, bankruptcy is the only solution that you can find, and then take heed of the laws that are not the same in California. The laws differ and provide debtors the choice between the state law exemptions found in Code of Civil Procedure 704 and a set of bankruptcy-only exemptions in CCP 703.140. When understanding bankruptcy law california, it is essential to be aware of the law that, any property in California is a community property of the spouse after marriage holds equal rights for both of them. As per bankruptcy law California, the property owned by a couple is not liable to be used to clear debt of the non filed spouse in cases when the other files bankruptcy and the property becomes property of the estate which can used to clear off community debts as per bankruptcy law California. However a separate property, if any, could be used by the spouse who has not filed bankruptcy. That means that the after- acquired community property is not liable to be used to clear off personal debts of the non filing spouse existing, when the bankruptcy was filed. The bankruptcy law California defines as to who can file bankruptcy. It says that a person of 18 years and above and married couples can file bankruptcy both jointly and individually. This is regardless of the citizenship status. Questions then arises that “Can bankruptcy put a stay on the creditor’s insistence to clear off debts?” It is punishable if the creditor continues to harass the borrower to pay off debts once the bankruptcy is filed as per bankruptcy law California. It comes into effect only when all required papers are cleared and filed and bankruptcy has been declared under bankruptcy law California. The creditors can then be directed to the office where bankruptcy has been filed. The law governing bankruptcy issues can answer queries related to foreclosures as declaring bankruptcy puts an automatic hold on unfortunate foreclosures to stop all legal

actions and proceedings that a debtor is facing as per bankruptcy law California. The duration that limits the foreclosure however depends upon chapter chosen for bankruptcy that is filed.

But what if one has already filed bankruptcy earlier and is willing to declare once again, is there a law governing such an action? The answer is an affirmative according to bankruptcy law California. It depends upon the chapter number of the prior bankruptcy case, the chapter number of the current bankruptcy case and the number of years that elapsed between the date that a prior bankruptcy case was filed and the date of the current bankruptcy. In case of filing a chapter 7, one must wait 8 years after date the prior bankruptcy case was filed. In condition when chapter 13 was filed earlier, a 4 years must waiting period is there before the next bankruptcy is filed. In situations when a chapter 13 was filed before and the defaulter wants to file a chapter 7, the Bankruptcy law California states that that the decision will be taken on the basis of the claims settled earlier when bankruptcy was filed. The last resort, that is, if the person is decisive on filing chapter 13 and the current bankruptcy is a Chapter 13, he or she must wait for 2 years. The bankruptcy law California therefore provides relief as it can stop foreclosures to take place at the first place and exemptions that are possible if laws are implemented rightfully. CONTACT US 9121 Haven Ave. Suite 250 Rancho Cucamonga, CA 91730 Phone Number:: (909) 457-8200 CALL TOLL FREE AT 1-877-376MODIFY Fax Number: (909) 457-8208

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