new bankruptcy laws california
What are the new bankruptcy laws in California? How much do you have to pay back and how long do they give u?
Bankruptcy laws are federal not state – as other posters mention.
However, exemption laws vary from state to state. California’s are reasonably liberal.
Pay-back depends on whether you need to be in chapter 13 or chapter 7 and that depends on your income and expenses.
In general, people with income less than the national median end up filing chapter 7 cases unless they have substantial assets they want to protect. People with income in excess of the national median end up paying their disposable income over a 5 year period under a plan unless they have very high secured debt and approved expenses.
You need to complete form B22A availalble online at http://www.cacb.uscourts.gov – the LA Bankruptcy Court’s website to see how this works. The numbers are tricky and you can find them at the United States Trustee’s website – link there from http://www.usdoj.gov (link to United States Trustee program)
For general information about bankruptcy, the moranlaw site quoted is good. Mine is http://www.bankruptcy.lakelaw.com
also try http://www.abiworld.org and check consumer links.
Bankruptcy Lawyers Niblock & Bueker – New Bankruptcy Laws
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