Bankruptcy

Filing for Chapter 13 bankruptcy can help you avoid auto repossession because it puts an automatic stay into effect, but this should be viewed as a last resort option.

In order to file a Chapter 7 bankruptcy, you must pass a means test which compares your disposable income to the average median income for a family of the same size in your state. Because median incomes vary by state and household size, the income limit for filing a Chapter 7 varies as well.

Many Angelenos end up filing for bankruptcy and losing their vehicles. It isn’t easy getting around Los Angeles without a car, so where do you go for a vehicle if you're in a bankruptcy?

You might be broke if you're filing bankruptcy – or at least in need of a break from the creditors. But bankruptcy isn't cheap, and if it’s designed for those without the money to handle a large amount of debt, then why isn't it free to file?

When filing a personal bankruptcy, there are two common types: Chapter 7 and Chapter 13. The type that's right for you to file depends on what you hope to accomplish, and how much debt you have.

A Chapter 7 is the most common type of bankruptcy, and you may be wondering what the qualifications for filing are.

Depending on your financial situation, you can file either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, but there are some key differences you should be aware of.

Filing for bankruptcy can impact your ability to keep your vehicle. You should go over these frequently asked questions about bankruptcy and your car with your lawyer before filing.

Bankruptcy filers are often able to discharge most or all of their debt, which means they are no longer legally required to pay it. However, some types of debt can't be discharged.

If you’ve already received a discharge from a Chapter 7 bankruptcy, you have to wait eight years from the date you filed before you can file another Chapter 7. You aren’t able to file before the eight years is up, and there are limits on how many times you can receive a discharge.