Cases of bankruptcy are filed in the US Bankruptcy Court. The federal law preside the process in bankruptcy cases. State laws are usually applied to find out the property rights. The state law plays a significant role in most cases of bankruptcies. Therefore it is unwise to generalize bankruptcy issues throughout the state lines. Bankruptcy attorneys in California is very reliable and has an outstanding record as client’s reputable advocate. They are knowledgeable on bankruptcy codes such as straight bankruptcy or liquidation bankruptcy. Wherein, debtors can have a relief from their payment responsibilities in most of their debts through a bankruptcy court. It allows the debtors to keep most of the properties they possess.
In California there are maximum median incomes to be qualified to file for bankruptcy. However, based on bankruptcy requirements median income is determined not by including the last tax return or the last 12 months but by making it twice the income of the last 6 months. It helps people who are not able to qualify to meet the median income test.
If someone is not able to pass the means test or the median income test, bankruptcy attorney practitioners can help someone to get a chance to be qualified as a non-incorporated business bankruptcy. The debtor can be qualified as long as his debt related to the business that he has is over 50% of the total debts of the person greater than 50% of the debtor’s overall liabilities.
The newest bankruptcy laws have backfire for the most part of it. Almost all of the bankruptcy attorneys, judge and trustee are going to admit that they are not in favor of the new laws. These laws have made the filing for bankruptcy more costly. It becomes complicated and created more work but without other effectivity.
Bankruptcy cases can still be filed as before in selected areas of California. It is said that, it is easier to qualify in most cases under the previous laws. As a matter of fact, most of the credit card issuers and unsecured creditors are now deciding to overturn the new laws. The reason behind is, they are getting paid smaller amount of money in the new laws than the cases of bankruptcy under the old laws. Bankruptcy attorneys are fully knowledgeable in dealing with troubles of the new laws.
Our bankruptcy lawyers are going to examine the situation and determine if the client is qualified under the new laws. Provide a detailed or a brief overview of the financial situation in the present time. Rest assured that every single information will be kept confidential and secure.