Filing for bankruptcy is a final result of an out-of-control debt situation that needs salvaging.
Locate a reputable bankruptcy expert
Los Angeles bankruptcy attorneys can assist if your credit card debt is out of control. They can advise on various filings with regard to the personal bankruptcy category and get you on the path to financial recovery.
Are student loans covered under bankruptcy?
Yes, but barely, especially when general bankruptcy rules apply. Most of those who have applied for bankruptcy on federal student loans have been unsuccessful. The successful ones have had to stay with a destructive bankruptcy credit report for seven to ten years.
Are student loans forgiven in chapter 7?
Yes, they can be forgiven for citing “undue hardship” in the debtor or debtor’s dependents. One has to prove beyond reasonable doubt that they absolutely can’t afford to pay and at the same time live a decent life with their dependents.
Are tax debts discharged in bankruptcy?
Yes, tax debts can be dischargeable if they meet the following five criteria:
1. The taxpayer has not evaded tax.
2. The tax return had integrity and was not fraudulent.
3. The tax assessment of a minimum of 240 days
4. The tax returns were filed at least two years before filing for tax debt discharge.
5. The tax debt is above three years old
Nonetheless, chapters 13, 12, and 11 do not discharge priority tax debts.
Are taxes discharged in bankruptcy?
Yes and no. There are six numbered bankruptcy chapters that apply differently to diverse circumstances. For example, tax debts don’t apply to bankruptcy chapters 15 and 9, yet they apply to chapters 13, 12, 11, and 7.
If you are not permanently disabled and have an income above the poverty threshold, your bankruptcy application will fail. However, in Los Angeles, one can claim “undue hardship” by citing high living costs.
When it comes to bankruptcy los angeles residents might be confused and intimidated by the process, especially if they are not very experienced with serious financial matters and are not sure how to handle the legal process involved with filing for bankruptcy. With the best type of Los Angeles bankruptcy attorney it is easy for you to get past bankruptcy in a way that allows you to get back to a normal financial life. When looking for a Los Angeles bankruptcy lawyer you have to think about the specific style of Los Angeles bankruptcy that you are facing so that you can get targeted advice.
One of the most common types of Los Angeles bankruptcy cases that lawyers are able to help with is personal bankruptcy. Personal bankruptcy cases are common for those that let debt from credit cards and other places get out of control. A knowledgeable Los angeles bankruptcy lawyer will be able to explain to you about the various types of bankruptcy filings that fall under the personal bankruptcy category, which will help you ensure that you get the proper advice on how to handle your bankruptcy case. You will also want to find a Los Angeles bankruptcy attorney that realizes how to help you with the specific challenges of your case.
Using legal web sites that can be found online, you will be able to find Los Angeles bankruptcy professionals that have a great track record when it comes to helping clients with bankruptcy. On Los Angeles bankruptcy lawyer web sites you can read about the things that these attorneys have done in the past to help their clients file for bankruptcy. The best lawyers are the ones that stay with their clients throughout the entire process. These lawyers will answer the questions that their clients have and make sure that they fill out the necessary forms in order to get their bankruptcy managed as effectively as possible. Even people that feel like their bankruptcy challenges are insurmountable can get past these problems with the right Los Angeles bankruptcy expert. Attorneys that you can hire around Los Angeles will use their vast amount of legal training and experience to make sure that you get the sort of advice that you can depend on so that you will file bankruptcy properly and start rebuilding your finances back to a normal situation as soon as you possibly can.