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The court could dismiss your case or change it to Chapter 7 if you’re late on your Chapter 13 payment. You can request a payment reduction or amendment if you’ve faced an unexpected financial ...
Here are some of the actions to take if you think you may be late or unable to make payments: Reach out to your bankruptcy trustee and request more time to catch up. Notify your attorney if you ...
Bankruptcy is a last resort for people with debts they cannot pay off through other means. That is one reason the credit penalty is so severe — if you can avoid bankruptcy, it is usually in your ...
The strong New York influence on early California law started with the California Practice Act of 1851 (drafted with the help of Stephen Field), which was directly based upon the New York Code of Civil Procedure of 1850 (the Field Code). In turn, it was the California Practice Act that served as the foundation of the California Code of Civil ...
A Bankruptcy Exemption defines the property a debtor may retain and preserve through bankruptcy. Certain real and personal property can be exempted on "Schedule C" [42] of a debtor's bankruptcy forms, and effectively be taken outside the debtor's bankruptcy estate. Bankruptcy exemptions are available only to individuals filing bankruptcy. [43]
Illiquidity: Debtors have insufficient cash (or other "liquefiable" assets) to pay debts. Insolvency: A legal term meaning debtors are unable to pay their debts. Bankruptcy: A legal finding that imposes court supervision over the financial affairs of those who are insolvent or in default.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
How to California — a guide to help you live, work and enjoy life in the Golden State, is here to help. We’ll answer your questions — big and small — about state laws, history, culture ...