Steps for Filing Bankruptcy in Riverside, Los Angeles, and Long Beach CA
The Law Offices of Todd B. Becker provides information about filing bankruptcy in Riverside, Los Angeles, and Long Beach. The steps for filing Chapter 7, 11, and 13 bankruptcy in California are listed below.
Steps for Filing Chapter 7 Bankruptcy in Los Angeles, Riverside, and Long Beach
1. A “means” test will be used to determine your eligibility to file for Chapter 7 bankruptcy in Los Angeles, Riverside and Long Beach based on the median income for families in California as determined by the Census Bureau’s statistics on income. Disqualification for a Chapter 7 bankruptcy means that your only other bankruptcy option would be under Chapter 13 (see below).
2. You must attend Submitted credit counseling before you can file bankruptcy in Riverside, Los Angeles, and Long Beach.
3. You must file any overdue tax returns within weeks of filing a Chapter 7 bankruptcy in Los Angeles, Long Beach, and Riverside.
4. The bankruptcy proceeding begins with filing an official petition with the bankruptcy court, along with a “Statement of Financial Affairs” document. The statement includes itemization of:
- Priority debts (including taxes)
- All secured debts that qualify as collateral, such as a home mortgage
- All other unsecured debts
The Statement of Financial Affairs also includes the names and addresses of your creditors and a comprehensive list of your assets, including real estate and personal property.
5. Any wages earned after you file for Chapter 7 remain yours and are considered beyond the reach of creditors whose claims preceded your filing for bankruptcy in Los Angeles, Riverside, and Long Beach.
Steps for Filing Chapter 11 Bankruptcy in Riverside, Long Beach, and Los Angeles
1. You will file a petition with the bankruptcy court that includes a list of assets and liabilities, along with a detailed statement of your financial affairs.
2. Unlike Chapter 7 and Chapter 13 bankruptcies, the debtor usually serves as his/her own trustee (a “debtor in possession”), unless the court determines prior mismanagement or other just cause for appointing an outside trustee exists. Assuming you become a debtor in possession, you will remain in possession of all your property
3. About once a month, you will file monthly operating reports that show:
- Income and disbursements
- Profit and loss
- A balance sheet
4. The Chapter 11 bankruptcy filing will include a plan containing a disclosure statement describing your financial situation. This will list things like the cause for filing bankruptcy, income and expenses, and projections of earnings.
Steps for Filing Chapter 13 Bankruptcy in Los Angeles, Long Beach, and Riverside
1. A means test will be applied to determine how much money you have available to pay your debts after living expenses are deducted, according to IRS regulations.
2. You will file a Chapter 13 bankruptcy petition with the bankruptcy court.
3. You will file a proposed payment plan that covers up to five years. This plan must provide for the payment of all priority claims in full (i.e., taxes).
4. You will file all of your tax returns for the four years prior to filing for Chapter 13 in Los Angeles, Riverside, and Long Beach.
5. A bankruptcy trustee will be appointed and he/she will review your proposed payment plan to determine if it is an accurate and viable plan.
6. The Submitted plan will be distributed to creditors. Creditors have the right to object if they feel the plan is unreasonable.
For assistance in choosing the right sort of bankruptcy declaration and filing all required paperwork, contact our bankruptcy attorneys in Los Angeles and Riverside. We have extensive experience in bankruptcy litigation in the Los Angeles, Riverside, and Long Beach areas.
