Filing Bankruptcy in California - Bankruptcy Laws California -
California Bankruptcy Lawyers & Attorneys
New Chapter 7 California
Bankruptcy Laws
Filing Chapter 7 under the new bankruptcy laws.
There has been a lot of misinformation about the new bankruptcy laws. You can still file chapter 7 bankruptcy! You will have to pass extra loopholes to qualify and extra forms and paperwork to fill out, and you may be forced to file chapter 13 instead of chapter 7. However, chapter 7 is still available to the vast majority of debtors will a little extra effort!
According to research by Best Case Solutions 85% of debtors seeking to file chapter 7 will have income below California state minimum and therefore will still qualify for chapter 7 with a little extra effort.
You will still be able to qualify for chapter 7 bankruptcy if:
The last six months of your income is below California state medians.
The median income in California is:
2-person families
60,032
+/-524
3-person families
64,766
+/-854
4-person families
74,801
+/-868
5-person families
64,132
+/-1,356
6-person families
61,348
+/-1,096
7-or-more-person families
68,030
+/-2,050
You take an approved Credit Counseling Course within 6 months before filing bankruptcy. Your bankruptcy lawyer can set this up or you can find an approved credit counselor here It is possible to take this course over the internet.
You complete a financial management course from an approved credit counselor (found here) You must complete this course before you will be discharged.
