What Assets Do You Need to Disclose To the Bankruptcy Court When Filing For Bankruptcy?

The short answer is “All”!  The bankruptcy court must know about all your assets including those assets that are located in other countries (i.e., Mexico, Europe, Middle East, South America).  They must know what assets you have in order to determine what can be sold/liquidated by the bankruptcy trustee and distributed to your creditors.

Sometimes, debtors do not realize that they have certain assets.  Generally, people think of assets as homes, cars and bank accounts.  However, it extends even further than that.  If you are a real estate broker, the commission you will potentially earn is considered an asset and is subject to the bankruptcy trustee.  Existing lawsuits and potential lawsuits are also considered assets.  Even if you potentially are able to inherit assets after a family passes away within 6 months of filing your bankruptcy is considered an asset.

That is why you must be careful when you file for bankruptcy – especially a Chapter 7 bankruptcy.  When you file for bankruptcy, your bankruptcy attorney will tell you that you are only entitled to keep approximately $23,000 to $26,000 in assets without having the bankruptcy court taking it and selling/liquidating it.  Anything above and beyond this amount  is up for grabs by the bankruptcy trustee.  That is why you must be extremely cautious when you file for bankruptcy.  We have seen homowners file for bankruptcy on their know even though they have a substnatial amount of equity in their home.  Homeowners believe that the courts cannot touch their personal residence.  They are wrong!  The bankruptcy trustee is entitled to sell it, distribute the proceeds to your creditors and the remaining balance (after attorneys fees and trustees fees) will be distributed to you.

If you have any questions on the potential consequences of filing for bankruptcy, please feel free to one of our bankruptcy attorneys.  They will be glad to help you decide whether bankruptcy is the right decision for you.

What is a Chapter 7 Bankruptcy and who can qualify for this type of protection? Bankruptcy is not a scary word any longer with the economy being so bad. Regular folks have had to find ways to relieve the pressures of the debts they owe. Filing a Chapter 7 bankruptcy can help such people who find themselves in this type of situation. A Chapter 7 Bankruptcy also known as liquidation is the most common filing type as well as one of the fastest ways to start fresh with having most if not all of your debts discharged. The main goal of a Chapter 7 Bankruptcy is for the debtor to emerge out of a financial crisis and start fresh. Once you are aware of the options and find a Los Angeles Bankruptcy Attorney, they will assist you in preparing a bankruptcy petition. They will also attend the Creditors Meeting with you. You will also be assigned a bankruptcy trustee to verify all the information. Today a Chapter 7 Bankruptcy usually takes 4-6 months until you receive a discharge of all your debts. After the 4 to 6 months, you now have a fresh start without any debts holding you back.

Many people who call our offices often ask first “how much will it cost me to file bankruptcy?” Under the circumstances it is understandable. Planning for bankruptcy is a difficult time in their lives and we completely understand the question. There are many advertisements on TV and radio claiming a cheap price. Frankly one must always read the small print because there is almost always a catch to these claims. If there was a sure way to put a single price for our clients, we would. However, everyone’s circumstances are different and needs different attention from our lawyers. Coming in for a free consultation is the best way to find out how much it will cost to file for bankruptcy. Our attorneys can definitely answer that question for you, and usually over the phone.

During a consultation, discussion of your own finances will be conducted by an experienced and non-judgmental professional lawyer. He will give you the time to discover exactly what your situation really is and how the law might apply to you as well as guiding you in the right type of bankruptcy to file.

People who come to see us need help and assistance because they are losing sleep over their problems. It is important to hear the right path for you from an experienced attorney who is here to assist you and not to take advantage of you or your family. People’s financial situations are personal and just like a finger print “not everyone is the same”. Therefore, why would we charge the same price for planning different ways to assist our clients. In a one size fits all pricing you might not get the assistance you really might need. We promise to you that when you decide to schedule a consultation with us that the price we offer will be fair and we will begin analyzing each case with the upmost importance to get you back on a fresh start.

Affordable Bankruptcy Lawyers and Attorneys in Los Angeles

Many people who call our offices often ask first “how much will it cost me to file bankruptcy?” Under the circumstances it is understandable, planning for bankruptcy is a difficult time in their lives and we completely understand the question. There are many advertisements on TV and radio claiming a cheap price. Frankly one must always read the fine print because there is almost always a catch to these claims. If there was a sure way to put a single price for our clients we would, but everyone’s circumstances are different and needs different attention from our lawyers. Coming in for a free consultation is the best way to have our attorney’s give you a price of your bankruptcy that can help you as an individual not just another number. Although we do not charge our clients $300 to file for bankruptcy, I can assure you that we are the most affordable Bankruptcy Attorneys in Los Angeles.

During a consultation, a discussion about your finances will be conducted by a professional who gives you the time and attention you deserve. We discover exactly what your situation really is and how the law might apply to you. We also guide you on the right type of bankruptcy to file – Chapter 7 or Chapter 13. People who come see us need help and assistance because they are losing sleep over their problems. It is important to hear what your options are from an experienced bankruptcy lawyer who is here to assist you and not to take advantage of you or your family. People’s financial situations are personal and just like a finger print “not everyone is the same”. Therefore, why would we charge the same price for planning different ways to assist our clients. In a one size fits all pricing, you might not get the assistance you really need or the guidance from an experienced bankruptcy attorney?

Our prices are affordable, and that is why we claim ourselves to be the most affordable Bankruptcy Lawyers in Los Angeles. We promise to you that when you decide to schedule a consultation with us, that the price we offer will be fair and we will begin analyzing each case with the utmost importance to get you fresh start.

So, feel free to call us for a free no obligation consultation at (800)921-6513.

If you are considering filing for bankruptcy and overwhelmed with financial stress caused by creditors , or, are your bills piling up and making you lose sleep over what your options are? California leads the nation in the amount of bankruptcies filed each year according to the AACER (Automated Access to Court Electronic Records.) Hiring a professional who has the tools to assist you in your rough times with highly trained individuals and compassion for what you are going through is an important step in the recovering process. Our team at the Law Offices of Alon Darvish can help you with making the right choices and steer you back into the path of financial stability. For some, the embarrassment of facing such challenges will result in the decision to go about doing it alone which is a mistake in the long run as such a big decision plays an important part in your future. The chances of making errors during the bankruptcy process can mean you not being awarded the discharge of your debts and can become another hassle in your life. Here are some examples of why hiring a qualified individual can make the process stress free and beneficial.

Knowledge of the Law
California attorneys are knowledgeable about the California Bankruptcy process and may know the laws that need to be applied for each case. New Laws under the Bankruptcy Abuse Prevention & Consumer Prevention Act make it more difficult for individuals to file for bankruptcy by themselves. Bankruptcy laws vary depending on the state they reside in, therefore having a qualified bankruptcy attorney helps the process along. One of the advantages of having an attorney is that they understand your situation and can advise you on what is going on so you are not left in the dark during your troubling times.

Paperwork
The process to file for bankruptcy in Los Angeles is time consuming, as the amount of paperwork that needs to be completed is a big amount. Filing the right information is crucial to your bankruptcy as it is the foundation of what needs to be done.

The process can be cumbersome. You may have a mountain of paperwork, which you will need in order to file bankruptcy with the court. Gathering these documents can take time and preparing the petition with incorrect information can cost you more money. A Los Angeles bankruptcy attorney can assist you with gathering all the proper information needed and they will help you file them accordingly.

Representation
Once you have hired a bankruptcy attorney, they will represent you during your case. This includes letters sent out to creditors that you have and will help eliminate the phone calls and collections of property as they are required to contact the attorney, not you. Your attorney will accompany you to your creditors meeting which is a vital part of the process to file Chapter 7 Bankruptcy. This meeting will determine which property can be taken and sold to repay the debts. Usually, bankruptcy trustee’s do not take property from the because they are entitled to keep certain assets. The trustee will be asking questions which can be intimidating and with an attorney present they can help you answer them so you avoid costly mistakes in the long run.

Attorneys are legally bound by a code of ethics when representing you and will work diligently on your behalf to either negotiate your debts or advise you whether a bankruptcy is the right choice for your circumstances. Our firm will not make empty promises as to what we can do for you. Rather, we will carefully discuss your best options and purse the objective of getting your debts under control, either through bankruptcy or other debt handling means.