Bankruptcy Lawyer Los Angeles
Q.It may be a year or more, but I'm expecting a modest inheritance of around $20000. I have a disability, but work practically full time (for part time wages, for a poor non-profit). What it boils down to is we're poor, and if it weren't for the inheritance we would surely be judgment proof. I badly need to reserve this shadowed windfall for a good car, as mine is nearing the 20 year mark and was set on fire by an arsonist and written off as salvage by my insurance company 2 years ago. It is also very hot in another way, in that it doesn't have air conditioning and feels much hotter inside than the quite common 100+ outside temperatures we can get here in the summer. My credit report says my total past due amount is $54,000. But there appears to be a collector claiming an account has had activity to 4/02 when it should be nearing its SOL, since I haven't paid on it in close to five years. This is also a debt which my recent credit report says is $6515, but this collector has somehow parlayed that into an amount no less than $13,837. I have resolved to declare bankruptcy, but will I have to forfeit my inheritance to the court when I get it?
A.Unless you are able to exempt it, or transfer it into exempt property, you would lose it. I strongly recommend speaking with a local bankruptcy attorney to see about some pre-bankruptcy planning, so that you might be able to keep it. And follow is something you should know about: "What is Bankruptcy? To put it bluntly, bankruptcy is a legal way to avoid paying people what you owe them. Bankruptcy has biblical antecedents, however. Look at the "Jubile Year" and the forgiveness of debt in Leviticus 25. Since there is no Jubilee Year today, in many situations bankruptcy is the only way that you can keep your home from foreclosure, your car from repossession, your possessions from auction and creditors from making your life miserable. What Kinds of Bankruptcy Are There? There are two main types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 is what most people think of when they think of bankruptcy. Chapter 13 provides a way for you to pay back your creditors, in whole or in part, over a period of three to five years. You must have less than $269,250 in unsecured debt (such as credit cards and doctor's bills) and less than $807,750 in secured debt (such as mortgages and car loans) to qualify for Chapter 13. What's Involved in Filing for Bankruptcy? A bankruptcy is started by filing a Petition with the U.S. Bankruptcy Court. The requirements for the petitions vary depending on the Chapter under which the bankruptcy is filed, but involve detailed forms and schedules which are not available at the Bankruptcy Court. The filing package, including copies, averages about 50 pages for a typical Chapter 7 and 75 pages for a typical Chapter 13. Filing fees are $200 for a Chapter 7 and $185 for a Chapter 13."
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