Tuesday 30 April 2013

Importance of Tax and Bankruptcy Fillings

Bankruptcy is not only an answer for your difficult times but bankruptcy can also solve many of your tax debt issues. There are several provisions under the US Bankruptcy Code that can help you solve many of your tax problems, though it may not always erase tax debts completely. If you file for bankruptcy at the right time, you can buy time from the IRS. Otherwise you would be forced to accept the repayment plan proposed by IRS. However, it should be understood that bankruptcy isn't the solution or the answer for all tax woes. If you do not carefully use bankruptcy clauses, you could fall into a deeper pit.

Tax reliefs can come in various forms. The automatic stay is the most endearing feature of the Bankruptcy Code. When you get an automatic stay after you have filed for bankruptcy, it stops all creditors from directly collecting their debts from you. The stay is also applicable to IRS which cannot seize your property or issue a tax lien. However, the automatic stay doesn't stop the IRS from auditing your taxable income, issuing a tax deficiency notice; issue a notice for tax assessment etc. While the only way private creditors can resume debt collections is when they request the judge to remove the automatic stay, the IRS rarely takes that effort.

The Taxes Which Will Be Wiped Off In Cases of Bankruptcy

There are five instances where taxes can be completely wiped off under Chapter 7 of the federal laws. Only when these five conditions come true, will your tax be wiped out completely.

  1. Only income taxes can be pardoned under the law. Other taxes such as Trust Fund Recovery Penalty, payroll taxes, fraud penalties are never eliminated under any clause of bankruptcy.
  2. When you do not have a case of filing a fraudulent tax return. Additionally, if you haven't willfully attempted to evade paying taxes by using a false Social Security Number, you taxes may be pardoned.
  3. The tax return should originally be due at least three years prior to your filing for bankruptcy.
  4. If you had filed for a tax return two years from the time you filed for bankruptcy.
  5. If the IRS carried forward a tax assessment at least 240 days before you filed your bankruptcy petition.

Important Things to Remember With Regard to Tax Exemption and Bankruptcy

A Chapter 7 clause can only wipe off your personal tax obligations but not anything else. If there is any lien that was pending before you filed for the bankruptcy, the IRS has the right to seize your property that you owned before you filed the bankruptcy case.

Once your bankruptcy case is over, the IRS doesn’t come to seize your property immediately. There is a provision that the IRS can only seize your retirement accounts, pensions and real estate after the term of the bankruptcy. Remember that the IRS usually has 10 years to collect pending tax. Thus they actually have quite some time to get back their dues.

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Friday 26 April 2013

How to Recover from Bankruptcy?

Once you have filed for bankruptcy and you are on the path of recovery, it is very important that you plan your future course of action carefully. This is important so that you do not meet any new roadblocks in the future. Bankruptcy should always be looked as a means of starting afresh, of making a new beginning. Thus keeping this in mind, it is important that you follow a strict regime that will get your credit score back in track and also allow you to lead a normal financial life.

5 Steps to Recover from Bankruptcy

  1. Re-establish Financial Independence and Self-Evaluate Your Finances: The first step to recovery from bankruptcy is by re-establishing your financial independence. If you have lost your job or you had declared your business bankrupt, do not sit at home and brood. Instead re-work on your resume and try to get a job. If you look diligently, it won't be difficult. The point is to become financially independent. At the same time, introspect into what went wrong. Take counselors help if necessary.
  2. Protect your Future and Make a Plan: Let bankruptcy never touch you again. For this you will need to protect your future. Introspection should have given you reasons about what went wrong. Make a plan of action that will ensure that such a mistake will not happen again. Prepare a monthly budget and stick to it no matter what. From your monthly income, save for an emergency fund that can be used when a medical emergency comes.
  3. Set Your Credit Score Correct: Unless you have discharged all your dues, your credit score cannot be corrected. However, once that is done you can start building your credit score again. Maintain reports of your credit cards. Equifax, TransUnion and Experian, the credit-reporting agencies issue yearly credit report. Request for one by visiting www.annualcreditreport.com.
  4. Start Using a Secured Credit Card: A secured credit card is different from a normal credit card. A secured credit card will enable you to purchase things on credit depending on the amount in the account. When you open a secured credit card, you will have to make an initial deposit as collateral. If you regularly pay your credit on time, the limit on the secured card will also increase. This is a good way of limiting your expenditure and taking control of your finances.
  5. Apply for Loan Only When Credit Score is Good: Once you have declared bankruptcy, the road to normalcy is quite long. It might take you 2-4 years to become completely stable. Even then, do not apply for a loan unless your credit score is good. Since you already have a bankruptcy record, you do not want to harm your credit score by taking an untimely loan. You can apply for a FHA-approved loan only after two years of declaring bankruptcy. Even if you want to apply for a loan, make sure you have the down payment ready.
Attorneyforbankruptcy.com is a leading law firm of California where you can hire most experienced california chapter 13 bankruptcy attorney and tax relief lawyers.

Thursday 25 April 2013

Bankruptcy - Facts and Trends

Many people believe that declaring bankruptcy is the end of the world. But in reality filing for bankruptcy is what a wise and farsighted person will do. Contrary to this popularly held false believe doesn't mean the end of the world. It is time that the myths surrounding bankruptcy be broken and the real picture be shown to the people.

Myths Commonly Associated With Bankruptcy

  • Bankruptcy Is Always The Defaulters Fault: No, it is not always the debtors fault. There are several bigger forces that affect the market and on which simple, working people have no control over.
  • Bankruptcy Ruins Credit System: Once again, bankruptcy doesn’t ruin the credit system. In fact nothing can prevent you from getting a good credit score once you have discharged your debts.
  • You Will Lose Ownership of Home, Cars etc.: There are several chapters and clauses mentioned under the Bankruptcy Code that assures that you do not necessarily need to lose your property or your car if you file for bankruptcy.

    Facts That Everyone Needs to Know About Bankruptcy

  • Bankruptcy Can Prevent Foreclosure: Filing bankruptcy at the right time means you can stop the foreclosure of your house allowing you to keep it.
  • Avoid Repossession: If there is a threat that creditors might claim repossession of your property or your car, filing bankruptcy at the right time might even lower your repayment percentage.
  • Benefit for Married Couples: Many married couple believes that if a spouse’s financial conditions have hit a roadblock, the other spouse will automatically be affected. But this is not the case. Even after being married, you can file a bankruptcy individually. In this case, all the debts will be in your name and your spouse will not be affected.

  • Allows You To Keep Your Property and Car: If you want your property and car to remain with you even after declaring bankruptcy, all you need to do is act wisely. The trick is to file bankruptcy at the right time and under the appropriate chapter. It is always advisable to consult a Bankruptcy Attorney
  • Bankruptcy can be Filed Secretly: Everyone need not know when you file for bankruptcy. Very few people can find out if anyone has filed a bankruptcy. Only the attorney, the creditors and the courts are in the know-how.
Bankruptcy Trends As Seen in 2012

Bankruptcy reports released in the year 2012 have shown some positive trends. According to the reports published by the Administrative Office of the U.S. Courts, there has been a considerable decline in the number of bankruptcy filed during 2012 as compared to those filed in 2011. The states of California, Florida and Michigan have recorded the most number of filings while states like Idaho, North and South Dakota, Ohio etc. have shown a considerable decrease in the number of bankruptcy cases that have been filed.

In the year 2013, there is an expectation that the number of bankruptcy cases could increase. The reason behind this is – many defaulters from 2005 (who filed under Chapter 7) can file once again.

Contact AttorneyforBankruptcy.com for any assistance related to medical bills bankruptcy and to hire tax attorney in california.

Tuesday 23 April 2013

Bankruptcy- Chapter 11 vs. Chapter 13

The USA legal system has given a lot of stress on bankruptcy norms. There are several chapters under the Bankruptcy Code that elaborate on the various bankruptcy cases. Chapter 7, 11 and 13 are the three chapters under the code. This article is an attempt to understand Chapter 11 and Chapter 13 and see how they are similar yet different from each other.

What is Chapter 11 Bankruptcy?
Chapter 11 bankruptcy states that a corporate debtor can continue to stay in the business by restructuring his debt. The restructuring plan has to be creditor-approved and court-confirmed. Cases falling under Chapter 11 are also known as ‘reorganization bankruptcy'. This is so as the debtor is allowed to run his business while proposing a repayment plan to the bankruptcy court.

What is Chapter 13 Bankruptcy?
Under the Bankruptcy Code, the Chapter 13 bankruptcy states that an individual can enter a court-approved plan of repayment in case of accumulated debts. In Chapter 13, the individual is permitted to keep his property and yet repay his debt according to a court-outlined plan lasting three to five years. An individual needs to have a regular income in order to fall under the Chapter 13 bankruptcy. It is also called a wage earner’s plan.

How Are Chapter 11 and Chapter 13 Similar?
There are several similarities between Chapter 11 and Chapter 13 and it is not uncommon for people to get confused between the two. In both the cases, the debtor is allowed to continue with his business or his regular job while proposing a financial restructuring plan. Under both the bankruptcy chapters, debtors are allowed to retain their property which they can use for running their business if required. Both the chapters also allows debtors to sell assets they do not need, modify payment terms and try to eliminate obligations they are unable to pay over the repayment term period.

What Makes the Two Chapters Different?
While there are several similarities between the two chapters, there is one basic criterion which differentiates between the two. Here we are talking about divorce obligations. While submitting the restructuring plan under any of the two chapters, debtors cannot discharge their support obligations, be it for child support or spouse support. However, Chapter 13 allows non-support obligations to be discharged. A property settlement case can be a case of non-support obligation that can be discharged under Chapter 13.

While in both the chapters, the debtor and the debtor's attorney plan the debt repayment plan, under Chapter 11, creditors cast votes to determine whether the proposed plan is accepted or not. However, under Chapter 13, the creditors have to accept the plan if it meets all the legal regulations. In case the Chapter 11 repayment plan is rejected, the debtor has to come up with a new plan. Even then if negotiations fail and the creditors refuse to accept the plan, the business will have to file a new bankruptcy case under Chapter 7 or have the probability of getting the case dismissed.

Attorneyforbankruptcy.com is a leading law firm of California where you can hire most experienced california chapter 13 bankruptcy attorney and tax relief lawyers.

Thursday 18 April 2013

Three Basics on why we require a Tax Attorney in San Jose

There are several cases where you might be in need of a tax attorney in San Jose. For instance you might be running a business, planning to set up your business overseas or have a taxable estate. Other cases might relate that circumstance where you are under criminal investigation by the IRS or you have committed tax fraud and need the protection of privilege. In all these cases you will need to the help of a tax attorney. The reasons can be many but here in this write-up we shall talk about the three basic reasons why you need a tax attorney in San Jose.

Avoid Mistakes in Taking Deductions

When it comes to business taxes there isn't any room for error. Even the slightest of mistakes can result in additional interest, fees and penalties assessed something that you would want to avoid as it can affect your brand name. Often tax defaults result due to lack of information or clear understanding on what the law means. Most businesses are trapped between what's allowed and what's not in San Jose. A professional tax attorney can clear everything up for you. They have sound knowledge of all the state and federal laws that govern taxation on San Jose. An attorney will make you aware of exactly what business deductions you can and should take.

You Don't Have The Luxury of Time

Tax obligations and record keeping are not things that you can learn on the job as you don't have the luxury of time. Your records have to be in perfect order the day you start the business. Often new businesses with their large start-up and inventory costs prefer to look the other way when it comes to hiring the services of a tax attorney. This is one of the biggest mistakes that many businesses commit and face issues when it comes to dealing with the IRS and state taxing agencies. A tax attorney in San Jose will guide you through the process of setting up the business accounting and audit system preventing IRS from sniffing any fraudulent means in your taxation process.

Reduces Tax Audits

There is no way that you can become completely immune to tax audits. If the IRS wants to audit your business they have several legal arms that they can use to audit your business. A tax attorney in San Jose can help eliminate loophole in your taxation process which invites the attention of the IRS. Professional attorneys are well aware of the state and federal laws and apply them to protect your interests. They will guide you through the process of setting up the business accounting and audit system preventing IRS from sniffing any fraudulent means in your taxation process.

These are the three basics on why you need to hire the services of a tax attorney in San Jose. Do a market survey and find out the name of a professional tax attorney who can guide you through the taxation process of your business.

Contact AttorneyforBankruptcy.com for any assistance related to medical bills bankruptcy and to hire tax attorney in california.

Tuesday 16 April 2013

How do Lawyers Stop Wage Garnishment in California?

If you are facing a wage garnishment in California you must immediately get in touch with a professional attorney who has expertise in wage garnishment laws. Under the wage garnishment laws in California a creditor can easily obtain a judgment to garnish your wages. The law allows the creditors to garnish as much as 25% of your net income. This amount can have adverse effects on how you meet the basic necessities in your daily life. Wage garnishment usually covers loan defaults arising out from pay day loans, credit cards, personal loan or medical bills. If you are facing a wage garnishment a lawyer can help you several ways under the laws in California. We shall discuss some of these here

Filing For an Exemption

The law in California allows you to stop the Wage Garnishment by filing an exemption. Here you will have to prove that the amount being garnished is needed to support you or your family. This is where a professional lawyer will guide you through the entire process of filing for an exemption. This requires you to file a claim for exemption form. Along with this form you will also need to present a financial statement where details of your income and expanses need to be stated.

You can propose to pay certain amount of money as a part of the Claim of Exemption. This amount takes into consideration all your basic needs. In case the creditor rejects your Claim of Exemption then a hearing shall decide on your claim for exemption. In such a case the financial statement the Claim for exemption form becomes vital for your case and needs the expertise of a lawyer. A half-baked financial statement can easily be rejected denying you the chance of being exempted from the wage garnishment.

Filing for Bankruptcy

This is the last resort that many debtors have to choose to stop wage garnishment. Like the previous case here a professional lawyer is indispensible. A lawyer will guide you through the various stage of filing for a bankruptcy and help you choose the correct Chapter. Once you have filed for bankruptcy there is an automatic stay put in place. The automatic stay prevents the garnishment from continuing. Though this might seem to be a good solution there are many disadvantages associated with filing for bankruptcy.

It is a myth that filing for bankruptcy saves you from all the woes of paying your creditors but the fact is you need to eventually pay all that is due to your creditor. Your assets can be liquidated to accommodate the claims of the creditors. Apart from this you also earn yourself a bad credit score which are likely to create problems in the future. This is where the experience and expertise of the attorney comes into play as they can easily seek many exemptions under the bankruptcy laws in California that doesn’t deny you the basic necessities of life.

This post is shared by Attorneyforbankruptcy.com, which a leading law firm of California. Here you can have detailed information on wage garnishment in california and debt consolidation in california.

Monday 15 April 2013

How a lawyer can help in Reducing Debt Consolidation in San Jose?

The economic meltdown that we have witnessed in the last five years has made the laws that govern debt much more complex. They have become difficult to navigate that can take a toll on your professional as well as personal lives. If you are a resident of San Jose along with the federal laws you will also have to deal with the state laws. Often the debtor believes that bankruptcy is the only solution to all his or her woes. But the fact is many debts can be handled using a debt consolidation program. Hiring the services of a qualified and experienced lawyer in San Jose can help in reducing debt consolidation. Let us take a look at some of the ways in which a debt consolidation attorney in San Jose can help you.

Help You Choose the Right Plan

When it comes to choosing a debt consolidation plan a lawyer’s experience is invaluable. There are a lot of things that go into consideration while choosing the right debt consolidation plan the costs, interest rates and the fees involved. All these have to be in the right order to help you clear the debt you are in rather than put you in a fresh debt trap. An experience lawyer will help you choose the plan that matches your needs and your current financial status. A good program will be affordable and can be paid in monthly installments.

Has Sound Legal Knowledge

You are aware of the laws that govern every debt settlement in San Jose and thus it is imperative that you need good legal aid by your side. There are a lot of legal implications that are attached with the debt consolidation program. A lawyer with the sound knowledge of debt consolidation shall guide you in all the legal aspects relating to your debt. He/she will study your case and choose the right and trusted consolidation agency for you. Apart from this the attorney will also prepare the documents and be with you in all the meetings.

Helps You in Negotiations

It goes without saying that a debt consolidation program demands a lot of negotiations and hard bargains with the debt consolidation agency and your lenders. It is a fact if you aren’t familiar with the legal issues you can get yourself soaked in high interest rates and unfavorable payment terms and conditions. In most cases the agencies try to take advantage of your lack of knowledge in dealing with debt consolidation. This is where good attorneys are of real help as they help you buy the extra time in which payments can be arranged. They help in deciding an affordable easy monthly payment which will make the job of paying the dues much easier.

Dealing with debt can be financially and emotionally draining for you. In such cases you need the help of experts who stand by you in the hour of crisis. From the above mentioned arguments you can clearly understand the benefits of hiring a professional attorney for debt consolidation in San Jose.

Contact Attorneyforbankruptcy.com to hire professional bankruptcy lawyer in california. Here you may hire most exprienced tax relief lawyers and also get detailed information on dept consolidation in california.

Monday 8 April 2013

How to find the best Chapter 13 Bankruptcy Lawyer in California?

Bankruptcies are a very usual phenomenon in California and appropriate knowledge about it is highly important. There are two bankruptcy chapters in the united Bankruptcy Code. Chapter 7 and 13 are the most frequently used bankruptcy chapters. Chapters 7 and 13 of the Bankruptcy code are different only in terms of the time period sanctioned to a debtor for payment. A chapter 13 bankruptcy stretches beyond three years and sometimes even to five years, while the chapter 7 bankruptcy gives the debtor a few months' time. These chapters lay down the framework for the bankrupt debtor to repay all liabilities with interest to his or her creditor over a period of time. The plan is made on the basis of the debtor’s disposable income, which is determined by how regularly and how big the flow of disposable income is.

Since all this permutation and combinations of incomes cannot be carried out by an individual alone, especially one under undue stress due to the bankruptcy, it is always wiser to choose someone to guide you through the process and not jump any legal block. To find the best Chapter 13 Bankruptcy lawyer you need to see how the lawyer functions. The most important quality that you must expect from a chapter 13 bankruptcy lawyer is the eye for detail. After all, calculating the disposable income, i.e. the income net of taxes, grants, etc. Need to be calculated very properly. The lawyer must be as meticulous as a miserly accountant who will not let a single cent leak and sharp enough to circumvent the problematic clauses in the legal text.

The lawyer may not be everything that has been mentioned before, but he or she can certainly have an amazing team that meets the aforementioned qualities. Apart from all this, a bankruptcy lawyer, be it one who specializes in Chapter 7 or Chapter 13, he or she should be a good communicator. A good lawyer should be able to articulate the financial jargon for the debtor, and similarly, convert a layman's language into financial jargon for the creditor. A lot of times, it is just the inability of the debtor to interpret the creditor’s terms that creates the mess for the debtor. So it is extremely important to know exactly what is meant by each step taken, and what the consequence of each action is.

According to chapter 13 bankruptcy, the secured creditors are to be repaid first, and then the rest. The amount to be repaid in every instalment is equal to a multiplier times the debtor's disposable income. This kind of bankruptcy is filed when the debtor has a high disposable income and at the same time, does not wish to forego his or assets. The qualification criterion for this kind of criteria is approval from a court-approved credit counselling agency, and if your debt is below a certain ceiling. The ceiling is different for different states in the United States. Chapter 13 bankruptcy relieves you of some obligatory payments; however, there are some payments that cannot be discharged. These include traffic fines, mortgage, child support, alimony, student loans, debt obtained through fraud, etc. While your lawyer is filing chapter 13 bankruptcies for you, you will be meeting a lot of creditors to chalk out a payment plan. You must be patient and cooperate with your lawyer during this time. After a series of meetings, you must make sure that the decided payment plan is adhered to and that the debtor trustee receives payment from you at the stipulated intervals.

Attorneyforbankruptcy.com is a leading law firm of California where you can hire most experienced california chapter 13 bankruptcy attorney and tax relief lawyers.

Thursday 4 April 2013

How does Chapter 13 Bankruptcy Help in Saving Debts?

Chapter 7 and Chapter 13 are the two most commonly provisions used by individuals in the United States to file for bankruptcy. Among these two chapters, Chapter 13 allows you to repay your debts over a period of time using money from your monthly salary. The US Bankruptcy Code lays down several provisions on how to use Chapter 13 and many of them if understood and used wisely will help save debts.

Getting a Debt Discharge Under Chapter 13

One of the greatest advantages of Chapter 13 is allowed discharge from the repayment plan. In other words it can be said that debtors can save certain debts by getting a discharge notice by the courts. Discharge in bankruptcy means that the debtor is no longer liable to pay certain kinds of debts. Under the laws, the creditor cannot take any money for any discharged item. A debtor will be granted discharge as soon as the courts find that all repayments are being made on a regular basis using the monthly income. Thus under Chapter 13, the discharge might come after four years by when the debtor would have paid some amount to the creditors.

Priority Debts and Non-Priority Unsecured Debts

A discharge doesn't happen unless you pay some amount to the creditor. Debts are largely divided into two categories - priority debts and non-priority unsecured debts. Priority debts such as alimony, recent taxes and child support have to be paid in full under all circumstances. Non-priority unsecured debts need not be paid in full or paid at all. For calculating the amount to be paid for the unsecured non-priority debts, your income and expense are calculated. However, it is always less than the outstanding debt amount that should have been paid.

When to Expect a Discharge Under Chapter 13?

Once the court identifies your priority and non-priority unsecured debts, you can expect a discharge notice on the remaining debt. Once the discharge notice is given, the creditor cannot come after you to collect the debt.

What are Priority Debts?

Long term debts, debts on alimony and child support, educational loans fall under priority debts and these have to be paid. Payments overdue due to criminal convictions are some of the other non-dischargeable or priority debts. Since Chapter 13 allows debtors to repay over a long period of time, the income and the necessary expense are calculated before any repayment plan is ordered by the courts.

Non-Priority Unsecured Debts - Really Savers under Chapter 13

If you are looking for areas where you can save your debts, the non-priority unsecured debt is something you should be studying well. The US Courts have underlined several debts that can be saved under the dischargeable debts. Credit cards, medical bills, personal loans, debts due to embezzlement or fraud, mortgage are some of non-priority debts that have a likelihood of being discharged. In all these cases, usually the outstanding balance is discharged from the repayment plan. Thus if you present your income and necessary expenditure properly, you can get a favorable discharge from the courts.

Attorneyforbankruptcy.com is a leading law firm of California where you can hire most experienced california chapter 13 bankruptcy attorney and get detailed information on wage garnishment california law.

Tuesday 2 April 2013

Basic Procedures Required to File Chapter 13 Bankruptcy in San Jose

A number of people in USA are losing their homes due to debt issues and not many of them know what exactly has to be done. There are times when the pressure and stress are so much that, the person who have just lost everything, is not able to think in a straight manner. Due to this, wrong decisions are taken and more irreparable damage is done which usually is in legal terms and causes havoc in already tangled lives.

Bankruptcy in the state of San Jose is not an uncommon phenomenon and happens to a lot of people. This is all the more reason to have knowledge about bankruptcy and different types as you or somebody close to you might just make an uninformed decision. Bankruptcy is a legal term which has been termed as a series of federal laws which allow people to give away their debts through kind and start fresh. There are a number of clauses to it which lead to advantages as well as disadvantages. There are different kinds of bankruptcies and in this article, we will know more about how to file a bankruptcy in San Jose.

Seek Every Possible Source

Regardless of what situation you're in, never consider bankruptcy as your bail out option as it is not as simple as it seems to be. There are a number of debts which are not relieved and are still going to stay with you. One of them is child support. Another reason why you should consider all the options which you have is because bankruptcy doesn't mean you will be set off free for nothing. Before filing the bankruptcy, try consulting debt counselling or credit card consolidation.

Know What Chapter 13 Bankruptcy Is

There are two kinds of bankruptcies- Chapter 7 and Chapter 13. Chapter 13 bankruptcy is for people who are earning and need some extra time to pay off their debts. You can only apply for chapter 13 if your debt is less than $269,750 and secured debts are less than $807,750, and maximum three years are given to the debtors to pay back the debt. It can be paid together once or in parts.

File the Petition and Pay the Fees

The first step is to file a petition in the district bankruptcy court of San Jose and consulting an attorney in this process is a good idea as the lawyer knows how things are done and can guide you well. Buy a form and file the petition, and along with it file the liabilities and assets, expenditures and unexpired leases. During this process, you have to pay the court petition filing fee and administrative fee which will ensure that you are not contacted or sued by any of the creditors. One last step which you need to do is file a plan of repayment, which can be done in 15 days of filing the petition. Once this is done the filing of petition is complete.

Meet the Creditors

This is when you have to meet your creditors and give them an opportunity to know your financial condition better. This meeting usually happens after 20 to 50 days of filing the petition and the creditors can ask you questions about your financial repayment plan. It is a wise step to take an attorney with you who can answer questions for you and give appropriate replies.

Confirmation Hearing and Repayment

This is when the bankruptcy court judge comes into play and your payment plan will be checked by the court of law. The court will hear out your plan and make sure it falls under all the chapter 13 bankruptcy clauses. At this time, your creditors will be given an opportunity to object and if this step is over, you need to now start paying your debts. You need to start paying your debts in 30 days of filing the plan, regardless of the fact if it has been approved or not. If it is pending, you can change or modify it to chapter 7 bankruptcies.

These are the prime steps of the procedure of filing a chapter 13 bankruptcy in San Jose and consulting a bankruptcy lawyer is a good idea to make things go smoothly.

Attorneyforbankruptcy.com is a leading law firm of California where you can hire most experienced california chapter 13 bankruptcy attorney and tax relief lawyers.