Best Bankruptcy Attorneys in Glendale

Frequently Asked Questions

• Where do I file for bankruptcy in Glendale, California?

  To file for bankruptcy in Glendale, visit the United States Bankruptcy Court, Central District of California, Los Angeles Division. The court is located at Edward R. Roybal Federal Building and U.S. Courthouse, 255 East Temple Street, Los Angeles, CA 90012.

• Where can I get bankruptcy forms in Glendale, California?

  You can obtain the necessary forms for your bankruptcy case in Glendale by visiting the United States Bankruptcy Court, Central District of California website at https://www.cacb.uscourts.gov/.

• If an individual in Glendale previously had a bankruptcy discharge, how soon are they allowed to seek another discharge?

  In Glendale, intervals between bankruptcies depend on the type. An eight-year wait is required from Chapter 7 or 11 to a new Chapter 7. Transitioning from Chapter 7 to 13 mandates a four-year wait. Changing from Chapter 13 to 7 depends on the percentage of debt cleared in the last case. A six-year gap is required if less than 70% is paid. Filing Chapter 13 after Chapter 13 calls for a two-year pause.

• What are the advantages and eligibility criteria for a Glendale resident considering Chapter 7 bankruptcy?

  Chapter 7 bankruptcy benefits Glendale residents with large amounts of unsecured debt, like medical bills and credit cards, by offering a fresh start. It liquidates property to pay off obligations, and any remaining debts are canceled. Some tax and school loan debts may also be discharged. Many can retain valuable property due to California and federal exemptions. Eligibility is based on the "means test," assessing monthly household income. Higher incomes may necessitate considering Chapter 13.

• What considerations are essential for a Glendale individual or business thinking about Chapter 11 bankruptcy?

  For entities and individuals in Glendale, Chapter 11 bankruptcy provides an unrestricted, highly adjustable debt relief method. Despite its flexibility, its intricacy can cause legal expenses to escalate rapidly. Furthermore, the court-associated filing charges are notably steeper than those for Chapters 7 or 13, rendering it unattainable for numerous individuals and businesses. Therefore, careful evaluation of one's financial situation is crucial before proceeding.

• Can Glendale residents apply for Chapter 13 bankruptcy if they are unemployed?

  Yes, Glendale residents can apply for Chapter 13 bankruptcy regardless of their employment status. However, an income source, like pension or rental revenue, is necessary for qualification. Chapter 13 offers a three to five-year repayment plan. To secure approval for Chapter 13 filing, they must prove sufficient income to support this repayment plan. Therefore, evaluating the financial capacity to meet repayment obligations is crucial.

• If a Glendale resident is facing financial hardship and is struggling to keep up with their mortgage payments, what conditions must they meet to qualify for a loan modification?

  During a challenging financial situation, a resident in Glendale can pursue a loan modification. This process entails voluntarily altering the lender's terms to reduce monthly payments or interest rates. To qualify, the borrower must demonstrate financial hardship and the ability to meet the newly proposed payments. However, approval ultimately rests with the lender after thoroughly reviewing the borrower's application.