Best Bankruptcy Lawyers Van Nuys, CA

Van Nuys, CA Bankruptcy FAQs

• Where do I file for bankruptcy in Van Nuys, California?

  Van Nuys residents can file their bankruptcy petitions with the U.S. Bankruptcy Court for the Central District of California. The court is located at 21041 Burbank Blvd., Woodland Hills, CA 91367.

• Where can I get bankruptcy forms in Van Nuys, California?

  You can download Van Nuys bankruptcy forms from this link: https://www.cacb.uscourts.gov/forms-overview.

• What happens during a 341 meeting for your bankruptcy case in Van Nuys?

  The 341 meeting happens in court, but there will be no judge involved. You will be meeting with the bankruptcy trustee, and your creditors or their representatives. The purpose of the meeting is to inquire about your finances. This is to establish that your bankruptcy petition is accurate, so it is best to be truthful with your answers. Your Van Nuys bankruptcy attorney will also be present to guide you through the meeting.

• Will your life insurance be affected if you undergo bankruptcy in Van Nuys?

  It depends on your insurance policy's cash value and whether or not you are receiving benefits from it. Term life insurance has no cash value and will not be affected if you file for bankruptcy in Van Nuys. Meanwhile, life insurances accrue cash value and may be affected by bankruptcy. If you receive cash benefits from your life insurance, the revenue may be deemed an asset that you must surrender for debt repayment.

• When can you expect the discharge order for your bankruptcy case in Van Nuys?

  If you filed for Chapter 7 bankruptcy, the earliest you can receive the discharge is 60 days after your 341(a) Meeting of Creditors. This waiting period is on account of the Federal Rules of Bankruptcy Procedure Rule 4004, which gives creditors 60 days to lodge objections against bankruptcy. On the other hand, if you filed for Chapter 13 in Van Nuys, the discharge is not issued until after you complete the repayment plan, which lasts three to five years.

• How about your retirement savings, will they be used to pay creditors during bankruptcy in Van Nuys?

  Qualified retirement plans under the IRS Code are exempted from liquidation during bankruptcy in Van Nuys. These plans include IRA, Roth IRA, and non-rolled-over 401(k). The exemption has no value limit, so all your funds in these accounts are protected. Consult a local bankruptcy attorney to know about other assets with exemptions.

• Should you include property and cash gifts in your list of assets for bankruptcy filing in Van Nuys?

  Gifts of property and cash should be listed as assets in your bankruptcy petition. Since their ownership has been transferred to you, they are now considered your assets. If your available exemptions do not cover these gifts, they may be taken depending on the bankruptcy type you file under. Examine your asset list with your Van Nuys bankruptcy lawyer to ensure you have included everything because failure to list certain assets may result in sanctions.