Tag: chapter 13

chapter 13 bankruptcy in los angeles

Chapter 13 Bankruptcy Ultimate Guide

Chapter 13 Bankruptcy – the Ultimate Guide

What is Chapter 13 bankruptcy? Chapter 13 bankruptcy is like debt consolidation, but better. It’s a solution for people who have some money to pay some of their debts back. In five years from now, paying minimums on all your debt, you’d still owe much of your debt. It’s because of that darned interest, and you’re barely paying principle. Chapter 13 bankruptcy fixes the interest problem.

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chapter 13 debt limits

Chapter 13 Debt Limits (2023 update)

Chapter 13 Debt Limits (2023 update)

Debt Limits in Chapter 13 Bankruptcy

2023 Update: Chapter 13 debt limits in 2023 just got a huge increase last June. There is a new law changes which, among other things, increases the Chapter 13 debt limit to $2.75 million dollars. This limit is for both secured and unsecured debt combined. It’s about double what the debt limits had been, and is extremely helpful for Los Angeles residents who have a second property and mortgage debt that exceeds $1.5 million. The 2023 Chapter 13 debt limit increase is temporary and will sunset in 2024, unless extended.

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types of bankruptcies chapter 7 vs 11 vs chapter 13

3 Types of Bankruptcy (2023 update)

Types of Bankruptcies: Chapter 7 vs 11 vs 13

There’s a lot of confusion about the types of bankruptcies. Firstly, some clarification on jargon. You’ll hear a lot about bankruptcy chapters. What’s a chapter? Think of it as a bankruptcy type, or a kind, or flavor. While there at least five types of bankruptcies, most people thinking about consumer personal bankruptcy will focus on just two or three bankruptcy types, or chapters, including Chapter 7 vs 11 vs 13.

The type name “chapter” just refers to the part of the Bankruptcy Code, which is Title 11 of the United States Code. For example, much of the bankruptcy laws that cover Chapter 7 bankruptcy starts at 11 U.S.C. 701, and following. The book I have on my desk literally has a section called Chapter 7 – Liquidation.

Listing the Types of Bankruptcies

Ok, so now that we have some basics out of the way, let’s take a look at the different bankruptcy types commonly used when people file bankruptcy.

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cdcbaa Moderator Hale Antico Hosts Chapter 13 Trustee Panel

cdcbaa Moderator Hale Antico Hosts Panel for Chapter 13 Trustees

Program focuses on Variances, Particularly in the Age of Covid

Post-Seminar Update: It was a fun, two-hour cdcbaa program, and the Chapter 13 trustees’ attorneys were very open with their policies. For instance, the panel shared a lot of information in an engaging format. Also, one of the trustee lawyers said it helped to have them share information; they learned a more efficient way to do things. Finally, the bankruptcy lawyer attendees were very involved, asking questions and even bantering with the Chapter 13 trustees’ lawyers.

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save home

Chapter 13 can Stop House Foreclosure

Chapter 13 bankruptcy can Stop House Foreclosure

Chapter 13 is a way to stop foreclosure, save your Home and catch up on the mortgage

Life happens. There’s a medical emergency, job loss, or some other unexpected situation and next thing you know, you can’t afford your mortgage payments. The mortgage company gives a Notice of Default, and then a Notice of Sale, and your home is in foreclosure. There’s a way to stop it and save the house.

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