Bankruptcy Central District Of California

The cost for filing a Chapter 7 bankruptcy is $306. This fee may not be waived but you may be able to pay it in installments. The fee of $281 for a Chapter 13 bankruptcy cannot be waived.

The average payment for a Chapter 13 case overall is probably about $500 to $600 per month. This information, however, may not be very helpful for your particular situation. It takes into account a large number of low payment amounts where low income debtors are paying very little back.

To qualify for Chapter 13 bankruptcy: You must have regular income. Your unsecured debt cannot exceed $394,725, and your secured debt cannot exceed $1,184,200. You must be current on tax filings.

A Chapter 7 bankruptcy will generally discharge your unsecured debts, such as credit card debt, medical bills and unsecured personal loans. The court will discharge these debts at the end of the process, generally about four to six months after you start.

You can't have more than $1,257,850 in secured debt or $419,275 in unsecured debt if you want to file for Chapter 13 bankruptcy (these amounts are adjusted every three years and are valid through April 2021).

A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.

Collect Your California Bankruptcy Documents. Take Credit Counseling. Complete the Bankruptcy Forms. Get Your Filing Fee. Print Your Bankruptcy Forms. Go to Court to File Your Forms. Mail Documents to Your Trustee.

Disadvantages of Filing for Chapter 13 Bankruptcy Be aware that it can take up 5 five years for you to repay your debts under a Chapter 13 plan, and debts must be paid out of your disposable income.A Chapter 13 bankruptcy can remain on your credit report for up to 10 years, and you will lose all your credit cards.

Make sure Chapter 13 is the right choice. Analyze your debt. Value your property. Gauge your income. Fill out the bankruptcy forms. Take the required pre-filing course. File your forms and pay a fee. Provide the trustee with documents proving your income and other assets.