A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor’s nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor’s property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code
will allow the debtor to keep certain “exempt” property; but a trustee will liquidate the debtor’s remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.
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. The debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor’s current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period “for cause.”1 If the debtor’s current monthly income is greater
than the applicable state median, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years. 11 U.S.C. §1322(d). During this time the law forbids creditors from starting or continuing collection efforts
If you plan on lending money or valuables to someone -- even if it is a close friend or family member -- it often makes sense to put the expectations of the loan in writing, to avoid confusion or ill-will later. "Get it in writing" is the function of a Promissory Note: to outline the terms and repayment schedule of a loan.
Once you have answered the required questions, we will generate and print your prepared QDRO and related documents.
- Defined Benefit Plans
- Defined Contribution Plans
- State City & Public School Systems
- Federal Government Plans
- Local County & Municipal Plans
- Military Retirement System (MRS)
- Railroad Retirement System (RRS)
California Northern District
California Northern District Court Website
California Northern District Local forms
California Central District
California Central District Court Website
California Central District Local Forms
California Eastern District
California Eastern District Court Website
California Eastern District Local Forms
California Southern District
California Southern District Court Website
California Southern District Court Local Forms
Debtor Education Course
To successfully file for personal Bankruptcy, a Debtor must complete a Credit Counseling Course before filing, and a Debtor Education Course after filing but before a discharge is entered.
The completion of these courses must be verified and approved by the U.S. Trustee. Failure to file certification that these courses have been completed at the appropriate time may result in your case being dismissed or your discharge denied!
Debt Education Course
List of approved Debt Counseling