Cupertino Office
Cupertino Bankruptcy Lawyer
It is essential to schedule a free consultation with one of our Cupertino bankruptcy lawyers before making decisions concerning your debts. Bankruptcy can be very complicated and almost no Chapter 13 bankruptcy cases can be successfully completed without the assistance of an experienced bankruptcy lawyer. Even if you decide that bankruptcy is not right for you, you may obtain information that is still helpful. There are alternatives to filing for bankruptcy protection. It is possible to reduce your debts by negotiating settlements with credit card companies for lump sum cash payments.
Bankruptcy is all about how your income, expenses and assets interact. Depending upon your circumstances you may not qualify to file a Chapter 7 bankruptcy and not be eligible to file a Chapter 13 bankruptcy. If you do not qualify for a Chapter 7 bankruptcy it is because you do not pass the means test. If you are not eligible to file a Chapter 13 bankruptcy you have not met the requirements of Section 109(e) of the Bankruptcy Code. Section 109(e) provides a few requirements including the debt limitations to file a Chapter 13 bankruptcy. To be eligible to be a debtor under Chapter 13 your secured debts at the time of filing cannot exceed $1,081,400 and your unsecured debts at the time of filing cannot exceed $360,475 at the time of filing.
A controversial issue about the debt limitations under Section 109(e) is that these limitations apply in San Francisco as well as in Wyoming or Iowa. Why is there controversy? Well, in Wyoming a million dollar house is a mansion with most likely quite a bit of land or quite a few houses or an apartment building. In Wyoming a person could own quite a few properties and still reorganize their debts in a Chapter 13 bankruptcy. In San Francisco you will most likely just own one property. If you own two pieces of property in San Francisco then most likely your secured debt will be over $1,081,400 given how expensive homes and land is in San Francisco. The debt limitations to be eligible to file a Chapter 13 bankruptcy should be based upon regional median values of homes by county. Retain a quality bankruptcy lawyer in 95014 and 95015 zip codes.
By
Ryan
C. Wood