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Bankruptcy means the condition of inability to pay dues or debts, or even the state of having fewer assets compared to debts. You can seek bankruptcy relief in California following Chapters 7, 11 and 3 of the bankruptcy law in California. These laws connect with individual as well as corporate bankruptcy, and insolvency, liquidation, debt consolidation reduction and reorganization, etc.

These laws also apply to credit post bankruptcy, credit card bet, re-establishing credit, repossessions, foreclosures, and taxes, garnishments and bankruptcy. Specific laws on consumer debt discharge and corporate asset liquidation and reorganization also belong to California bankruptcy legal provisions.

Inside a federal law dictated bankruptcy proceeding, liquidation and reorganization of the debtor's assets take place under court supervision, that is beneficial for the creditors. The debtor will then be, by virtue of a 'discharge', stripped off his debt and the property is known as 'the bankruptcy estate', that will fall under bankruptcy proceedings thereon. The 'bankruptcy code' can be a term given to regulations covering this process.

Bankruptcy in California law of Chapter 7 bankruptcy requires a voluntary case filing by the debtor. In some cases, the location where the debtor fails to pay debt over time, a creditor may file an individual bankruptcy case against the debtor. Involuntary cases usually occur where a debtor owes three or even more creditors at least $10,000 altogether debts. If there are 12 creditors, one creditor with $10,000 receivable dues, can also file an involuntary bankruptcy case from the debtor.

Consulting an individual bankruptcy attorney is one concrete approach to deal with it. Although having an attorney is not a direct means to fix overcoming financial problems, an insolvency lawyer for any bankruptcy case can be the right solution to a specific financial problem.

Refinancing Options

Filing Bankruptcy In California - California's housing exemption laws for bankruptcy are generous and several bankruptcy filers opt for Chapter seven. Some choose Chapter 10, which has a repayment plan. In both cases, the debtor gets to keep his home if they have even a small amount of equity.

There are a variety of forms of refinancing. Your home equity loan might be your easiest credit source depending on the type of bankruptcy you've filed. For home equity loan, you do not have to wait 7-10 years for credit application. If you are living in parts of California in which the equity has significantly risen with home values, then you can cash-out part that equity with the help of sub-prime lenders and get a second mortgage or credit.

Second mortgages have high rates for brief terms. A second mortgage enables you to apply for loans by cashing-out part your home's value while a low-rate mortgage remains intact.

How To File Bankruptcy In California - Developing a good payment history can help you rebuild your credit score post Bankruptcy in California. A credit line will help you get a low interest loan collateral against your house. You can create a positive credit score in just 2 years through the use of little credit and paying it off every month. Start with a secured bank card so you can make on-time payments. You can look at a prime loan refinancing once you have good credit standing.