Canyon Lake Attorney, Mark Mellor answers some questions on Chapter 7 & Chapter 13 bankruptcies. If you’re thinking about filing for bankruptcy and you’re in Riverside or San Bernardino counties, please contact us or call us at (951) 221-4744.
If you’re asking “Do I qualify for a Chapter 7 or Chapter 13 bankruptcy?” then watch this video from Attorney Mark Mellor. Contact our bankruptcy attorneys in Palm Desert and throughout Southern California for more information on how to file for bankruptcy.
You may be able to reduce your mortgage principal on investment or rental property. It does not apply to a home you use as your principal residence. A mortgage cram down allows you to reduce the principal balance of the mortgage to the value of the property. You can use a Chapter 13 bankruptcy for […]
A Chapter 13 Bankruptcy is also called a wage earner’s plan. Debtor(s) propose a repayment plan to make installment payments to creditors over a period of three to five years. If debtor’s current monthly income is less than the applicable state median, the plan is for three years. If current monthly income is above the […]
A Chapter 7 Bankruptcy is also known as a “straight bankruptcy” and is the most common type of bankruptcy case. Someone who files a Chapter 7 has little or no assets to pay creditors. To qualify to file a Chapter 7 Bankruptcy you must pass a means test. Means testing looks at a debtor’s income. […]