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Bankruptcy means your inability to pay dues or debts, or 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 apply to individual as well as corporate bankruptcy, and insolvency, liquidation, debt consolidation 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 personal debt discharge and corporate asset liquidation and reorganization also belong to California bankruptcy legal provisions.

In a federal law dictated bankruptcy proceeding, liquidation and reorganization from the debtor's assets take place under court supervision, which can be beneficial for the creditors. The debtor will be, by virtue of a 'discharge', stripped off his debt and the property is known as 'the bankruptcy estate', which 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 from the debtor. In some cases, in which the debtor fails to pay debt in time, a creditor may file an individual bankruptcy case against the debtor. Involuntary cases usually occur where a debtor owes three or more creditors at least $10,000 in total debts. If there are 12 creditors, one creditor with $10,000 receivable dues, also can file an involuntary bankruptcy case against the debtor.

Consulting an individual bankruptcy attorney is one concrete method to deal with it. Although through an attorney is not a direct solution to overcoming financial problems, an insolvency lawyer for a bankruptcy case could be the right solution to a certain financial problem.

Refinancing Options

Filing Bankruptcy In California - California's housing exemption laws for bankruptcy are generous and several bankruptcy filers opt for Chapter 7 bankruptcy. Some choose Chapter 10, that features a repayment plan. In both cases, the debtor grows to keep his home if they have even a small amount of equity.

There are numerous of forms of refinancing. The house equity loan could be your easiest credit source with respect to 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 live in parts of California where the equity has significantly risen with home values, then you can cash-out part that equity by using sub-prime lenders and get another mortgage or credit.

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

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