Posts Tagged ‘chapter 7’

What if I do not qualify for Chapter 7 bankruptcy?


Modesto Bankruptcy Attorney

If you are looking to claim Chapter 7 bankruptcy, you must make sure that you qualify. In order to meets the requirements for Chapter 7 bankruptcy, you must first pass the means test and go through credit counseling. Unless you pass the means test, you will not be able to declare Chapter 7 bankruptcy. As long as you pass the means test and obtain a certificate from credit counseling, you are on the road to a debt free life. By calling one of our Modesto bankruptcy lawyers you can find out whether or not you pass the means test.

Is there any other relief if I don’t qualify for a Chapter 7 bankruptcy?

If you do not qualify for a Chapter 7 bankruptcy there is also a Chapter 13 bankruptcy called reorganization. When you file a Chapter 13, a plan is created where you make payments to a bankruptcy trustee, which allows you to pay off portions of your debt based income and expenses. One advantage of this plan is the ability in certain circumstances to strip the second lien or second mortgage off of your property.

To find out how one of our Modesto bankruptcy attorneys can help, give us a call!

Call us for an in-depth consultation in our Modesto, CA bankruptcy office.

Call us for an in-depth consultation with one of our experienced bankruptcy lawyers at (209) 214-6600. We normally keep regular hours Monday through Friday from 9am – 6pm, but if the weekend works better for your schedule, just give us a call and we will setup an appropriate time for you. We will make sure you get your problems resolved.

Thomas Hogan Law Office Modesto

1207 13th St. #1 Modesto, CA 95354
Phone: (209) 214-6600
Hours of operation:
Monday: 9:00 am – 6:00 pm
Tuesday: 9:00 am – 6:00 pm
Wednesday: 9:00 am – 6:00 pm
Thursday: 9:00 am – 6:00 pm
Friday: 9:00 am – 6:00 pm
Saturday: Flexible, give us a call
Sunday: Closed

If I File for Bankruptcy, Will It Impact My IRA account, My Spouse’s IRA Cash Value Life Insurance Accounts, or Jointly-Owned Land?


In general, filing for bankruptcy will not affect your spouse’s property. In a Chapter 7 bankruptcy, the Trustee will be able to take your owned property if it is not exempt. The Trustee can’t take your spouse’s property.

The answer is a little more complicated when jointly-owned property comes into play. The Trustee can take only your portion of the property or all of it depending on the nature of your ownership. Selling the jointly-owned property may be required to divide it between the joint owner and the Trustee.

You should be able to keep your SEP, IRA and 401(k) plans. In many states, IRAs are exempt, save for deposits made within six months before filing. EISA plans are also protected if their documentation contains spendthrift protection.

In California, a life insurance’s cash value exemption is capped at a certain amount, provided you meet the property beneficiaries and meet other requirements. Call the professionals at (209) 214-6600 to help you in your time of need.