Best Bankruptcy Lawyers in Manteca, CA

Speak with a knowledgeable Bankruptcy Attorney to analyze your situation and give you his or her legal advice. This decision will depend on what you are trying to accomplish along with the details of your personal finances.

Nothing in the Bankruptcy Code prevents you from filing Bankruptcy if you own a business. However, depending on which Chapter you file, what type of business you own, how much your business is worth, etc., the effect on that business varies.

For the most part, no. There are rules in place in the Bankruptcy Code that are designed to maintain equality among all creditors. For example, if you owe $5,000.00 to your mom and another $5,000.00 to Visa, paying back the $5,000.00 owed to mom prior to filing Bankruptcy would trigger a preferential payment to mom. In that situation, the Court would have the ability to after mom to recoup some of those funds to split evenly with the other creditors.

As of the writing of this content, the Court filing cost is $338.00 for a Chapter 7 and $313.00 for a Chapter 13. In addition to these costs, the Debtor will need to factor in the attorney fees and the costs associated with taking a credit counseling course and financial management court.

Short answer: Yes. However, that should not be the end of the analysis. There are several factors that determine your ultimate credit score. It is quite common that when you actually analyze each of the factors, your credit score will ultimately increase in the long term if you file for Bankruptcy relief.