When it comes to the new bankruptcy law, I have two rules. First, hire
an attorney for bankruptcy, no matter which Chapter -- 7, 11, or 13. The
Law Offices of Keith F. Carr handles all three. My second rule is see
the first rule.
It seems to me that having an attorney like the
Law Offices of Keith F. Carr to file your personal or business
bankruptcy is more important than ever given the New Bankruptcy Law.
First, you need an attorney to calculate your asset "exemptions." In
Chapter 7, the trustee in charge of your bankruptcy case will sell off
your assets which are not exempt. The tabulation of your exemptions
obviously should be made prior to bankruptcy filing by an attorney
capable of applying the California statutes on exemptions to your
assets. This is an integral part of the bankruptcy planning process.
Make
a mistake in tabulating your California exemptions and you may lose
your residence, car, bank accounts, etc. But the tabulation of
exemptions is not the only reason under the new bankruptcy law. Of
fundamental importance, and the second reason for having an attorney
file your personal or business bankruptcy, is the qualification for the
bankruptcy in the first place. Do you qualify for Chapter 7? Or should
you file for Chapter 11 or 13.
The new bankruptcy law has new
requirements on the subject that an attorney can readily help the debtor
with. There are generally two levels of qualification. First, there is
the gross income test. The individual (and or his/her family) must not
have gross income (computed for the most recent 6-month period) over
the median income of the state of residence as specified in the census
data.
If that individual earns more gross annual income than the
census data from the state that he or she lives, then he or she cannot
maintain sufficient current net monthly income (when taking into
account federal and local guidelines for allowable expenses) to pay
creditors a specified amount of money over five years.
As part
of the bankruptcy planning process, the Law Offices of Keith F. Carr
can compute the appropriate figures and give you a legal opinion as to
your compliance with the new bankruptcy law.
How are you going
to determine your own compliance? Do you trust a paralegal to do this
for you or wouldn't you like to have an attorney with over 20 years of
experience in bankruptcy law determine your compliance under the new
bankruptcy law? Think about it!
Another reason to have an
attorney is that that attorney will be present and represent you at your
341 hearing, otherwise called the "Meeting of Creditors." During the
hearing you are questioned about the paperwork that you submitted to the
court regarding your assets and liabilities. Would you rather be
alone? | 
