Welcome to the Law Office of William Ha -- a law firm serving Los Angeles and Orange counties in California,
and northwest counties in New Mexico. The firm focuses on the areas of bankruptcy and estate planning.
For a free 30 minute consultation on your legal matter, please call/text (714) 805-9623, (424) 205-8058, or (505) 658-4320.
The content on this website cannot be considered as legal advice, and it does not create an attorney-client relationship.
What is a repossession?
When you buy and finance a car, you make an agreement to pay a lender (usually a bank) on a monthly basis. If you break the agreement by not making payments, the lender can start the process of repossession to get the car back. This is possible because the creditor has a lien on the car, and the debt is considered secured debt. Why file a bankruptcy after a repossession?
On July 31, 2020, the weekly $600 unemployment boost is set to expire, and at the moment, it doesn’t appear likely it will be extended once it does. So what happens when this runs out, and you cannot afford to pay all of your bills, and you cannot return to work?
Organize Your Debts
The first thing you need to do is to organize your debts based on type. Debts can usually be categorized as unsecured and secured.
The purpose of a 341(a) meeting
In bankruptcy, a 341(a) Meeting of the Creditors is a hearing where the trustee examines the debtor under oath. The trustee is appointed by the Department of Justice – they represent the creditors, and their main aim is to find any assets that can be liquidated and sold off for creditors for their benefit. Because of this, they will want to know if you personally signed and reviewed the petition, that you are who you say you are, and that you’ve been truthful and honest about your financial affairs.
Compared to single people, debtors looking to file for bankruptcy while they’re married have additional issues to consider — whether they should file jointly with their spouse, or just by themselves? People who live in California and New Mexico, where community property laws apply, adds some additional wrinkles to the calculus.
Occasionally, an individual debtor who is married tells me her credit card debts are hers alone and that she wishes to file for bankruptcy without any involvement of her husband.