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"Chapter 7 Bankruptcy In California" Discussion

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Professional Q&As for "Chapter 7 Bankruptcy In California"

Upsolve Community Member
2021-12-01

I have a question about my vehicle...I tried to reaffirm my car loan, but the day we signed our chapter 7 was discharged, as I'm learning this could be a positive outcome, but I need to know specifically how long I can go before surrendering the car, while I'm trying to find another, and I will be paying the monthly payments, my concern is, can they report a repossession on my credit, if I do it 6 months from now, how long does the bk cover this situation? I've found a few different answers, but I need the law, I live in california if that matters, my lawyer says he doesn't specialize in knowing about whether or not it would hit my credit. Thank you in advance 😊

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Community Replies:

Upsolve Community Member
Lenders can only report true things to the credit reporting agencies. This, unfortunately, means that a repossession can hit your credit report any time it happens, regardless of bankruptcy. 

Upsolve Community Member
So even if I surrender it now, just a few weeks after it will show as a repossession? So if I'm understanding this, that no matter if it's during the open bk, it's reported as such?

Upsolve Community Member
RC Thanks for asking this! Does your credit reporting agency have any information on this? 

Upsolve Community Member
2022-01-19

I’m drowning in credit card debt. All from bad choices I’ve made. I’ve barely been keeping up with minimum payments, however they are all in good standing for now. I’m considering a Chapter 7 bankruptcy. I live in California, married, but my credit cards are solely in my name. Even though I’m married, none of our assets are in my name: house, cars, etc. After filing bankruptcy, is there a chance creditors can go after my husbands assets, even though I personally do not own any of them?

Community Replies:

Upsolve Community Member
Hi Vicki! Check out this article from the Upsolve Learning Center: https://upsolve.org/learn/married-will-filing-chapter-7-bankruptcy-affect-spouse/ I hope this helps! :-)

Upsolve Community Member
Certain aspects of a bankruptcy filing do relate to a person's spouse, even if they don't file jointly 

Upsolve Community Member
The thing to learn more about- community debt, community property, and when a spouse's income and expenses have to be listed 

Upsolve Community Member
The article Mark shared is a great place to start! 

Upsolve Community Member
2021-11-29

Is this right...I can't file for 6 months...? Take Credit Counseling You’ll have to complete credit counseling in the 6 months before filing your bankruptcy case. Federal law requires it, no matter what type of bankruptcy someone files. Make sure to sign up for this course with one of the providers approved for California bankruptcy cases.

2 Reactions

Community Replies:

Upsolve Community Member
Ah, glad you asked! Not quite... the course has to be taken within six months of filing

Upsolve Community Member
You can't take the course more than 180 days before filing.

Upsolve Community Member
Check this out, too, if it's helpful! https://upsolve.org/learn/bankruptcy-counseling-courses/ 

Upsolve Community Member
No need to wait to file- just make sure you don't wait longer than 6 months. That's when the certificate expires. 

Upsolve Community Member
I qualified for the wavier, I am lost as to what to do next. Take the course first or what?

Upsolve Community Member
Dana, you can follow the steps in your account! Ask away if you get stuck. 

Upsolve Community Member
...and Donald, don't sweat the credit counseling. It's like when you get a ticket and have to go to traffic school. Online these days and, IMO, a breeze. It's not like they are putting you through an accounting course! :-). I used Upsolve's partner (can't remember their name) and the process within the Upsolve "roadmap to breathing again" was seamless. That's one of the things I loved about using the platform. All-inclusive. In fact, I am very familiar with PACER but never used it during my Chapter 7 filing because my Upsolve file always seemed to keep me in tune with dates and reminders etc.  

Upsolve Community Member
2021-12-10

Im 24 years old, have came into quite a bit of debt. Partially due to the obvious young age and making poor choices (I.E. lifestyle inflation etc.), along with switching roles at my job for less pay. The reason for that was a quality of life imporvment. No more long nights, massive amounts of OT, constant stress and so on. Would filing for this make my life harder? Or with my young age would it make it eaiser than paying back the 25k+ in debt? Anxious on making the life choice here.

19 Reactions

Community Replies:

Upsolve Community Member
One of the things to consider is whether you could repay your current unsecured debt in 5 years if nothing at all changes about your income, the balances, or the interest rates. Of course, timing plays a role here too. It's not ok to run up more CC debt than one can handle and then turn around to file bankruptcy. But that's not the same thing as dealing with a mistake from your past by seeking protection in bankruptcy court now. 

Upsolve Community Member
https://upsolve.org/learn/pros-cons-filing-chapter-7-bankruptcy/ is a good place to start! 

Upsolve Community Member
Devyn, I commend you for being REAL! The first step is acknowledging that some poor choices were made along the way. Very few would admit that, yet we ALL have made some poor choices during our life journey. I am reading GREAT NEWS in your post because you KNOW who it is up to learn new habits, such as setting up a budget and STICKING TO IT.  Since I filed Chapter 7 in 2020, I have "raised" $30,000 by pivoting and working side gigs. Sure, I was the beneficiary of the Stimulus payments, but that same $25K (the debt you say you have) was "raised" in less than a couple of years' time. We are all different animals in how we live life, but I will give you a personal opinion based on your intelligent post that you can pay that off. That's just my opinion! Good luck in making your decisions ahead. :-).  P.S. There is a https://my.upsolve.org/rooms/19 forum section in this Community that just opened. I look forward to seeing you there!  

Upsolve Community Member
2021-12-13

Thank you Upsolve for the smooth and easy process. I was lost until I found your site; you have given me a new start. Thank you❤️

18 Reactions

Community Replies:

Upsolve Community Member
Thank YOU!!

Upsolve Community Member
:) :) 

Upsolve Community Member
So happy you have a fresh start!! And thank you for sharing your experience! You might be interested in Upsolve's guide: https://upsolve.org/learn/rebuild-credit-after-chapter-7-bankruptcy/. Upsolve has lots of advice that can help you after bankruptcy too! Congratulations on your fresh start!!

Upsolve Community Member
I can say the same here! upsolve is a blessing


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