The median income limits for Chapter 7 bankruptcy means test were released and decide who can file Chapter 7 bankruptcy. These numbers will update again for California median income.
Chapter 7 process is a template which can vary case to case. This is grossly over-simplified, but at least can provide a basic road map to where we're headed.
Chapter 13 is a debt consolidation plan where you pay a bankruptcy trustee. It's fixed payments for a fixed time. At the end, all unpaid debt is forgiven.
Each state has rules about what you can keep in Chapter 7. In Los Angeles County -- where the Antelope Valley is -- these are ruled by the California bankruptcy exemptions.
Fraudulent transfer in a California bankruptcy can get your family sued as a voidable transfer. A fraudulent conveyance doesn't need fraud, due to the new UVTA to avoid transfers.
Reaffirmation is where you promise to keep owing debt. The reaffirmation process varies state to state, but generally, the reaffirmation process goes like this.