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Protecting Your Family Home: Second Mortgages
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About 25% of homeowners in the U.S. have a property that is worth less than the mortgage. In these tough economic times, people have been walking away from their homes. Even if you are behind on your mortgage and upside down on your home, you may n > read more
Bankruptcy Reaffirmation Agreements: What You Should Know
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When a Chapter 7 bankruptcy case is pending, a reaffirmation agreement can be drawn up and entered into that stops the particular debt it applies to from being discharged or replaces it with a new agreement. In simpler terms, the debtor enters into > read more
The Value of the Automatic Stay
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Millions of Americans continue to labor under the pressure of mounting debt while struggling to find employment in a job market that continues to be sluggish. Many people feel the stress and pressure of sinking deeper into debt and feel trapped. > read more
Avoiding A Judgment Lien in Bankruptcy
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Once a creditor obtains a judgment against you in court, there are several options available to the creditor to collect on the awarded judgment. One of the often used methods is to record the abstract of judgment with the county recorder. The creditor in many states can take the awarded judgment and record a lien [...] > read more
Should I Withdraw Money From My Retirement to Pay Creditors?
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When your facing harassing and abusive creditor calls and you do not have enough income to pay creditors it can get extremely overwhelming and frustrating. You will inevitably look to whatever options will help get the creditors off your back and avoid bankruptcy. One of the worst decisions you can make is to turn to [...] > read more
Business Debts Can Help You File Chapter 7 Bankruptcy
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Chapter 7 bankruptcy, can provide a real solution to current or previous business owners who incurred significant business debt in building their business and continuing to operate their business. However, filing for Chapter 7 bankruptcy can pose a problem if you need to pass the means test. Qualifying for Chapter 7 bankruptcy when you earn [...] > read more
How Much Debt Do I Need to File for Bankruptcy?
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There is a common myth that you need to be at least $10,000 in debt or more to file for bankruptcy. Nothing in the bankruptcy code specifies that you need a minimum amount of debt to file for bankruptcy. There is nothing in the laws that prohibits you from filing for bankruptcy because you owe [...] > read more
Using Chapter 13 Bankruptcy to Repay Your Student Loans
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Student loan repayments can be overwhelming, especially when the monthly payment looks more like a mortgage payment. Many people who are graduating from school are finding themselves with huge student loans, and in jobs that do not offer enough income to meet their necessities and also cover the monthly student loan payments. Although there are [...] > read more
Should I Modify My Home Loan Before or After Filing for Bankruptcy?
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When filing for Chapter 7 bankruptcy, one of the common questions I run across with clients is whether they should complete a loan modification prior to filing for bankruptcy or after. The answer to this question depends on your particular factual situation and whether completing a loan modification prior to filing for Chapter 7 bankruptcy, [...] > read more
Can You Eliminate a Tax Lien in Bankruptcy?
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Not being able to pay federal or state income taxes can lead the IRS or the state to place a tax lien on your real property and personal property. Filing for bankruptcy can help in many situations resolve the issues and consequences that can result from having a tax lien placed on your personal or [...] > read more
Does My Husband/Wife Have to File Bankruptcy with Me?
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Once of the biggest concerns for married couples is: Does my spouse have to file bankruptcy with me? Do we have to file bankruptcy together? The answer is: No there is no requirement that married couples file bankruptcy together. Your wife or husband can file bankruptcy individually. Whether it is advisable that you file for [...] > read more
Can Bankruptcy Stop An Eviction?
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Can Filing f or Bankruptcy Help You Stop An Eviction? If you are facing a possible eviction from your home or apartment then filing for bankruptcy can stop the eviction process in most circumstances and provide you with some additional time. When you file for bankruptcy the automatic stay begins which stops most judicial proceedings [...] > read more
How Long Do I Have to Respond to the Lawsuit from My Credit Card?
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Failure to make payments on your credit cards or personal loans can result in a creditor filing a lawsuit to collect on the money owed. After the creditor files the case in court, he will serve you with a copy of the summons and complain. In California, the summons provides you information on the time [...] > read more
Judgment Proof and Bankruptcy
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There are some individuals that because of their income and assets may not need to file for bankruptcy. Bankruptcy is a tool that can help individuals with income and assets, avoid creditor seizure and garnishment. When an individual has minimal as > read more
Are Revocable Trusts Protected in Bankruptcy?
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Many people have opted to have a living trust created that provides for the distribution of their assets after their death. Most of the living trust that are created are revocable, meaning that they are subject to change. A revocable trust can the mo > read more
Community Discharge Protects Non-Filing Spouse
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One of the greatest benefits that bankruptcy affords a non-filing spouse in California is the community discharge protection. When one spouse files for bankruptcy in California the non-filing spouse gets the benefit of a community discharge. What i > read more
Bankruptcy Rates in Los Angeles, Riverside and Orange County
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News agencies continue to report that we are no longer in a recession period , but rather a recovery stage for our economy. If this is in fact the case, the improvements in the economy should eventually trickle down to reflect fewer bankruptcy fili > read more
Can You Be Sued For Credit Card Debt?
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When you fall behind on your credit card debt your creditors have several options available to collect on the debt. One of the options is filing a lawsuit to collect on the debt. Credit card companies have the option to sue you in court to try to c > read more
Foreclosure After Bankruptcy- Do I Have to Pay the Mortgage Company?
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If you have a home with a mortgage payment that you kept through your Chapter 7 or Chapter 13 bankruptcy you have probably wondered about: What will happen in the future if I cant make my mortgage payment? Will the mortgage company be able to come af > read more
How Are 401K Loans Treated In A Bankruptcy?
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Most people who are experiencing financial difficulties have tapped into their retirement plans to try to catch up on mortgage payments, medical bills or credit card debt. Borrowing against your 401K retirement, will require that you pay the amount > read more
How Much Does it Cost to File for Chapter 13 Bankruptcy?
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One of the main concerns you may have when considering filing for bankruptcy is the costs involved. If you are considering filing for Chapter 13 bankruptcy then be aware that the cost to file can vary based on where you live. How are Fees Determined? > read more
Are Attorney’s Fees from a Divorce Dischargeable in Bankruptcy?
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A lot of the clients that come in to our office have not only experienced a loss of a job, illness or disability, but many times they are in the process of either getting a divorce or have already gone through a divorce or separation. Many clients fi > read more
Are Property Settlement Agreements Dischargeable in Bankruptcy?
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If you have been through a divorce and there was some assets involved then chances are that you entered into a property settlement agreement. As part of your agreement you may have had to provide a payment to your ex-husband or ex-wife over the cours > read more
Can Bankruptcy Get Rid of Divorce Debt from a Hold Harmless Clause?
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What happens when you agree to pay the debt of your ex-wife or ex-husband as part of your divorce decree? What if you can’t pay the debt and you want to file for bankruptcy. Can you get rid of the debt as part of the bankruptcy? The answer > read more
Can I Keep My House and File for Bankruptcy
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Many people who are considering filing for bankruptcy are worried that filing for bankruptcy will lead cause them to lead their home. Filing for Chapter 7 does not mean that you will lose your home. In most situations you will be able to keep your ho > read more
Public Notice of Bankruptcy Filing
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Most people who are filing for bankruptcy are concerned about having relatives or neighbors know that they are filing for bankruptcy because of the bankruptcy being a public record. This is very unlikely since it is rarely reported in newspapers and > read more
Credit Unions and Cross-collaterization
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Many credit unions are notorious for placing cross collateral clauses in their car loans. Signing an agreement with a cross collateral clause means that you are putting up the vehicle as collateral for both the car loan and any other loans or lines o > read more
Discharging EDD Overpayments in Bankruptcy
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In bankruptcy generally you can discharge the edd unemployment overpayment but many courts find that the unemployment insurance overpayment can be recouped after bankruptcy. This means that if later on you seek unemployment benefits they can withhold > read more
What Happens to My Tax Refund in a Chapter 13 Bankruptcy?
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You may look forward to receiving your tax refund in the hopes of covering any necessary or emergency expenses that have come up throughout the year. If you are in a Chapter 13 bankruptcy you may think that keeping your tax refund is necessary to hel > read more
Can My Social Secuirty or SSI Be Garnished?
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If you are receiving Social Security or SSI chances are that you are living on a fixed income. If you owe creditors for medical bills, credit cards or personal loans you may be worried that the creditor will garnish your social security or disability > read more
Do I Have to Take a Credit Counseling Class Before Filing Bankruptcy?
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If you have decided to file for bankruptcy you need to know the steps you need to take to file your case. One of these steps is completing a credit counseling class. Amendments to the bankruptcy code in 2005 made it a requirement to complete a credit > read more
California Bankruptcy Judge Allows Same Sex Marriage to File Jointly
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A recent decision from Judge Donovan in the Central District of California could allow same-sex marriages to file a joint bankruptcy petition in court. Same sex marriages had been prohibited from filing a joint bankruptcy petition under the assumptio > read more
Timeshares and Bankruptcy- What Happens to the Maintenance Fees?
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Many families who are going through a difficult financial situation from credit cards and medical bills, may also be struggling with paying timeshare maintenance fees.What happens if you decide that you want to surrender this timeshare in bankruptcy? > read more
What Happens to My Tax Refund in a Chapter 7 Bankruptcy?
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Holding on to your 2011 IRS and California tax refunds when you’re filing a Chapter 7 bankruptcy is a matter of careful timing and tactics. In most cases we can help you keep your refunds, but we have to work closely together to make that happen. Be aware that when your Chapter 7 bankruptcy is [...] > read more
Can You Remove A Homeowners Assocation Lien from Your Home?
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Many homeowners in California are facing growing problems in trying to not only keep up with their mortgage but their monthly homeowners association payments. In California, a homeowners association can exercise the right to place a lien on your home for past due HOA fees. A homeowners association can eventually foreclose on a property for [...] > read more
Can I Discharge Income Taxes in A Chapter 7 Bankruptcy?
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If you owe income taxes, especially on more than one tax year, or you owe a large amount, Chapter 13 is often the better way to go. But you CAN also write off (“discharge”) certain income taxes with a straightforward Chapter 7 filing. To do so, however, the tax debt that you are trying to [...] > read more
The Effect of Recent Prior Bankruptcy Filings on the “Automatic Stay”
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The automatic stay protects you and your property from your creditors when you file bankruptcy. This is one of the most important benefits of filing bankruptcy. But if you filed a previous bankruptcy case or two which were dismissed (closed without being completed), your new bankruptcy case may lose that crucial protection. The automatic stay [...] > read more