Articles Posted in Bankruptcy

Bankruptcies often land in the headlines when a big-name celebrity files for Chapter 11. We often hear of companies such as restaurants or big box retail stores in our own neighborhoods declaring bankruptcy. Even the President of the United States has owned or operated businesses that have utilized bankruptcy law to reorganize debt. So just…

You’ve planned and budgeted for your retirement and now you seem to still be falling behind in payments. Perhaps you’ve lowered your standard of living because of unforeseen medical expenses. Maybe you’re spending more on expenses like co-payments for prescription medications than you originally planned for. It’s possible that your pension has diminished from when…

For individuals unfamiliar with bankruptcy, there are numerous myths surrounding the popular form of debt relief. It’s important to know exactly what bankruptcy can and can’t do before embarking on filing for Chapter 7 or Chapter 13 bankruptcy. Because of the long-lasting financial and personal ramifications, it’s highly recommended that you consult a professional bankruptcy…

Filing a California bankruptcy requires debtors to disclose all assets. Once you have listed all assets you can then apply exemptions to certain types and values of the property. These bankruptcy exemptions protect that specific real and personal property from being lost. The 180-day rule regarding windfall receipt of assets is an integral part of…

Bankruptcy and divorce may seem like odd bedfellows, however traversing a divorce is often financially straining. Divorce is actually one of the primary reasons for individuals filing bankruptcy in California. When dividing property, children, homes, and businesses the complexity increases the total bill. Additionally, if there are disagreements about the division of property, the family…

Attending court, for many individuals, is a highly stressful event. The primary reason for the anxiety associated with appearing in bankruptcy court, or any other court hearing, derives from the uncertainty of the outcome. Hopefully, additional information about what usually happens in bankruptcy court can curb some of the angst associated with using the US…

In order to have your debts wiped out in Chapter 7 or Chapter 13 bankruptcy case, you must disclose all your monthly income. This is performed using the “means test” which can qualify you for a discharge in Chapter 7 bankruptcy or a discharge in Chapter 13 bankruptcy. In certain situations, showing your monthly income…

When filing bankruptcy, your bankruptcy attorney will explain the filing process which includes filling out a list of creditors and the amount of debt that you owe them. The bankruptcy court will notify your creditors that you have filed bankruptcy and let them know what they need to do in order for the bankruptcy court…

In bankruptcy, a creditor’s claim is a right to payment by a debtor. In turn, a debt is defined as a liability on that claim. So in other words, when we say that a creditor has a claim in a bankruptcy case, they have a right to be paid from the proceeds on any Chapter…

Having to face a lawsuit is by far one of the most stressful things a person can endure. By filing for bankruptcy protection, you are automatically given what is called an “automatic stay” which legally stops creditors from collection activities, including lawsuits which they are pursuing against you. Stop Debt Lawsuits The automatic stay prevents…