Articles Posted in Bankruptcy

Bankruptcy is a legal procedure which allows individuals, businesses, and even government entities to eliminate debt with the protection of the federal bankruptcy court. A bankruptcy case is filed under one of the chapter of title 11 of the United States Code, or more specifically, the U.S. Bankruptcy Code. For individuals, most bankruptcies fall under…

A personal guarantee is an agreement to make oneself personally liable for a debt to a lender. These are often used by small business owners to secure lines of credit by putting up their personal assets to repay the loan. Personal guarantees play an important role in small business in America. Many banks understand that…

Much of the negative feeling towards bankruptcy revolves around not knowing what will happen if you file chapter 7 or chapter 13 bankruptcy. As a result, one of the biggest questions surrounding the issue of whether or not to file bankruptcy in Sacramento California is what happens to investments during bankruptcy. The answer depends on…

When you file for bankruptcy protection, the U.S. Bankruptcy Court will assign a bankruptcy trustee to your bankruptcy case. Bankruptcy trustees are an important function of your bankruptcy, and according to many bankruptcy attorneys in California, your success in having your debts discharged lies firmly in the lap of your bankruptcy trustee. The bankruptcy trustee’s…

While it may be hard to assign a value to everything you own, the valuation of your property is very important when filing for bankruptcy. When you file for bankruptcy protection, there are several forms to fill out, including the voluntary petition for individuals filing for bankruptcy, which outline your basic information, your debt, contracts…

Much of the anxiety surrounding bankruptcy is a factor of the timing. It is said that timing is everything and nothing could hold truer when it comes to the timing of filing a bankruptcy petition. When filing for either Chapter 7 or Chapter 13 bankruptcy there are certain situations when it makes sense to file…

In both California Bankruptcy law, as well as Federal bankruptcy law, there is no requirement that says you must have a job in order to declare bankruptcy. In fact, loss of employment, is a contributing cause of bankruptcy in the US. When filing for Chapter 13 bankruptcy, however, not having stable income may be an…

Even though employment law and bankruptcy law are two separate areas of the law, they often intersect when individuals are concerned about their employment and how a California bankruptcy will affect it. We often hear the question: “Can I be fired for filing bankruptcy?” An employer can only take an employees financial condition into account…

Except for a handful of exceptions, anyone wishing to file for either Chapter 7 or 13 bankruptcy must take a credit counseling course within 180 days prior to filing for bankruptcy. This new bankruptcy requirement came into effect with a number of new bankruptcy laws in October of 2005. The main purpose of bankruptcy counseling…

Typically, when someone files for Chapter 7 Bankrtupcy they must pass what is referred to as a Chapter 7 means test. But many former service members ask how bankruptcy work for veterans and is the process the same for them? The answer to this question is that along with the other benefits one receives from…