Articles Posted in Bankruptcy

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…

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…