Articles Posted in Bankruptcy

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…

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…