Bankruptcy Law Blog

A chapter 7 bankruptcy filing provides a couple of options to deal with a secured debt like an auto loan. “Redemption” and “Reaffirmation” are options that allow the debtor to keep the car during and after the bankruptcy is complete. “Surrender” is the option that allows the debtor to return the car back to the…

Bankruptcy often occurs during a tumultuous period in life. Another tumultuous life event that often involves finances is divorce. Inevitably, bankruptcy and divorce sometimes are intertwined, so it’s important to understand the ramifications of filing bankruptcy individually versus jointly. Individual versus Joint Filing A married couple can file a joint bankruptcy, even if they are…

What is the Meeting of Creditors and Why do I have to go? One of the most central moments during a bankruptcy is the initial meeting of creditors. There are a number of procedures and requirements with which the debtor and her attorney must comply. Failure to do so will likely lead to dismissal of…

Everyone has a different idea of what bankruptcy is. Some people think that it’s a scary court proceeding in which the debtor has to give up all her possessions. Others know just enough to think that it’s a process by which the debtor has to pay back all of her debt over time. Others think…

In many cases, the most important aspect of filing for bankruptcy protection is the section that determines the debtor’s rights in their belongings. That means that these rules allow a debtor to keep certain assets after bankruptcy. In a Chapter 7 bankruptcy filing, the exemptions can determine whether or not the debtor gets to keep…

Collection companies for credit cards and pay-day loans may not put debtors in jail for simply failing behind on their payments. Yet ruthless debt collectors sometimes threaten debtors during phone calls to scare them into paying off the debt early. The best move for consumers when being harassed like this is to seek the advice…

One of the most common reasons people file bankruptcy is to get a “fresh start.” But for many folks, that fresh start is hard to come by because of credit report errors. Creditors often fail to report an updated status for discharged accounts or continue to report their pre-discharge status and balance. Such creditor conduct…

For many folks in the greater Sacramento area, the most valuable component of a bankruptcy is the automatic stay, which is usually gained immediately upon the filing of the initial bankruptcy documents. The stay stops most creditor actions against a debtor, including foreclosures, repossessions, garnishments, utility shut-offs, and, most of the time, evictions. The stay…

It might surprise you to hear that 77 million Americans who have a credit file have current delinquent debt. That means that 35% of us have an unpaid bill that is at least 30 days late and has been sent to a collection agency. Not the Whole Story These numbers might not even tell the…

Most people face financial difficulty at certain times in their lives. But for some people, the amount of stress caused by substantial debts can be completely overwhelming. If you have reached the point in your finances that you are in way over your head and can’t find a way out, you may want to consider…