Debts may accumulate far beyond where a California resident can cover the balances. Upon exhausting all other options to deal with them, many will explore protections under federal bankruptcy laws. Personal bankruptcy could involve filing for Chapter 7 or Chapter 13....
Nobody wants to think about both bankruptcy and end-of-life planning at the same time, which is understandable. However, you should at least be aware of how the latter can impact the former so that you can be prepared and plan accordingly. Can bankruptcy affect your...
Filing a Chapter 7 bankruptcy in California and around the country became a little more difficult in 2005 when Congress revised the nation's bankruptcy code. To prevent abuses of the financial system and protect lenders from consumer fraud, an income test was...
Tens of thousands of California residents file Chapter 7 bankruptcies each year, and the vast majority of them own cars. Many of them put off filing for bankruptcy because they were worried about their vehicles being seized and sold off to pay their creditors, but...
If you file for Chapter 7 bankruptcy in California, a trustee will be assigned to your case. This person typically performs a variety of functions that help to ensure that each party's interests are preserved throughout the bankruptcy process. The trustee inventories...
Anyone considering filing for Chapter 7 bankruptcy is likely dealing with a challenging debt situation. When assets and income cannot come close to paying various obligations, a California debtor may take the means test to see if Chapter 7 is viable. Anyone eligible...
Also known as “liquidation,” Chapter 7 bankruptcies are the most common chapter of bankruptcy filed in the United States. On average, approximately 62% of all personal bankruptcy filings are Chapter 7 cases. Chapter 13 cases account for roughly 37% of personal bankruptcy filings. Less than 1% of the remaining cases filed are individual Chapter 11 cases. There are some differences…
One of the many questions people have when they first talk with a bankruptcy attorney is, “how long will it take for me to file?” The answer, like many other answers concerning bankruptcy, is, “it depends.” Many factors should be carefully considered before filing. The success of any bankruptcy filing depends on the work that goes into the case before…
There is a good deal of misinformation concerning bankruptcy. People hear different myths and bits of incorrect facts about bankruptcy from friends, family members, and co-workers. Unfortunately, over the years, many of these misconceptions have wormed their way into the public consciousness. One question that has come up lately regards the average monthly payment required when some files for Chapter…
People worry about debt. They also worry about their credit score. One of the reasons people facing a difficult financial crisis avoid bankruptcy is because they are worried about its effect on their credit score and credit report in the future. However, while filing for Chapter 7 might lower your credit score in the short-term, it is often the quickest…