According to recent statistics, over 3,500 people filed for bankruptcy in Sacramento bankruptcy court during May 2017. Most of them – over 2,600 people – filed for Chapter 7, which is the most common type of bankruptcy in California and nationwide. If you’ve thought about filing for Chapter 7 in Sacramento, Folsom, Roseville, or the surrounding area, continue reading to…
It is perfectly legal to file Chapter 7 bankruptcy in California without a lawyer. However, while nothing in the U.S. Bankruptcy Code will prevent you from filing bankruptcy without legal representation, it is financially unwise to declare bankruptcy without professional help from an experienced attorney. Continue reading to find out why you should never file Chapter 7 without consulting a…
Chapter 11 bankruptcy, which is also known as “reorganization bankruptcy,” is commonly used by C corporations, S corporations, limited liability companies (LLCs), and partnerships in California. Chapter 11 can also be filed by individuals, but these cases are so rare that Chapter 11 is primarily associated with small businesses and large companies. Our Sacramento bankruptcy lawyers explain what happens when…
Unfortunately, it has become a common misconception that filing for bankruptcy will cause you to lose all of your property. Very seldom is this actually true. In most cases, the people who file bankruptcy in California – also known as “filers,” “debtors,” or “bankruptcy petitioners” – can keep much of their property and protect their assets by using bankruptcy exemptions.…
We usually think of credit cards and medical bills as the leading culprits behind consumer debt. However, many Californians struggle with an additional source of financial hardship: taxes owed to the IRS. While tax payments can seem overwhelming, the good news is that it may be possible to discharge (eliminate) certain tax debts by filing for Chapter 13 bankruptcy. However,…
Chapter 11 bankruptcy is occasionally used by individuals, but is more commonly utilized by businesses. Though arguably the most complicated form of bankruptcy Chapter 11 has the power to save a failing business from complete financial collapse when used strategically. Chapter 11 also has an added benefit for business owners: unlike other forms of business bankruptcy, such a Chapter 7,…
Filing for bankruptcy is a complex decision. Filing bankruptcy while married brings an entire set of additional legal and financial considerations into the picture. Sacramento bankruptcy lawyers discuss what happens when you file for bankruptcy jointly with your spouse, including whether married couples have to file bankruptcy together in California, and some other important facts about bankruptcy and marriage. What…
Sunny, star-studded California is an iconic piece of the American dream, a place where entrepreneurs come to transform ideas into realities. While some of the world’s most successful businesses call Hollywood and Silicon Valley home, other companies — including a few familiar brands — have been challenged by chronic financial difficulties that led to filing for bankruptcy. Read on to…
Several bankruptcy options may be available to debtors in California. Depending on your disposable income and your reasons for declaring bankruptcy, it may make the most financial sense to file Chapter 7, Chapter 13, or in rare cases, Chapter 11. Our Roseville bankruptcy attorneys compare the different types of bankruptcy and explain how each works. When you contact our law…
It’s that time of year again: tax season. While the 2017 tax filing deadline has already passed, thousands of Californians who applied for extensions are still sorting through their financial paperwork. Some of them – perhaps yourself included – are probably wondering whether they can discharge (eliminate) income tax debts by filing for Chapter 7. This is a common bankruptcy…