A separated couple have the option of filing a Chapter 7 bankruptcy together. Despite keeping separate households, they can still qualify for bankruptcy. However, there are some important things to be considered. Keep reading to avoid some common problems in these type of cases. First, separated couples will have to file two Schedule Js. Schedule […]
To qualify for bankruptcy, there are multiple things to look at. Debt, income, and other factors all play a role. This article will focus on qualifying for Chapter 7 Bankruptcy. The first qualification is that you must have debt. There is not necessarily a hard and fast rule about how much debt you must have to […]
My office now has a new phone number. You can reach me at (916) 333-2222.
Can bankruptcy stop lawsuits? Yes! This is one of the most powerful features of filing bankruptcy. The instant a person files a bankruptcy case, the “automatic stay” goes into effect. The automatic stay is intended to give a debtor (the person that filed bankruptcy) some breathing room to sort out his or her finances. Crucially, […]
Here in California, a judgement creditor can garnish your wages. A creditor can take up to 25% of your gross paycheck each pay period. For many of my clients, this is a disaster waiting to happen. Let me tell you how garnishments start, and how to stop it. Before a creditor can take money from your […]
Almost everyone that calls my office wants to know whether they can keep their car despite having filed for bankruptcy. The answer is almost always yes! In a Chapter 7 Bankruptcy, also known as a liquidation, a debtor’s assets are subject to being taken by the Bankruptcy Trustee. However, in most consumer cases, this never […]
Want to file bankruptcy? The bankruptcy process can be very intimidating and confusing. And that’s for good reason. Bankruptcy is a critical life decision that has long-lasting implications. But at its core, the bankruptcy process is comprised of a few important areas. 1. Assets The bankruptcy court and the bankruptcy trustee want to know about […]
One important part of filing bankruptcy is listing all of your debts. Many of my client ask whether Credit Karma is a good tool for determining their creditors. In the past, I have said no. This was because Credit Karma did not provide enough information about your creditors. This has changed. Credit Karma is now offering […]
According to this article in the Seattle Times, 35% of Americans have debts that are being reported as delinquent. That means that debts are being pursued by debt collectors. The article goes on further to say that the amount of debt delinquency has remained constant since the Great Recession. This is concerning because the economy, […]
This article from the New York Times confirms what I often see in my office: many people are being put into bad car loans with very high interest rates. I define a bad car loan as having two main characteristics: 1) the value of the loan is typically much higher than the value of the […]