Can I discharge a judgment once it’s entered, was the first question the caller asked. Do I have time to file bankruptcy? The caller was sure he had to file bankruptcy before the court entered judgment or he’d be stuck with the judgment forever. Not so. Bankruptcy discharges judgments. And, a judgment in California does not […]
Bankruptcy Discharge For One Spouse Yields Benefits For Non-filing Spouse
Spouses don’t have to file bankruptcy together. Often there are strategic reasons for only one spouse in a community property state like California to file. So, where does that leave the non-filing spouse when creditors come calling? Community property in bankruptcy Central to this discussion is the way the Bankruptcy Code treats community property. When […]
How 13 Works To Save Your House From Foreclosure
Saving a house from foreclosure is the single reason most people file bankruptcy. Bankruptcy stops foreclosure- that’s a given. But then what? How can bankruptcy save the house from foreclosure, rather than just putting off the inevitable loss? After all, the mortgage lender has a lien on the house, and liens aren’t discharged in bankruptcy. […]
Danger In Delaying Division of Property In CA Divorce
Delay dividing property in your California divorce and a bankruptcy filing may cost you any shred of control over the division. All it takes is for your ex-spouse to file bankruptcy, and all the assets and the debts of the marriage become entangled in a bankruptcy case. Understand California community property That’s because your assets […]
Laboring Over Bankruptcy Papers
Why is preparing the bankruptcy papers so much work? Paper. Statements. Tax returns. Car contracts. Pay stubs. Appraisals. Title reports. Credit counseling. It gets tedious fast. So, why is bankruptcy so complicated? Do you want the polite, professional answer, or the pointed, political answer? Bankruptcy bargain Polite answer first: the bankruptcy bargain, your deal with the […]
California’s New Exemptions For Money In The Bank
California has finally created a state law exemption for cash in the bank. Californians filing bankruptcy no longer face loss of all the funds in their bank accounts when they choose California’s generous homestead, thanks to changes in exemption law. Two exemption statutes , new in 2020 , provide protection for cash in the bank […]
How Much Is My Chapter 13 Payment
Intrigued by Chapter 13, but worried about how much your Chapter 13 payment might be? OK, let’s walk through what your payment must be by law and what you want that payment to cover to get a fresh start. Part of the power of Chapter 13 is that you write the plan, with the help […]
Personal Assets Can Be At Risk For Your Business Debts
Business debt can bleed over into an entrepreneur’s personal assets. Hearing me say that, my client was dumbfounded. He was aghast that the generous equity in the home he and his wife owned was at risk when his corporate business folded. That was not because the shareholder is liable for the corporation’s debts. A properly […]
The Bankruptcy Problem Your Lawyer Can’t Fix
Everyone considering bankruptcy faces the question of what to tell their lawyer. Sometimes it’s a problem you don’t want to face yourself, or a debt your spouse doesn’t know about. The problem even the best bankruptcy lawyer can’t fix is the one you hide. Maybe it’s a claim you hope to bring after the bankruptcy. You’re […]
Who Gets To Skip Bankruptcy’s Means Test Entirely?
The couple in my office was despondent when another bankruptcy attorney told them that, despite $100,000 in old taxes, they couldn’t file Chapter 7. This fine fellow told them that the means test showed they had $3000 of disposable income per month. A Chapter 7 would be an abuse of bankruptcy under the law. Only […]
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