Foreclosure is traumatic enought without worrying whether lenders can sue you after foreclosure. Breathe deeply. California has laws that limit what a mortgage lender can do to collect its money after the foreclosure. One addresses the rights of the creditor who conducted the foreclosure sale. The other borrower protection looks at what the loan was […]
Search Results for: do you need to file bankruptcy
Title Isn’t Everything: Watch Out For The Assets In Your Spouse’s Name
Your spouse’s assets can get swept up in your bankruptcy when you live in California. Because, most likely, just holding an asset in the name of one spouse doesn’t defeat the community property presumption. I saw it play out in a first meeting of creditors when the bankruptcy trustee asked about an asset. But it’s […]
Two Strikes & You’re Out (Of Your Home)
Three strikes and you’re out. Anyone familiar with baseball knows that one. The rules are different in bankruptcy. Two strikes and you’re out. And for one couple, they’re not only out of bankruptcy, they’re out of their house. Foreclosed the day after they filed bankruptcy number three. Because, what they didn’t know is that there […]
Why You Don’t Want A Bankruptcy Attorney To Fight For You
Everyone wants a good bankruptcy lawyer when they’re considering filing bankruptcy. So, how do you measure a good bankruptcy lawyer? We Fight For You! screamed the on-line headline for a bankruptcy law firm. That firm clearly thought willingness to fight was the measure. While I applaud the firm’s energy and commitment, I question their focus. […]
Bankruptcy Means Test: New Numbers, Little Impact For Bay Area
The bankruptcy means test numbers for California are out, showing median incomes moving in both directions, depending on family size. In the Bay Area, the means test income levels, coupled with the cost of housing, don’t keep many people out of the bankruptcy chapter of their choice. More. Why the means test matters The median […]
How To Pay For Bankruptcy When You’re Flat Broke
One of the cosmic ironies of our legal system is that it costs money to file bankruptcy. Bankruptcy gets you out of debt only if you have the money to file. The costs of bankruptcy include the filing fee collected by the court; the required credit counseling; and, if you’re smart, an experienced lawyer to […]
The Judgment Lien That Escaped Your Bankruptcy
What do you do when you discover old judgment liens on your home long after you filed bankruptcy? Your bankruptcy case is closed. You’re recovering nicely. Then you find there’s a judgment lien on your house from before your bankruptcy that you didn’t know about. And the law says that liens survive a bankruptcy case, […]
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 […]
What If You Ignore That Lawsuit Against You
How do you ignore a lawsuit and expect a good outcome? Yet twice in the past few months, individuals have come to me with judgments already entered against them. That’s not noteworthy; after all, I’m a bankruptcy lawyer. We deal with unpaid judgments. But both of these men explained the situation this way: the claims […]
What You Left Out Of Your Bankruptcy Schedules
One of the first questions a bankruptcy trustee will ask you at the hearing in your bankruptcy case is: did you read the schedules before you signed them? The obvious, and expected, answer is YES. And if your answer is “yes”, then the trustee can conclude that you stand behind the information that the schedules […]
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