Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Why Choose Chapter 13 Bankruptcy over Chapter 7 Bankruptcy?
Chapter 13 Bankruptcy is a "reorganization" plan that allows you to keep your assets while providing you a way to achieve a fresh start. People usually file Chapter 13 Bankruptcy in my Sacramento, Stockton, and Fairfield Bankruptcy Attorney Office for the following reasons: 1. they want to catch up on their mortgage or auto loan in […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – How does Filing Bankruptcy Effect Property Division during a Divorce Proceeding?
When one spouse files for either a Chapter 13 Bankruptcy or Chapter 7 Bankruptcy, "Automatic Stay" immediately comes into effect upon bankruptcy filing. Automatic Stay stops most legal action pending when the bankruptcy case is filed. If you are in a middle of a divorce (aka dissolution of marriage) proceeding and one spouse filed for bankruptcy, […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Are Child Support and Alimony Dischargeable in Bankruptcy?
A quick answer is "no". You cannot file for bankruptcy to get out of paying your obligation for child support or alimony. If you are owed child support or alimony, bankruptcy is not a threat to your rights to receive those payments. Chapter 7 Bankruptcy will benefits both sides by eliminating creditors competing for the same […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Can I Transfer Title or Ownership before Filing Bankruptcy?
The biggest mistake a debtor can make right before filing for Chapter 7 or Chapter 13 Bankruptcy is transfer a car or real estate title out of his or her name. It is wrong to assume that if you transfer a property out of your name, your property is now safe from the reach of […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Why Should I Disclose Claims or Lawsuit in Bankruptcy?
When you filed for bankruptcy, you must disclose all assets in your bankruptcy petition. A legal claim or lawsuit where you are the plaintiff is considered an asset and must be disclosed in your bankruptcy proceeding. Even if you have not filed a lawsuit but have a legal claim against someone that you potentially have […]
Ask Sacramento Bankruptcy Attorney – What is the Means Test?
The means test is used to determine who is eligible for Chapter 7 Bankruptcy. It applies to people whose debt is primarily consumer debt. If you have more than 50% business debt or tax debt, the means test does not apply to you. There are other exceptions to the means test like majority of the […]
Ask Sacramento Bankruptcy Attorney – Why is Reaffirmation Agreement Necessary?
The major change in bankruptcy law in 2005 called BAPCPA eliminated the choice to "retain and pay" your car loan when filing bankruptcy. This means that car lender can repossess your car even though you are current on your car payment just because you filed for bankruptcy. However, the reaffirmation agreement preserves the car contract […]
Ask Sacramento Bankruptcy Attorney – Must All Debts be Included in Bankruptcy?
Yes, you must list all your debts in your Chapter 7 and 13 Bankruptcy petition even if those debts are not dischargeable debts or if you want to continue paying your car loan. The bankruptcy code requires you to list all your debts or risks denial of bankruptcy discharge if you don't. All debts means […]
Ask Sacramento Bankruptcy Attorney – Bankruptcy Discharge vs. Dismissal
There is some confusion from clients about bankruptcy discharge and bankruptcy dismissal. Some clients use those terms interchangeably. However, the two terms mean very different things. A bankruptcy discharge is desirable at the end of a Chapter 7 Bankruptcy or Chapter 13 Bankruptcy case. It means that you successfully completed your bankruptcy case and eliminates dischargeable, […]
Timing of Bankruptcy Discharge & Multiple Bankruptcy Filings – When to File?
Multiple Bankruptcy Filings You already filed for bankruptcy but now you find that you need to file again. How long should you wait to file another bankruptcy to qualify for bankruptcy discharge? Previously Filed Chapter 7 Bankruptcy Case: If you received a Chapter 7 Bankruptcy discharge in a previous case, you must wait 4 years before filing a new […]