Tax Penalties and Chapter 7 and 13 Bankruptcy

When you have tax debt, tax penalties will follow.  If you do not pay your tax debt, tax penalties can grow to an unmanageable amount. Chapter 13 Bankruptcy discharges all unsecured tax penalties whether it is for old or new tax debt. Chapter 7 Bankruptcy discharges some tax penalties.  Chapter 7 Bankruptcy discharges penalties only […]

Tax Refund and Bankruptcy

It is a myth that your tax refund is not considered an asset in bankruptcy until you file your tax return.  Chapter 7 Bankruptcy Trustee can take your tax refund that has accrued up to the date of filing your bankruptcy petition if your tax refund is an nonexempt asset.  Nonexempt assets are assets that is not […]

Lawsuit and Wage Garnishment do not Happen Overnight

It usually takes weeks or months of creditors' harassment through mail or telephone before they file a lawsuit.  Borrower usually gets notice of a lawsuit by service of a summons and complaints at home or work. Creditors file lawsuits in order to collect on to the debt owed when borrower stop making payments.  Borrower has […]

In the News: Wells Fargo to pay $81.6M to homeowners in Chapter 13 Bankruptcy

Wells Fargo agreed to pay $81.6 million to settle claims that it failed to timely notify homeowners in Chapter 13 Bankruptcy of changes in mortgage payments.  Under bankruptcy law, mortgage lenders must give borrowers in Chapter 13 Bankruptcy at least 21 days notice of any increase or decrease of their mortgage payments.  Wells Fargo admitted to […]

Ask Foreclosure Attorney in Sacramento Stockton Fairfield CA – Judicial and Nonjudicial Foreclosure & Deficiency Judgment

There are two types of foreclosure in California:  Judicial and Nonjudicial Foreclosure.  The two are very different in procedure and remedies available to mortgage lenders as well as protection available to borrower. What is Judicial Foreclosure? Judicial Foreclosure is administered by state courts.  This type of foreclosure occurs less often in residential foreclosures because it […]

Ask Foreclosure Attorney in Sacramento Stockton Fairfield CA – Deficiency Judgment after Foreclosure of Real Estate

One good question asked by many homeowners during a bankruptcy consultation at my Offices in Sacramento, Stockton, and Fairfield, California:  "Can a mortgage lender sue me for the balance of the loan after a foreclosure?"  This question is common to any experienced Sacramento bankruptcy attorney. To answer this question, first I need to explain an important anti-deficiency statue in California […]

Sacramento California Median Home Price on the Rise Again & Effect on Bankruptcy Filing

Although the number of home sales in Sacramento California slowed in September, 2015, the median home sales price continued to rise compared to August, 2015. In the County of Sacramento California, 2,191 home (new and resale homes and condos) sold in September, 2015, down from 2,254 in August, 2015.  However, this is an increase from 1,892 in […]