Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Do I Qualify for Chapter 7 Bankruptcy under the Means Test?
The purpose of the Means Test is to keep high income earners away from Chapter 7 Bankruptcy and into Chapter 13 Bankruptcy. However, some high income earners do qualify for Chapter 7 Bankruptcy depending on their expenses, such as high mortgage, high out-of-pocket medical expenses, backed child support, etc. Basically, Chapter 7 Bankruptcy is meant for […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Debtor’s Possession of Assets in Chapter 13 Bankruptcy
One great advantage of Chapter 13 Bankruptcy over Chapter 7 Bankruptcy is Debtor's right to possess assets that are not protected under the California exemptions. Under a Chapter 7 Bankruptcy, the trustee can liquidate or confiscate assets that are beyond the protection of the California exemptions. You can only have so much assets in a […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – How does Chapter 7 and 13 Bankruptcy Affect Secured Debts?
A secured debt is a loan that is secured by a collateral so that if you default on the loan, the lender can repossess the collateral. Car loan, mortgage and auto title loan are some examples of secured debt. An unsecured debt can become a secured debt. For example, a credit card can sue you […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – How does Multiple Bankruptcy Filings Affect Automatic Stay?
Is there Automatic Stay protection for Debtor when there are Multiple Bankruptcy Filings? First, it depends on whether the prior bankruptcy case was dismissed or successfully discharged. If the prior bankruptcy case was dismissed, is the current bankruptcy filed within 365 days from the date of dismissal of the prior bankruptcy case? If yes, how […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – I filed a Chapter 13 Bankruptcy, will my co-signer be protected under the Automatic Stay?
Upon filing of Bankruptcy, Automatic Stay takes into effect to prevent most creditors from collection attempts. However, there are some exceptions or limitations to automatic stay such as multiple bankruptcy filings and dismissal(s) within 365 days, etc., which will be discussed in a different blog. Automatic Stay in Chapter 13 Bankruptcy offers broader protection than […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – I filed a Bankruptcy, can I File Another One and Receive a Discharge?
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Chapter 13 Bankruptcy Lienstrip without Discharge
In a 2015 bankruptcy case reviewed by the Bankruptcy Appellate Panel for the Ninth Circuit, debtors can strip off a wholly unsecured junior lien from their home even though they are not entitled to a discharge under Chapter 13 Bankruptcy. Boukatch v. MidFirst Bank (In re Boukatch), 533 B.R. 292. Debtors in the case filed […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Who is Eligible to File for Chapter 13 Bankruptcy?
Only individuals can file for Chapter 13 Bankruptcy. This means corporation, limited liability company, partnership cannot file for Chapter 13 Bankruptcy because they are not "individuals". However, sole proprietors can file for Chapter 13 Bankruptcy. Stockbrokers (as defined under 11 U.S.C. § 101(53A)) and commodity brokers (as defined under 11 U.S.C. § 101(6)) and their spouses cannot file […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Who is Eligible to File for Chapter 7 Bankruptcy?
Only a person that resides or has a domicile, a place of business, or property in the United States, or a municipality, may be a debtor under the Bankruptcy Code. 11 U.S.C. § 109(a). However, this is insufficient to qualify for each Chapter of Bankruptcy. Eligibility for Voluntary Chapter 7 Bankruptcy filing: Under Voluntary Chapter 7 […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Can a Junior Lien Foreclose on My Home?
When my clients tell me that they have not paid the junior lien on their home (aka second mortgage, home equity line of credit, home equity loan) for years, they always become wide-eyed when I tell them that the junior lien can foreclose on their home. A lot of times, the junior lien do not initiate […]