Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – What is Chapter 20 Bankruptcy? Chapter 7 + Chapter 13 Bankruptcy
A Chapter 20 Bankruptcy is the completion and discharge received from a Chapter 7 followed by the filing of a Chapter 13 Bankruptcy. Hence, Chapter 7 + Chapter 13 equals Chapter 20 Bankruptcy. If a Chapter 13 Bankruptcy if filed within 4 years of the date of filing Chapter 7 Bankruptcy, you cannot receive a discharge from the […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Chapter 13 Bankruptcy Debt Limits Increased Effective April 1, 2016
On April 1, 2016, the debt limit to file for Chapter 13 Bankruptcy increased: Secured Debt Limit is $1,184,200 Unsecured Debt Limit is $394,725 This means that people who could not file for Chapter 13 Bankruptcy protection because of the amount of their debts prior to the April 1, 2016 increased might qualify now that the debt […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Why do Mortgage Lender Stop Sending Statement After Bankruptcy Discharge?
Even after a Bankruptcy Discharge, some mortgage lenders stop sending mortgage statements even though the lien survives bankruptcy discharge. Bankruptcy law prohibits the collection of a debt upon the date of bankruptcy filing because "automatic stay" takes into effect. Automatic Stay prevents creditors from collection activities like calling or writing you in demand of payment of […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Is Credit Card Debt Secured or Unsecured Debt? What can Chapter 7 & 13 Bankruptcy do?
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – What is the Difference between Unsecured and Secured Debt and How does Chapter 7 & 13 Bankruptcy Affect Them?
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Does Judgment Lien Recorded before Filing Bankruptcy Attach to Real Estate or Property Purchased by Debtor after Bankruptcy Discharge?
Here are the Facts: Debtor's creditor filed a lawsuit for unpaid credit card debts, received a default judgment, and recorded a judgment lien (aka judicial lien) in the county of Debtor's residence. Debtor does not own a house or any real estate. Debtor filed for Bankruptcy and received a discharge. The credit card debt underlying […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Do I have to pay for Interest on IRS Tax Debt Paid through Chapter 13 Bankruptcy Plan?
If the IRS tax debt is not dischargeable, then yes, interest does accumulate during the time you are repaying your tax debt in your Chapter 13 Bankruptcy Plan. You might get a bill from the Internal Revenue Service for accumulated interest during your bankruptcy case (aka post-petition interest) after you received a discharge for your Chapter 13 Bankruptcy. The […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Does Bankruptcy Discharge Remove Tax Lien? It Depends.
The short answer to the question is that Bankruptcy Discharge by itself does not remove tax lien. If you filed a Chapter 7 Bankruptcy case, the Chapter 7 Bankruptcy Discharge will eliminate your personal liability of the tax lien assuming that the underlying tax debt is dischargeable in bankruptcy. This means that the Internal Revenue […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Should a Business Owner File for Chapter 13 or 7 Bankruptcy?
Before answering this question, a business owner must ask: Do I want to keep my business or shut it down? Business Owner wants to keep business: If you want to keep your business assets and continue operations without interference from your creditors, it depends on the type of business entity and amount of assets you have. If the […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – What is Bankruptcy 341 Meeting of Creditors?
If you filed for Chapter 7 or Chapter 13 Bankruptcy, you must attend Bankruptcy 341 Meeting of Creditors. If you do not attend the Meeting, your case will be dismissed without discharge of your debts. The 341 Meeting of Creditors is conducted by the bankruptcy trustee, not the judge and usually last for 5 to […]