How Long can a Creditor Collect from me After a California Judgment & How can Bankruptcy Help?
When a person stop paying on her unsecured debt like credit cards, usually the creditor will file a lawsuit as an attempt to collect on the debt. Once the creditor receives a judgment in its favor at the completion of the lawsuit, the creditor can collect on that judgment for 10 years. Before the 10 […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Does Bankruptcy Discharge of One Spouse Protect Community Property or Non Filing Spouse?
Before answering this question, lets go over the basics of community property. California is a community property state. How does living in a community property state like California affects property ownership interests and liability of debts during marriage? Property acquired during marriage is presumed to be community property. This is the default setting unless you […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Increased in California Bankruptcy Exemptions on April 1, 2016
On April 1, 2016, residents of California filing Bankruptcy will have an increase in exemptions to protect their assets. In a Chapter 7 Bankruptcy, the amount of exemption available determines how much assets you will be able to keep. For those filing Chapter 13 Bankruptcy, it determines the amount of your monthly payment to your […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Am I Eligible to File for Chapter 13 Bankruptcy?
You must be (1) an individual with (2) regular income and you or your spouse's debts are (3) below the applicable ceiling. (1) You must be an individual. You and your spouse may file a joint Chapter 13 Bankruptcy petition. However, business entities like corporation, limited liability company, partnership cannot file for Chapter 13 Bankruptcy […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – What Debts are Not Discharged in Chapter 7 Bankruptcy?
When considering whether to file a Chapter 7 Bankruptcy, one of the questions that must be answered is will the debt be discharged in a Chapter 7 Bankruptcy? Some debts pass through Chapter 7 Bankruptcy. For example, secured debt like a mortgage or auto loan still attached to the collateral. If you are in default after […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Certain Debts that Survive Chapter 13 Bankruptcy Discharge
There are certain debts that Chapter 13 Bankruptcy cannot discharge. I will cover the most common debts below: 1. Student Loans. You cannot discharge student loan debt without showing undue hardship whether you filed a Chapter 13 Bankruptcy or Chapter 7 Bankruptcy. 2. Recent Taxes. If you owe income tax to the Internal Revenue or […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Chapter 7 Bankruptcy Means Test Limited to Primarily Consumer Debts
The Means Test is used to determine eligibility for Chapter 7 Bankruptcy. However, if your debt is not "primarily consumer debts", then you can bypass the Means Test because you automatically pass the Means Test. What is considered "Consumer Debt"? Under the statute, Consumer Debt is defined as debt incurred by an individual "primarily for […]
Can New Debt or Loan be Incurred During Chapter 13 Bankruptcy?
It depends on what kind of debt. The most common debt or loan that Chapter 13 Bankruptcy filers will incur is an car loan to replace their car. Depending on the local rules of your court, the procedures for getting a new loan for a car will require court approval and trustee approval. This is […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Is Co-Signer Liable for Debt if I File Chapter 13 Bankruptcy?
If you have relatives, friends, or someone who co-signed or guaranteed a consumer debt for you, the "Automatic Stay" extends to codebtors of your consumer debts upon Chapter 13 Bankruptcy filing. Creditors usually require a co-signer or guarantor for a debt because the primary borrower does not have sufficient income or assets to get approval on her own. […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield CA – Don’ts of Filing Chapter 7 or 13 Bankruptcy
If you are contemplating about filing for Chapter 13 or 7 Bankruptcy in Sacramento CA or Modesto CA Bankruptcy Court, you should NOT DO the following: 1. Don’t transfer any properties out of your name. The bankruptcy trustee will consider such transfer as "fraudulent". 2. Don’t charge anything to your credit cards before filing. (It may be […]