Medical Bills is the Leading Cause of Personal Bankruptcies – Sacramento Ranks Poorly among California Counties
It might surprise you to hear that medical bills is the leading cause of personal bankruptcies. Sacramento County ranks poorly among California counties in hospital readmission and hospital admissions. Emergency room visits are high in Sacramento California with an average rate of 290 of every 1,000 patients annually compared to statewide 228 of every 1,000 patients emergency room […]
Rising Home Prices in Sacramento Creates Challenges to Bankruptcy Filing
Home prices in the Sacramento California region rose by about 6 percent during the last 12 months. The median home price in the Sacramento region sold for $320,000 in May, 2015 according to Zillow.com. Higher home prices means more equity in your home if you are not underwater on your mortgage. If you have overwhelming […]
Must Both Spouses File Bankruptcy Together to Stop Foreclosure or Eliminate Debts?
The answer is no. Either spouses can file for bankruptcy on their own. However, many times it is better that both spouses file for bankruptcy together. This decision should be made with an experienced and knowledgeable bankruptcy attorney. Even if one spouse is filing bankruptcy, information about the other spouse's assets and income are required […]
Can Bankruptcy Change the Terms of My Mortgage?
Bankruptcy will not affect the terms of the mortgage. A Chapter 13 Bankruptcy can put the delinquent mortgage payments in a repayment plan over the course of 3 to 5 years. However, you must continue to pay the monthly mortgage payment as they become due. Bankruptcy will not force the lender to reduce the interest […]
What are My Options to Get Out of My Foreclosure?
Although foreclosure rates has drop in California cities like Sacramento, Roseville, Rocklin, Stockton, Modesto, Tracy, Vacaville, Vallejo, Woodland, and Fairfield, it is still a real threat for many homeowners throughout Northern and Central California. There are many routes that you can take to resolve your foreclosure problem. However, you must act quickly because some of these […]
Rising Home Prices in Sacramento Reduces “Underwater” Homeowners from 50% to 17% means Lower Foreclosures in Sacramento But Difficulties in Removing Junior Liens in Bankruptcy
In just 2 years from 2012 to 2014, home prices has risen in Sacramento California by about 40%. Putting it in another perspective, in 2012, about half of homeowners in Sacramento could not sell their home because they owe more than what it was worth (their homes are "underwater"). In 2014, 17% of Sacramento homeowners were "underwater" […]
Reaffirmation Agreement – Should You Reaffirm Your Auto Loan?
Upon filing a Chapter 7 Bankruptcy, if you have an auto loan, most likely your lender will ask if you want to reaffirm your auto loan. Reaffirmation agreement does not apply to Chapter 13 Bankruptcy. When you reaffirmed a debt, you agreed to be on the hook on the debt as though you never filed […]
“Debt” Trap – Beware of Automobile Title Loans
Avoid automobile title loans. If you have debt problems, you should call Muoi Chea Bankruptcy Attorney with offices in Sacramento, Stockton, Fairfield, California. Auto title loans require you to put up your car as collateral. If you miss a payment or in default, these lenders can repossess your car. Be aware that these lenders can use […]
Beware of Foreclosure Scams; Bankruptcy Attorney in Sacramento, Stockton, Farfield, CA
Desperation from the threat of imminent foreclosure can make homeowners easy targets for scams. Some signs of a scam are guarantees, pressure to act quickly without giving you time to think, or signing over title of your house. The cliche should echo loud as a bell here, "if it sounds too good to be true, it is!" Although […]
Think Twice before you Cash out your 401k Plan, IRA, and other Pension/Retirement Account
When it comes to saving for retirement you should not depend solely on Social Security to provide for you during your retirement. Social Security is going to come under pressure as the baby-boomer generation retires with fewer working-age adults to pay into the Social Security Trust Funds. The US Social Security Administration collects payroll taxes […]