Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – What is Automatic Stay? Are there Exceptions to Bankruptcy Automatic Stay?
Upon filing of a bankruptcy case, automatic stay immediately comes into effect and stop creditors from taking action against debtor and debtor's properties. This is a powerful tool if your goal is to stop a foreclosure, wage garnishment, IRS tax levy or lien, repossession, lawsuit, or creditors' harassment. However, automatic stay does not stop all […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Bankruptcy Discharge Protects Community Property Acquired Postpetition from Creditor even if only One Spouse filed
When one spouse filed for bankruptcy, whether it is Chapter 7 or 13 Bankruptcy, the community property of both spouses become property of the bankruptcy estate. Under 11 U.S.C. 523(a)(3), the bankruptcy discharge would protect community property acquired by either spouses postpetition (the date after filing) from prepetition community creditors. Any community debt that is […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Do I Still Protection from my Creditors when I File Multiple Bankruptcy?
It depends on how far apart you file the multiple bankruptcies. If you file a second bankruptcy within 365 days from the dismissal of the prior bankruptcy, your automatic stay might be limited to 30 days from the date of filing your second bankruptcy. Automatic stay stops most creditors from trying to collect from you like […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Debt Settlement vs. Chapter 7 or 13 Bankruptcy
Once in awhile a client will ask about whether debt settlement would be a better option to filing Chapter 7 or 13 Bankruptcy. When you are trying to settle your debt with a creditor, you must keep in mind that the creditor typically expect you to pay the settlement in full and at once. Even if […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – How Bankruptcy Discharge of One Spouse Protects Community Property
To understand how a bankruptcy discharge obtained by one spouse protects the community property (or both halves of the community property) from creditors of the non-filing spouse, lets review the facts and analysis of a bankruptcy case reviewed by the Bankruptcy Appellate Panel in 2007: Rooz v. Kimmel (In re Kimmel), 378 B.R. 630 (B.A.P. 9th Cir. […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – I don’t want to Lose My House in Chapter 7 Bankruptcy. Can Chapter 13 Bankruptcy Help Me?
If you have a lot of equity in your home–more than what the California exemption can protect–Chapter 13 Bankruptcy might be an option for you. If you want to keep your home, filing Chapter 7 Bankruptcy (aka "liquidation" bankruptcy) can result in the force sale of your home by the Chapter 7 Trustee to repay […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – How Chapter 13 Bankruptcy can Help You with IRS Tax Debt
If you owe tax debts that are not dischargeable in Chapter 7 Bankruptcy or Chapter 7 Bankruptcy is not a viable option, you should consider Chapter 13 Bankruptcy as a potential option for your tax debt woes. Chapter 13 Bankruptcy can force the IRS into accepting a payment plan for up to 60 months, whether the […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Should I File Chapter 7 or 13 Bankruptcy?
It depends on each client. Chapter 13 Bankruptcy can do more than a Chapter 7 Bankruptcy. Chapter 13 Bankruptcy can stop foreclosure and car repossession by putting the arrears in a payment plan up to 60 months. Chapter 13 Bankruptcy can force your creditors, especially IRS tax debts, into a payment plan up to 60 […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Debts Discharged In Bankruptcy are Not Taxable
A question asked by my clients during a bankruptcy consultation at Sacramento and Stockton, CA office is whether debts discharged in Bankruptcy are taxable? The answer is no. Why did a family member or a friend receive a 1099-C form from their creditors after receiving a discharge from Chapter 7 or 13 Bankruptcy they asked. Creditors […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Should I File my Tax Return if I cannot pay My IRS Tax Debt?
October 15, 2016 is coming up and so is the deadline for the extension for tax filing. I have several clients tell me that the reason why they did not file their tax return is because they cannot afford to pay the taxes owed. According to them, by not filing their tax return the Internal […]