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 […]
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 […]