Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Why Should I Disclose Claims or Lawsuit in Bankruptcy?
When you filed for bankruptcy, you must disclose all assets in your bankruptcy petition. A legal claim or lawsuit where you are the plaintiff is considered an asset and must be disclosed in your bankruptcy proceeding. Even if you have not filed a lawsuit but have a legal claim against someone that you potentially have […]
Ask Sacramento Bankruptcy Attorney – What is the Means Test?
The means test is used to determine who is eligible for Chapter 7 Bankruptcy. It applies to people whose debt is primarily consumer debt. If you have more than 50% business debt or tax debt, the means test does not apply to you. There are other exceptions to the means test like majority of the […]
Ask Sacramento Bankruptcy Attorney – Why is Reaffirmation Agreement Necessary?
The major change in bankruptcy law in 2005 called BAPCPA eliminated the choice to "retain and pay" your car loan when filing bankruptcy. This means that car lender can repossess your car even though you are current on your car payment just because you filed for bankruptcy. However, the reaffirmation agreement preserves the car contract […]
Ask Sacramento Bankruptcy Attorney – Must All Debts be Included in Bankruptcy?
Yes, you must list all your debts in your Chapter 7 and 13 Bankruptcy petition even if those debts are not dischargeable debts or if you want to continue paying your car loan. The bankruptcy code requires you to list all your debts or risks denial of bankruptcy discharge if you don't. All debts means […]
Ask Sacramento Bankruptcy Attorney – Bankruptcy Discharge vs. Dismissal
There is some confusion from clients about bankruptcy discharge and bankruptcy dismissal. Some clients use those terms interchangeably. However, the two terms mean very different things. A bankruptcy discharge is desirable at the end of a Chapter 7 Bankruptcy or Chapter 13 Bankruptcy case. It means that you successfully completed your bankruptcy case and eliminates dischargeable, […]
Timing of Bankruptcy Discharge & Multiple Bankruptcy Filings – When to File?
Multiple Bankruptcy Filings You already filed for bankruptcy but now you find that you need to file again. How long should you wait to file another bankruptcy to qualify for bankruptcy discharge? Previously Filed Chapter 7 Bankruptcy Case: If you received a Chapter 7 Bankruptcy discharge in a previous case, you must wait 4 years before filing a new […]
Tax Penalties and Chapter 7 and 13 Bankruptcy
When you have tax debt, tax penalties will follow. If you do not pay your tax debt, tax penalties can grow to an unmanageable amount. Chapter 13 Bankruptcy discharges all unsecured tax penalties whether it is for old or new tax debt. Chapter 7 Bankruptcy discharges some tax penalties. Chapter 7 Bankruptcy discharges penalties only […]
Tax Refund and Bankruptcy
It is a myth that your tax refund is not considered an asset in bankruptcy until you file your tax return. Chapter 7 Bankruptcy Trustee can take your tax refund that has accrued up to the date of filing your bankruptcy petition if your tax refund is an nonexempt asset. Nonexempt assets are assets that is not […]
What Should I Expect at the 341 Meeting of Creditors at the Sacramento Bankruptcy Court or Modesto Bankruptcy Court?
Many of my clients get anxious when they learn that they have to appear in court. They imagine an inquisition in front of a judge with creditors berating them. The 341 Meeting of Creditors are usually a snooze if you hired an experienced bankruptcy attorney to represent you and you answered your attorney's questions honestly […]
Is it too late to File for Bankruptcy once a Creditor got a Judgment in California?
It is a myth that you cannot file for bankruptcy once the creditors received a judgment in California. The debt underlying the judgment remains just as dischargeable as it was before the case was filed. A judgment does not make a debt not dischargeable. For example, if a creditor for a credit card obtained a […]