Bankruptcy Attorney Blog - Sacramento, CA - Stockton, CA - Fairfield, CA
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Will Third Party Liability be Discharge in Someone Else’s Bankruptcy?
I get this question a lot from clients so I thought I briefly address it in this Bankruptcy Blog. A quick answer is no if the Third Party does not have community property with the person who received a discharge in Bankruptcy. The Bankruptcy Discharge eliminates the personal liability of the person who filed for [...]Read More
Over the years, I get a few clients who told me that they didn't expect a wage garnishment because the creditor who sued them did not attempt to collect from a judgment for over 8 years. First, they ignore the threatening letters. Then, they ignore the service of the summons and complaints aka lawsuit. Finally, they [...]Read More
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Why Should I File a Chapter 13 Bankruptcy?
Why Should I File a Chapter 13 Bankruptcy instead of a Chapter 7 Bankruptcy? Some of my clients said that their friends said that Chapter 7 Bankruptcy is the best bankruptcy to file. Not so fast. Although a Chapter 7 Bankruptcy does not involve a payment plan, Chapter 7 Bankruptcy might not be for you. [...]Read More
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Do I Qualify for Chapter 13 Bankruptcy?
What are the Qualification for Chapter 13 Bankruptcy? 1. Debt Limitation. You can have so much debt to qualify for Chapter 13 Bankruptcy. As of 2018, the current debt limitations are as follows: $1,184,200 for secured debts and $394,725 for unsecured debts. Secured debts are debts that are secured by collateral like mortgage or car [...]Read More
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Who are Excluded from the Chapter 7 Bankruptcy Means Test?
The Means Test acts as a gate keeper for those who want to file Chapter 7 Bankruptcy, which determines your ability to repay your creditors. However, there some groups that are not required to take the Means Test to qualify for Chapter 7 Bankruptcy. Here are some examples: 1. Your Debt is Primarily Business Debt. [...]Read More
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Do I Qualify for Chapter 7 Bankruptcy under the Means Test?
The purpose of the Means Test is to keep high income earners away from Chapter 7 Bankruptcy and into Chapter 13 Bankruptcy. However, some high income earners do qualify for Chapter 7 Bankruptcy depending on their expenses, such as high mortgage, high out-of-pocket medical expenses, backed child support, etc. Basically, Chapter 7 Bankruptcy is meant for [...]Read More
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Debtor’s Possession of Assets in Chapter 13 Bankruptcy
One great advantage of Chapter 13 Bankruptcy over Chapter 7 Bankruptcy is Debtor's right to possess assets that are not protected under the California exemptions. Under a Chapter 7 Bankruptcy, the trustee can liquidate or confiscate assets that are beyond the protection of the California exemptions. You can only have so much assets in a [...]Read More
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – How does Chapter 7 and 13 Bankruptcy Affect Secured Debts?
A secured debt is a loan that is secured by a collateral so that if you default on the loan, the lender can repossess the collateral. Car loan, mortgage and auto title loan are some examples of secured debt. An unsecured debt can become a secured debt. For example, a credit card can sue you [...]Read More
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – How does Multiple Bankruptcy Filings Affect Automatic Stay?
Is there Automatic Stay protection for Debtor when there are Multiple Bankruptcy Filings? First, it depends on whether the prior bankruptcy case was dismissed or successfully discharged. If the prior bankruptcy case was dismissed, is the current bankruptcy filed within 365 days from the date of dismissal of the prior bankruptcy case? If yes, how [...]Read More
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – I filed a Chapter 13 Bankruptcy, will my co-signer be protected under the Automatic Stay?
Upon filing of Bankruptcy, Automatic Stay takes into effect to prevent most creditors from collection attempts. However, there are some exceptions or limitations to automatic stay such as multiple bankruptcy filings and dismissal(s) within 365 days, etc., which will be discussed in a different blog. Automatic Stay in Chapter 13 Bankruptcy offers broader protection than [...]Read More