Bankruptcy Attorney Blog - Sacramento, CA - Stockton, CA - Fairfield, CA
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Can a Junior Lien Foreclose on My Home?
When my clients tell me that they have not paid the junior lien on their home (aka second mortgage, home equity line of credit, home equity loan) for years, they always become wide-eyed when I tell them that the junior lien can foreclose on their home. A lot of times, the junior lien do not initiate [...]Read More
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Disclosure is a “Must” for a Successful Bankruptcy Case
Disclose all assets in your bankruptcy petition. Not only do your risk your losing your bankruptcy discharge but you may be subject to criminal penalties. Bankruptcy fraud is a serious crime, it can result in fines up to $250,000 or imprisonment for up to 20 years, or both. Even if your spouse does not file [...]Read More
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Who Qualifies for Chapter 13 Bankruptcy?
If you do not qualify for Chapter 7 Bankruptcy or Chapter 7 Bankruptcy cannot resolve your financial problems, Chapter 13 Bankruptcy may be an option for you. First, what are the qualifications for Chapter 13 Bankruptcy. Unlike a Chapter 7 Bankruptcy, Chapter 13 Bankruptcy does not have an income restriction nor would you lose your [...]Read More
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Is Chapter 7 Bankruptcy the Right Option for You?
Even if you qualify for Chapter 7 Bankruptcy, is it the right option for you? Some Qualification Issues: 1. To qualify for Chapter 7 Bankruptcy, your household income must fall below a threshold given household size and other allowable expenses. All of this is quantified in the Means Test. 2. Have you previously filed [...]Read More
If you own a home or any real estate but have outstanding judgments and liens, you should be concerns of lien(s) recorded against your home or real estate. If you intend to leave your house or real estate to your heirs, you should remove any liens or judgments recorded against the real estate. Depending on the types of lien, [...]Read More
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 [...]Read More
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 [...]Read More
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 [...]Read More
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 [...]Read More
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. [...]Read More