Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – Pros and Cons – Chapter 7 Bankruptcy Benefits

Chapter 7 Bankruptcy benefits and some common pros and cons: Chapter 7 Bankruptcy Benefits: No Payment Plan in Chapter 7 Bankruptcy. Unlike a Chapter 13 Bankruptcy, there is no payment plan to your creditors. However, for some clients, a Chapter 13 Bankruptcy is more beneficial if they are trying to stop foreclosure or repossession or …

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Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – After Bankruptcy: Discharged Debt and IRS Form 1099

Sacramento Bankruptcy Attorney A creditor may mistakenly mail you an IRS Form 1099 cancellation of debt after you receive your Bankruptcy Discharge. No sweat. When a debt is discharged by Bankruptcy, it is not considered cancellation of debt where you need to treat it as income and pay extra in taxes. In order words, debts …

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Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – HAVEN Act: Veterans (VA) Benefits Excluded from Bankruptcy Current Monthly Income

Under the HAVEN Act, which Veterans Administration or VA benefits are excluded in Bankruptcy Current Monthly Income calculation? (HAVEN Act is acronym for Honoring American Veterans in Extreme Need Act of 2019). Below is what was published in the United States Trustee’s website for Bankruptcy Cases: Disability and death benefits paid by Veterans Administration under …

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Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – How COVID-19 and the CARES Act Affect Bankruptcy

CARES Act and Bankruptcy. People who are affected by COVID-19 will benefit from the changes in Bankruptcy by the CARES Act. Chapter 13 Bankruptcy Plan can be extended to 7 years term Under 11 U.S.C. 1329(d), a debtor who is experiencing or has experienced a material financial hardship due to coronavirus disease 2019 (COVID-19) pandemic …

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Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – Haven Act excludes certain veteran affairs benefits from the current monthly income calculation in Bankruptcy

In August, 2019, the President of the United States signed the Honoring American Veterans in Extreme Need Act of 2019 (aka the Haven Act) into law. The Haven Act excludes certain veteran affairs benefits from the current monthly income calculation in Chapter 7 and Chapter 13 Bankruptcy. Prior to the Haven Act, many veterans were …

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Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – Small Business Bankruptcy

Small Business Bankruptcy has become a much discussed topic recently at my office. COVID-19 causes many small businesses to lose revenues and accumulate debts. Filing for small business bankruptcy may be an option you should consider. Small Business is a Sole Proprietorship If your small business is a sole proprietorship, you have the option to …

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Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – Conversion Chapter 13 Bankruptcy to Chapter 7 Bankruptcy

What do you do if you can no longer afford your Chapter 13 Bankruptcy plan payments? What if the sole reason you are in a Chapter 13 Bankruptcy is because of car or house you no longer want? Conversion Chapter 13 to Chapter 7 Bankruptcy might be an option. Can I convert my Chapter 13 …

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Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – Chapter 13 Bankruptcy and Repossession

Chapter 13 Bankruptcy can be used to stop auto repossession and reduced payments. Are you in danger of auto repossession? You can file a Chapter 13 Bankruptcy to spread out the payment up to 60 months. You may also reduce the interests and cram down the principal loan balance. You may even cut off part …

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Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – Purchase of a Car after Chapter 7 and 13 Bankruptcy

A lot of my clients equate the time that bankruptcy will stay in your credit report to the time you will be without credit. This can scare some people from filing bankruptcy. What if you need to finance a car? Yes, the word “bankruptcy” can stick to your credit report for up to 10 years. …

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Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – Reaffirmation of Car Loan in Chapter 7 Bankruptcy

Should you sign the Reaffirmation Agreement for your Car Loan in Chapter 7 Bankruptcy? Your auto lender would prefer you sign and agreed to the reaffirmation agreement. A reaffirmation agreement if approved by the Bankruptcy Judge will make you liable for the car loan plus any costs relating to repossession and legal fees if you …

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