Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – Can Bankruptcy Help me with IRS Tax Debt or Franchise Tax Board Tax Debt?

Yes, Chapter 7 or 13 Bankruptcy can Help You Manage your IRS Tax or Franchise Tax Board Debt. Sacramento Bankruptcy Attorney Muoi Chea is experienced in Chapter 7 and 13 Bankruptcy. Whether a Chapter 13 Bankruptcy or Chapter 7 Bankruptcy will be a better option will depends on the following: (1) is the tax a …

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Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – I filed for Chapter 13 Bankruptcy. Will my Chapter 13 Bankruptcy plan payment change?

Some of my Chapter 13 Bankruptcy clients ask if after they file for Chapter 13 Bankruptcy, are they stuck with the plan payment even if their income is reduce? The answer is generally no. Chapter 13 Bankruptcy plan payment is based on a formula involving nonexempt assets and disposable income after reasonable living expenses and …

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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 …

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Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Should I Ignore a Lawsuit?

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 …

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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. …

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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 …

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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.  …

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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 …

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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 …

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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 …

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