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 […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – I filed a Bankruptcy, can I File Another One and Receive a Discharge?
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Chapter 13 Bankruptcy Lienstrip without Discharge
In a 2015 bankruptcy case reviewed by the Bankruptcy Appellate Panel for the Ninth Circuit, debtors can strip off a wholly unsecured junior lien from their home even though they are not entitled to a discharge under Chapter 13 Bankruptcy. Boukatch v. MidFirst Bank (In re Boukatch), 533 B.R. 292. Debtors in the case filed […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Who is Eligible to File for Chapter 13 Bankruptcy?
Only individuals can file for Chapter 13 Bankruptcy. This means corporation, limited liability company, partnership cannot file for Chapter 13 Bankruptcy because they are not "individuals". However, sole proprietors can file for Chapter 13 Bankruptcy. Stockbrokers (as defined under 11 U.S.C. § 101(53A)) and commodity brokers (as defined under 11 U.S.C. § 101(6)) and their spouses cannot file […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Who is Eligible to File for Chapter 7 Bankruptcy?
Only a person that resides or has a domicile, a place of business, or property in the United States, or a municipality, may be a debtor under the Bankruptcy Code. 11 U.S.C. § 109(a). However, this is insufficient to qualify for each Chapter of Bankruptcy. Eligibility for Voluntary Chapter 7 Bankruptcy filing: Under Voluntary Chapter 7 […]
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 […]
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 […]
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 […]
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 […]
Ask Bankruptcy Attorney in Sacramento, Stockton, Fairfield, CA – Leaving Real Estate to Heirs
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, […]