Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – Which Debts are Spouses Liable for?
Debts and Community Property Community Property are properties acquired by either spouses during marriage except for gifts, inheritance and properties obtained prior to marriage (i.e., “separate property”). A spouse can give property as community property by transfer or commingle separate property into community property. Community Property are liable for debts of either spouse incurred during […]
Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – Can One Spouse File for Bankruptcy?
One Spouse File for Bankruptcy? Yes. One spouse can file for bankruptcy and the other spouse do not have to file. When doing intakes with potential clients, I get asked a lot: “Does my spouse have to know?” Unfortunately, when filing for bankruptcy, whether it is Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, the non-filing […]
Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – Multiple Bankruptcy Cases – What if I already filed Bankruptcy, can I file again?
Multiple bankruptcy cases. Is that possible? In most cases yes. If you received a discharge from a prior bankruptcy case, you may file another. The issue is whether you qualify for another discharge in your next bankruptcy case. In this article, I will discuss only the timing issues for Chapter 7 and 13 Bankruptcy Discharge. […]
Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – Venue: Where can I File for Bankruptcy?
Whether you want to file for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, you must file your case at the proper Bankruptcy Court. For example, if you live in Los Angeles, you cannot choose to file in Sacramento, CA Bankruptcy Court just because you are visiting your parents during your vacation without any of the […]
Ask Bankruptcy Attorney in Sacramento Stockton Fairfield CA – California Homestead Increase effective January 1, 2021
Starting on January 1, 2021, the California homestead exemption is increased to at least $300,000 but up to $600,000 for every homeowner. The amount depends on the countywide median sale price for a single-family home in the calendar year prior to the calendar year Debtor claims the exemption. How does the Increase in California Homestead […]
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 […]
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 […]
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 […]
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 […]
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 […]