I previously filed for Bankruptcy, but because of circumstances beyond my controll I need to file Bankruptcy again. Do I qualify for another Bankruptcy Discharge? It depends on what Chapter was your last filed Bankruptcy and whether you received a discharge. Moreover, your bankruptcy filing is in good faith. If you filed for Chapter 7 Bankruptcy and received […]
What factors should a person consider before filing bankruptcy? You should consider how much debt you owe and how long will it take you to pay it off. Whether the debt is dischargeable or nondischargeable. Do you have unexempt assets? Do you qualify for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy? If you do not qualify for Chapter […]
If I operate a business and I filed for Bankruptcy, am I required to stop business operation? The answer depends on who is filing for bankruptcy. If the bankruptcy filer is a corporation, limited liability company, or partnership, it must stop business operation immediately upon filing Chapter 7 Bankruptcy. Corporation, limited liability company, and partnership cannot […]
How is my income relevant in bankruptcy? In a Chapter 7 Bankruptcy, income and expenses are key in determining if you qualify for Chapter 7 Bankruptcy. The Means Test is utilized to determine if your income and expenses fall below a certain threshold to qualify for Chapter 7 Bankruptcy. Keep in mind, expenses must be […]
What do I need to bring to Sacramento Bankruptcy Attorney appointment? For an in depth Bankruptcy consultation and for Sacramento Bankruptcy Attorney to determine if your Bankruptcy case is a Chapter 13 Bankruptcy or Chapter 7 Bankruptcy case, you should bring 7 months of pay stubs, most recently filed tax return, lawsuits, and general knowledge […]
If I file Bankruptcy without my spouse, can our creditors collect from the non-filing spouse? When only one spouse filed for bankruptcy, the bankruptcy discharge will discharge both the filing spouse and the marital community properties. Community properties are generally property acquired during the time of marriage. Of course, there are always exceptions to the […]
If I forgot to list my creditor in my bankruptcy schedules, will my debt be discharged? In a Chapter 13 Bankruptcy, the creditor must be listed in bankruptcy schedules to be discharged. Sacramento bankruptcy lawyer In a Chapter 7 Bankruptcy case, it depends if the case is an asset or no asset case. If it […]
Can I file for Bankruptcy without my spouse? Yes, you can file for bankruptcy without your spouse.
Should I sell or transfer my properties before I file bankruptcy? Generally, you should not dispose of assets in contemplation of bankruptcy. Such transfer of assets can result in avoidable transfer by the bankruptcy trustee. Even worst, such transfer might be classified a “fraudulent transfer” where the bankruptcy trustee can sue the recipient to recover […]
Do I have to List Lienholder or Lessor as my Creditor in my Bankruptcy if I Intend to Continue Payments?
If I intend to keep my car and I’m willing to continue payments, do I have to list the lienholder or lessor as creditors in my bankruptcy schedules? Yes. You must list ALL creditors and lessors in your bankruptcy schedules regardless of you intention on the collateral. If you are always current on your payments, […]