You may know that so-called liquidation bankruptcy petitions under Chapter 7 of the Bankruptcy Code are available only to individuals whose income falls below certain specified limits. However, some individuals who are eligible to file under Chapter 7 nevertheless elect instead to file a Chapter 13 repayment petition. This can be an appropriate choice for…
An estimated 10 million American workers and their family members currently receive Social Security Disability Insurance (SSDI) benefits. As with Social Security retirement benefits, making ends meet on SSDI payments alone can be a struggle. The current average benefit is just a little over $1,000 per month. Recipients with significant debts may find themselves considering…
We have written elsewhere about the differences between Chapter 7 and Chapter 13 bankruptcies, the two principal types available to individuals. The principal difference is that the debtor in a Chapter 7 bankruptcy surrenders non-exempt property and in return for elimination of most common obligations. Setting Up a Payment Plan In a Chapter 13 bankruptcy,…
California was one of the states hit hardest by the housing crisis and resulting wave of foreclosures that began in 2007-08. Statistics support the conclusion that the worst of the crisis had passed by the end of last year, and a study by research firm CoreLogic found that California homeowners gained an average of $26,000…
If you stand to lose property that is important to you, you must obtain court approval for your bankruptcy case to be dismissed. In a Chapter 7 bankruptcy, the trustee sells the non-exempt property and uses the proceeds to repay your creditors. Yet conflict often arises when one files for bankruptcy assuming he will be…
There are all sorts of nuances to bankruptcy strategy and the bankruptcy process itself, especially if you have a spouse. One of the common questions posed to Santa Ana bankruptcy attorneys is whether one should file for bankruptcy if his or her spouse has a good job. The answer to this question hinges on a…
An individual who files for Chapter 7 bankruptcy in Riverside will likely have to surrender all of his credit cards. As soon as the credit card company finds out about the debtor’s bankruptcy, the credit card will probably be canceled. However, the debtor can begin building his credit after his bankruptcy case is closed. It…
Debtors often ask Santa Ana attorneys whether owning a home free and clear impacts Chapter 13 bankruptcy. Can a Debtor keep their home if they have too much equity? If there is no mortgage on the property, the debtor can keep the home after filing Chapter 13 bankruptcy. However, the debtor might have to pay…
Anyone considering filing for bankruptcy in California will greatly benefit from contacting our office and scheduling a consultation. During the consultation, we will discuss the details of filing for bankruptcy and help you gain a fresh financial start of being rid of debts. However, filing for bankruptcy is not as simple as checking a box on…
Some clients call our office wondering, “Can I keep my credit union account if I file for bankruptcy?” To answer this, we need to understand the type of credit union account. If it is a checking or savings account, it should remain unchanged by the bankruptcy filing. That is to say that the actual account…
