UNITED STATES BANKRUPTCY COURT CENTRAL DISTRICT OF CALIFORNIA GENERAL ORDER 20-03 The Court hereby finds that on March 13, 2020, the President of the United States declared a national emergency in response to COVID-19 outbreak. Based on guidance received by the Court from national, state and local agencies, procedures have been put in place by…
UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA ORDER OF THE CHIEF JUDGE 20-042 WHEREAS, the President of the United States has declared a national emergency in response to the outbreak of COVID-19, also known as the “Coronavirus;” WHEREAS, the Governor of the State of California has declared a state of emergency in response to…
Upon consideration of (a) the state of emergency declared by the President of the United States regarding COVID-19, (b) the directives from federal, state, and local officials regarding safety of the public and the personnel of this court, (c) the suspension of meetings of creditors (11 U.S.C. § 341(a)) by the United States Trustee, Region…
The causes of debt problems are as varied as the people who experience them. Job loss and unexpected medical bills are frequent factors. You may be considering bankruptcy as an option. Whether filed as a Chapter 7 liquidation or a Chapter 13 repayment plan, a bankruptcy case will be completed upon the issuance of a…
When a person files a Chapter 7 bankruptcy petition, the federal Bankruptcy Code requires that he or she must surrender assets to the bankruptcy trustee. The trustee, in turn, liquidates the assets in this so-called bankruptcy “estate” and distributes the proceeds to creditors. However, the accepted intent of the Code is to rehabilitate and not…
Though finding a benefit in the upheaval of the Great Recession of 2007 is a challenge, it does appear to have furthered the demise of the societal stigma associated with personal bankruptcy. Studies suggest that the stigma of filing for personal bankruptcy began in the 1990s. Since many small businesses are closely associated with their…
By and large, Americans are spenders, not savers. Nowhere is this more clearly shown than in studies regarding the typical amount we have saved for retirement. An ever-shrinking minority, whether employed in the private or public sector, people have “defined benefit plans” (“pensions”) on which to rely. As for the rest, though, despite the creation…
With couples tending to delay marriage until their late 20s and beyond, it has become common for them to bring existing financial and household assets to the relationship. The resulting decisions, while not always easy, tend to revolve around things such as whose furniture to keep and whether to open a joint bank account. Sometimes,…
Though a downward trend in foreclosures in 2017 has been positive news for many American homeowners, a significant number still struggle to make mortgage payments on homes in which they have little or no equity. According to real estate intelligence firm RealtyTrac, foreclosure rates remain well above pre-2008 levels. While mortgage servicers have legally-imposed obligations…
As is so often the case, the answer here is that “it depends”. Only an experienced bankruptcy lawyer can provide reliable advice regarding your options. Here, however, is some general information. Marital Debts and Marriage Trends Debts incurred during marriage, are most often owed “jointly and severally”. This means that the creditor can seek repayment…
