Bankruptcy Law Blog

For individuals unfamiliar with bankruptcy, there are numerous myths surrounding the popular form of debt relief. It’s important to know exactly what bankruptcy can and can’t do before embarking on filing for Chapter 7 or Chapter 13 bankruptcy. Because of the long-lasting financial and personal ramifications, it’s highly recommended that you consult a professional bankruptcy…

Filing a California bankruptcy requires debtors to disclose all assets. Once you have listed all assets you can then apply exemptions to certain types and values of the property. These bankruptcy exemptions protect that specific real and personal property from being lost. The 180-day rule regarding windfall receipt of assets is an integral part of…

Mission Solano, a California homeless shelter announced this week that its board of directors is pursuing Chapter 7 bankruptcy this week and will eliminate its nonprofit status. Business bankruptcy in Fairfield, CA offers the benefit of reducing debt for a struggling company. The shelter has struggled to obtain additional bridge funding over the past several…

Bankruptcy and divorce may seem like odd bedfellows, however traversing a divorce is often financially straining. Divorce is actually one of the primary reasons for individuals filing bankruptcy in California. When dividing property, children, homes, and businesses the complexity increases the total bill. Additionally, if there are disagreements about the division of property, the family…

Attending court, for many individuals, is a highly stressful event. The primary reason for the anxiety associated with appearing in bankruptcy court, or any other court hearing, derives from the uncertainty of the outcome. Hopefully, additional information about what usually happens in bankruptcy court can curb some of the angst associated with using the US…

Declaring Chapter 13 bankruptcy is the process by which an individual compiles all debt owed, along with income and assets, in order to establish a repayment plan to pay back what he can afford over a period of 3-5 years. During this period you make payments to the bankruptcy trustee. Obviously, a lot can happen…

In order to have your debts wiped out in Chapter 7 or Chapter 13 bankruptcy case, you must disclose all your monthly income. This is performed using the “means test” which can qualify you for a discharge in Chapter 7 bankruptcy or a discharge in Chapter 13 bankruptcy. In certain situations, showing your monthly income…

Bankruptcy is a highly efficient form of debt relief that can legally eliminate many of your debts. There are exceptions to this, however, as some types of debts that are not eliminated or “discharged” in bankruptcy. These debts include family obligations, student loans, and debts incurred from court fines or personal injury cases resulting from…

A beloved childhood icon that brought warm memories during our childhoods will be no more by the end of 2018. Toys R Us filed bankruptcy in September of 2017 citing huge losses that caused an inability to answer debt payments by the toy seller. In both a sad and slightly worrisome announcement this week, Toys…

There are several unnecessary worries when deciding to file for Chapter 13 bankruptcy. While keeping your job is of the utmost importance, you should find solace in the fact that you can’t be fired solely for filing bankruptcy. In fact, if an employer fires you for no other reason than bankruptcy, you may have an…