Bankruptcy Law Blog

In Chapter 7 bankruptcy, the nonexempt assets are sold, and the proceeds go to pay your creditors. Both federal and state laws allow the court to void an asset sale that was made just prior to filing for bankruptcy. If the court determines that the assets were sold or transferred to avoid having them be…

As part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), an annual statistics report is required to be submitted to Congress by the Administrative Office of the United States Courts. The report is also accessible to the public. BAPCPA Report – 2017 The summary of findings for the calendar year 2017…

If you have been set up in a payment plan for a Chapter 13 bankruptcy and you find yourself unable to make the payments either because of a loss of a job or other unforeseen debt, you may be able to convert your case to a Chapter 7 liquidation bankruptcy. A debtor, trustee or creditor…

The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 is part of the U.S. Bankruptcy Code. This act made significant changes to the Bankruptcy Code. The act was written to prevent abuse of and profit from the bankruptcy process. The act also protects frivolous filings, including the requirement that you must submit tax…

One advantage of a Chapter 7 bankruptcy in California is the short amount of time a debtor can obtain debt relief through a bankruptcy discharge. How fast is a Chapter 7 bankruptcy in California you may ask? While the amount of time a Chapter 7 bankruptcy can be different for everyone depending on their circumstances,…

When consumers face massive amounts of debt that they can’t pay back, U.S. bankruptcy laws can help legally abolish certain debt obligations. This frees people up to pay back the debts that can’t be discharged and gives them a new financial start. Individuals and sole proprietorships have two options when filing for a California bankruptcy:…

If you have fallen behind on your payments and are struggling to pay your bills, you may have tried other alternatives to get back on track. If you tried speaking to bill collectors and making arrangements only to fall back behind again because either they were inflexible or you are overwhelmed in debt in other…

Getting behind in your payments can be a result of several things, job loss, medical bills, unexpected expenses to name a few. If you owe more money then you have assets, you are considered “upside down” in your debt. Even by selling everything you own, you still would not have enough money to pay back…

Insolvent consumers who are not able to stay current with their mortgage payments may face foreclosure proceedings from their mortgage lender. Due to the number of California foreclosure avoidance measures available to you, avoiding these mistakes will help steer you in the right direction toward defense against foreclosure. Waiting too Long to Take Action Waiting…

A bankruptcy trustee is a representative who works for the Department of Justice and represents your estate during the bankruptcy proceeding. In the state of California, a Bankruptcy trustee is assigned to every Chapter 7 bankruptcy case. Working with a trustee during Chapter 7 bankruptcy is an essential aspect of completing the bankruptcy process and…