Archives for 2020

Changes to Bankruptcy Rules Became Effective on December 1st

wpadmin on December 30, 2020 Posted in Bankruptcy Law, Blog

On December 1, 2020, several amendments to the Federal Rules of Bankruptcy Procedure took effect. These amendments had the primary effect of modifying the rules addressing bankruptcy appeals as well as making some other noticeable changes. If you are considering filing for bankruptcy, it is not necessary to learn each of these revisions, but it […]

Debt Relief Options for Small Business Owners During COVID-19 Pandemic

Admin on December 15, 2020 Posted in Blog, COVID19

The new Subchapter V of Chapter 11 of legislation known as the Small Business Reorganization Act of 2019 became effective on February 19, 2020. Shortly after the act was passed, the COVID-19 pandemic began to impact the country. In recognition of the pandemic, the Coronavirus Aid Relief and Economic Security (CARES) Act was passed on […]

Should I File for Bankruptcy During the Pandemic or Wait?

Admin on November 30, 2020 Posted in Blog, Chapter 7 Bankruptcy

The bankruptcy process is available to both consumers as well as businesses that cannot pay their debts and want to find a way to regain control of financial obligations. Consumer bankruptcy often takes one of two forms. Chapter 7 bankruptcy involves the liquidation of a person’s non-exempt assets into funds that are used to pay […]

Can I File for Bankruptcy if I am Unemployed?

Admin on November 15, 2020 Posted in Blog, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy

People who file for Chapter 7 bankruptcy must meet certain income qualifications. In most  cases, debtors who fail to meet income requirements do not qualify for Chapter 7. People with higher income levels often must pursue a repayment plan under Chapter 13 to take control of debt. People who are currently unemployed or who have […]

Tips on Navigating Chapter 13 Bankruptcy as a Business Owner

Admin on October 30, 2020 Posted in Blog, Chapter 13 Bankruptcy

No two bankruptcies are the same. While there are some cases where the person or business pursuing bankruptcy must liquidate assets as in Chapter 7 bankruptcy, other times a person might end pursuing Chapter 13 bankruptcy which means they need not worry about selling anything. Instead, Chapter 13 bankruptcy involves restructuring and reducing the amount […]

What Changes to California’s Homestead Exemption Mean for Your Bankruptcy

Admin on October 15, 2020 Posted in Bankruptcy News, Blog, Types of Debt in Bankruptcy

In a recent poll conducted by TheTrackr.com, 29% of Americans reported that their home was their most valuable asset. Homeownership plays a critical role during the bankruptcy process. The role that homeownership plays in the bankruptcy, however, is about to change substantially due to legislation that has been passed by the California state legislature and […]

Estate Planning Strategies for People Who Own Real Estate

Admin on September 24, 2020 Posted in Blog, Estate Planning

Estate planning is critical for everyone, but if you own real estate, proper estate planning is particularly important. Without adequate planning, your surviving loved ones can be left to face substantial estate taxes without the ability to pay these debts. Through the use of proper estate planning, however, it is possible to maintain assets for […]

Tips on Navigating Marriage and Bankruptcy 

Admin on September 10, 2020 Posted in Blog, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, General Bankruptcy

Many people look at marriage as one of the momentous events in their life. If you or your fiancee is struggling with debt and debating whether to file bankruptcy, however, your situation can easily turn into a confusing one. You might even be wondering whether it is a good idea to file for bankruptcy or […]

Buying a House While in Chapter 13 Bankruptcy

Admin on August 30, 2020 Posted in Blog, Chapter 13 Bankruptcy

Despite the economic downturn brought on by the coronavirus pandemic, low mortgage rates remain an attractive option for many people considering buying a house. Even if you are in the middle of a Chapter 13 bankruptcy repayment, you might still be able to obtain a mortgage loan and buy a new home. While there are […]

Retirement and Bankruptcy

Admin on August 15, 2020 Posted in Blog

If you are worried that bankruptcy will wipe out your retirement savings, the good news is that retirees often can keep their retirement savings even if they have substantial debt. This is because bankruptcy law exempts most retirement accounts from bankruptcy.    While every state has its own bankruptcy code, California law often views social […]