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 […]

Exceptions to Discharge

Admin on July 17, 2017 Posted in Blog, Types of Debt in Bankruptcy

Imagine that Mike is driving his car on the highway. Mike is in a rush because he is late to his son’s graduation. In his haste, Mike accidentally cuts off Steve while Steve is trying to change lanes. This causes Steve’s car, which is a brand new Ferrari, to go out of control and slam […]

Priorities of Unsecured Claims

Admin on December 31, 2016 Posted in Bankruptcy Law, Blog, General Bankruptcy, Types of Debt in Bankruptcy

Debtors who seek a fresh start through bankruptcy will often have secured and unsecured debt. Usually, the unsecured debt is greater than the secured debt. Debtors generally have significant, unsecured credit card debt. With the advent of online lenders offering quick, unsecured debt to borrowers, those lenders will likely have hold significant claims in bankruptcy […]

Understanding Bankruptcy and Medical Debt

wpadmin on August 19, 2015 Posted in Types of Debt in Bankruptcy

At times, life can be very unpredictable. No one sees a major medical emergency or illness coming. An extended stay in a hospital or rehabilitation center can alter your life and your family’s lives forever – not to mention are extremely expensive. Even for those of us with medical insurance, high-deductible insurance plans require that […]

Secured and Unsecured Debts

wpadmin on August 18, 2015 Posted in General Bankruptcy, Types of Debt in Bankruptcy

Understanding the difference between secured and unsecured debts is central to understanding the bankruptcy process. Chapter 13 and Chapter 7 Bankruptcy treat secured and unsecured debts differently. Secured debts generally survive the bankruptcy process, whereas unsecured debts are typically wiped away at the end of the bankruptcy. Often, whether a debt is secured or unsecured […]

Consumer Debts vs Non-Consumer Debts in Bankruptcy – What Are They and Why Does it Matter?

wpadmin on February 28, 2014 Posted in General Bankruptcy, Types of Debt in Bankruptcy

There are many different types of debts in bankruptcy. Often the difference between whether a debt is secured or unsecured can be the difference between whether a person is able to get rid of that debt in bankruptcy. Another distinction which is particularly important in Chapter 7 Bankruptcy is the distinction between debts that are […]