By Atty. Crispin Caday Lozano If you are considering bankruptcy, here are some actions you can do to protect yourself and your assets. Actions you SHOULD DO: Take your situation seriously. Ignoring your financial trouble will not make it go away. Speak to a bankruptcy attorney as...
By Atty. Crispin Caday Lozano If you are near your retirement age, you must act now or else you will find yourself miserable during your "golden years" or retirement period. Consider Bankruptcy as a great financial planning tool for those who are within a few years...
By Atty. Crispin Caday Lozano Most people understand that a bankruptcy filing has emotional consequences for their entire family. Question: Is Child Support Dischargeable in Bankruptcy? Answer: No. If you or an ex-spouse files for bankruptcy, debts resulting from child support will not be discharged by bankruptcy. In...
By Atty. Crispin Caday Lozano A good bankruptcy attorney will guide clients whether or not to reaffirm a secured debt. There are considerations before a debtor would want to reaffirm a debt. In a Chapter 7 bankruptcy, the debtor must submit to the court a schedule...
By Atty. Crispin Caday Lozano Your employment will not be affected if you file bankruptcy. One of the factors that keep professionals and employees from seriously considering bankruptcy is the fear of how it may impact their employment. It is very important to know that the...
By Atty. Crispin Caday Lozano It is possible that a creditor could obtain a court order to garnish your wages. In other words, they can take money right out of your paycheck to pay your debts. In some cases, wage garnishments may take more than...
By Atty. Crispin Caday Lozano Before you file bankruptcy, you may need to determine if you have a bank deposit and a credit card debt with the same bank because your deposit may be set off against your debt by the bank. Question: May a bank set...
By Atty. Crispin Caday Lozano If you file for Chapter 7 bankruptcy, your ongoing social security income is exempt, which means you keep them. Social security payments you received before you file for bankruptcy are also exempt, with one important exception. If you comingled (mixed) the...
By: Crispin Caday Lozano Many people believe bankruptcy as a last resort to save an unsuccessful financial aspect of life. However, financial problems necessitating bankruptcy are not the result of poor decisions. Sometimes people are not financially prepared for a major life change such as unemployment,...
By Atty. Crispin Caday Lozano Q. What is Sec. 341 meeting of creditors? A. Every debtor, regardless of the chapter, must make one appearance in the case, though it is not really in "court" since the judge is not present. The court schedules a meeting of creditors...
By Atty. Crispin Caday Lozano As we all know, tax debts can spiral out of control and lead to an IRS tax lien, wage garnishment, or even property seizure. Most people mistakenly believe that taxes are never dischargeable in a bankruptcy. This myth is absolutely wrong!...
By Atty. Crispin Caday Lozano When you file your bankruptcy papers, a bankruptcy estate is created that is administered by the trustee designated by the U.S. Department of Justice. The trustee is the representative of all your creditors in the process. While the bankruptcy process...