Bankruptcy News

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 A good bankruptcy lawyer can help a lot to make bankruptcy filing less burdensome.  Handling it without an attorney will make it hard, expensive and very painful. Although Chapter 7 is the chapter under the Bankruptcy Code that most consumers file and...

By Atty. Crispin Caday Lozano   In a published article in Smart Money, Debt Settlement: A costly escape, it enumerates the dangers of debt settlement.  After verifying the information published from other sources and corroborating the information with my personal experience I summarized the various findings as...

By Atty. Crispin Caday Lozano   IRS Tax Relief in Bankruptcy 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...

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 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 Most people understand that a bankruptcy filing has emotional consequences for their entire family. Those with children should also understand before filing that there are financial impacts on the kids as well. Question:      Is Child Support Dischargeable in  Bankruptcy? Answer:         No.  If you...

By Atty. Crispin Caday Lozano For both bankruptcy chapters, the automatic stay stops the foreclosure process as soon as the bankruptcy petition is filed. Past due payments must be made current. If the mortgage company completes the foreclosure sale before the debtor files their Chapter 7...

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