Bankruptcy News

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 social security money with...

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 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 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 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 half...

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 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 The main problem with debt settlement or debt consolidation is the uncertainty of results and cost consideration.  In a published article in Smart Money, Debt Settlement: A costly escape, it enumerates the dangers of debt settlement or debt consolidation.  After verifying...

By Atty. Crispin Caday Lozano The general rule is that discharge or forgiveness of debt represents income and is subject to tax unless exemption applies.  The difference between the second mortgage loan and the value of the property represents income subject to tax in the event...

By Atty. Crispin Caday Lozano Q. When you have decided that you want to file bankruptcy, the first question that pops into your mind is what information to disclose in the bankruptcy petition? A. Using the golden rule in bankruptcy "disclose everything and hide nothing" there...

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...

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