Bankruptcy News

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...

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 Lozan 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...

By Atty. Crispin Caday Lozano Chapter 13 Bankruptcy is a reorganization of your debt while paying back your outstanding debt to creditors.  Chapter 13 is Bankruptcy intended for an individual or family with a regular income.  The first and main requirement to file for Chapter 13...

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