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 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 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...
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...
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 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. Bankruptcy is a great financial planning tool for those who are within a few years from...
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,...
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,...