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,...
By Atty. Crispin Caday Lozano If you file for Chapter 7 bankruptcy, your ongoing social security income are 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)...
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 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 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 In a published article in Smart Money, Debt Settlement: A costly escape, it enumerates the dangers of debt settlement or debt consolidation. After verifying the information published from other sources and corroborating the information with my personal experience I summarized the...
By Atty. Crispin Caday Lozano The general rule is that 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 of foreclosure. ...
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 In a Chapter 7 bankruptcy, the debtor must submit to the court a schedule (Schedule D- Creditors Holding Secured Claims) indicating all of their secured debts (mortgages, vehicle loans, and purchase money loans for furniture, jewelry, or household goods, as well...