Q. What will happen to my properties after I file bankruptcy? A. When you file your bankruptcy papers, a bankruptcy estate is created that is administered by the trustee designated by the U.S. Department of Justice. The trustee is the representative of all your creditors in...
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 myth is absolutely wrong!...
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 bankruptcy is that any...
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 as any other debt...
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 in each case, usually...
Did you receive a Notice of Default on your home? Are you denied a Loan Modification? If this is your situation then your home is in danger of being foreclosed and you must have a plan of action to keep your home. Below are some...
If you are considering bankruptcy, here are some actions you can do to protect yourself and your assets. Actions you SHOULD DO: Take your situation seriously. Ignoring your financial trouble will not make it go away. Speak to a bankruptcy attorney as soon as possible. Commit yourself to...
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 bankruptcy is that any...
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, divorce or illness....
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 Bankruptcy laws and the...
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...