Investing in your education is something that can come with a big price tag. In fact, many people find that they have accumulated thousands of dollars in debt by the time they finish their education. And, for some, it is too much to repay. For some, bankruptcy is a necessary solution before finishing school. This [...]
Myth: If you make good money, you cannot file for bankruptcy. You will need to meet certain criteria to qualify for a Chapter 7 or 13 bankruptcy. However, none of that criteria specifies how much money you need to make. Instead, it will come down to how much debt you have and your ability to [...]
When filing for bankruptcy, you may worry about what will happen to your assets. What you may not consider is what will happen to your artistic works. Artistic works fall under intellectual property (IP) and can include things such as composed songs, films, or literary works. Artistic Works in Bankruptcy If you have composed music [...]
If you are wondering if bankruptcy can stop foreclosure, you are not alone. Fortunately, you have options. The process of foreclosure usually begins after falling behind on mortgage payments. Next, the lender will prepare to sell the home at auction. The money collected through the auction is then applied to the mortgage balance. For more information on the foreclosure timeline, click here.
Most of us rely on our vehicles as our main form of transportation to work, school, and other obligations. This is especially true of those of us living in Southern California. For this reason, we receive a lot of questions about if it is possible to keep a vehicle when filing for bankruptcy.
What is Chapter 7 Bankruptcy? A Chapter 7 bankruptcy is the most common form of bankruptcy. You do not need to enter a repayment plan under Chapter 7. Instead, any non-exempt property will be sold by the trustee to repay your creditors. This process is handled under the supervision of the court and in line […]
Even after filing a Chapter 7 bankruptcy, you may find yourself needing additional assistance with paying off debts. If this is the case, you may feel stuck and unsure of what to do. The good news is that there are options available to help you. After filing for Chapter 7, you are unable to file […]
What is a means test? Bankruptcy uses something called a “means test” to determine under which chapter of bankruptcy you can file. The amount to qualify will vary by state and uses your income, expenses, and household size to determine if you are able to file under a Chapter 7. Many people favor a Chapter […]
It may be surprising to find out that there are certain scenarios where IRS tax debt can be discharged (eliminated). Or, your tax debt can be managed through bankruptcy. This will depend on a combination of factors, including under what chapter of bankruptcy you file. You should consider the age of the taxes, the taxes’ […]
If you are considering filing for bankruptcy, you may be wondering under which chapter you should file. Before you make any decisions, you should take time to meet with a qualified bankruptcy attorney to go over the options that will work best for you. However, that is not to say that you should not take [...]
