Can The Bank Take My Money to Pay My Debt? The Right of Set-Off
Filed under: Asset Protection, Assets, Credit Cards, Financial Advice
If you have money in a bank account and you owe that same bank money on a credit card, loan or other type of debt, then the bank may have a right to take your funds. The “Right of Set Off” allows a bank to take money from your bank account to pay any outstanding [...]
California Wildcard Exemption in Bankruptcy – How Is It Used?
Filed under: Asset Protection, Assets, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy
When you file for bankruptcy in California, the law allows you to keep certain assets and property away from the reach of creditors. There are two sets of bankruptcy exemptions that are utilized in California to determine what property you can keep after filing for bankruptcy. The bankruptcy exemptions detail what type of property you [...]
What Does it Take to Discharge a Student Loan in Bankruptcy? The Ninth Circuit Court of Appeals Just Helped Make it a Bit Easier
Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Non-Dischargeable, Student Loans
It is not easy to write off a student loan in bankruptcy. The Bankruptcy Code says it takes an “undue hardship,” but does not define what that means. The courts have been trying to figure out what it means for decades, and have created a series of high hurdles to jump over. The Three High [...]
Famous People Who Have Filed for Bankruptcy
Many famous politicians, inventors and entertainers faced financial problems and had to file for bankruptcy. These famous people faced different scenarios in life that resulted in financial struggles. The majority rose from these financial problems to become successful individuals in entertainment, politics and other fields. In order to succeed there is a level of risk [...]
I Forgot to List One of My Creditors In My Bankruptcy Case
Filed under: Assets, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Non-Dischargeable
It is not uncommon for a client to realize that they forgot to list one of their creditors after filing for bankruptcy. You may have forgotten to list one of your creditors for a number of reasons including: a large amount of time has elapsed since you incurred the debt, you were unaware that you [...]
Should I Get A Pay Day Loan to Pay for My Bills?
In an emergency situation most families do not have enough of a safety cushion in savings to pay for unexpected expenses. A large portion of American families live pay check to pay check and fall short of being able to cover everyday necessities or unexpected emergency expenses. When you need extra cash to cover your [...]
The Important Concept of “Fraudulent Transfers” Explored in a New Local Appeals Court Ruling
Filed under: Asset Protection, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Fraudulent Transfer, Non-Dischargeable
On April 30, 2013, the federal Ninth Circuit Court of Appeals—which hears appeals of bankruptcy court decisions throughout the greater West Coast region including California—published an opinion (In re Fitness Holdings Int’l, Inc.) which gives me the opportunity to explain “fraudulent transfers.” This is a bankruptcy concept that is widely misunderstood. There are at least [...]
Do I Have to List All My Debts In My Bankruptcy?
Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy
As bankruptcy lawyers we often get asked the question “Do I Have to List All My Debts In My Bankruptcy?”. Some of the reasons that people have indicated for keeping a particular credit card or debt include: For Emergencies-They would like to have a line of credit or credit card that they can [...]
Why Do I Have to Pay the Bankruptcy Attorney Before He Files My Case?
Filed under: Attorneys Fees, Chapter 7 Bankruptcy, Non-Dischargeable, Uncategorized
In almost all client meets the question comes up “Why Do I Have to Pay the Bankruptcy Attorney Before He Files My Case?”. When you decide that you need to file for Chapter 7 bankruptcy to protect yourself from creditors, in most cases you want to file right away. The need to file right away [...]
Social Security Income Not Considered in Good Faith Inquiry
Filed under: Chapter 13 Bankruptcy, Means Test, Social Security
A recent 9th circuit decision is an important victory for debtors in the debate of whether Social Security income needs to be considered in calculating the Chapter 13 plan payments. The decision found that Social Security income should not be considered when conducing a good faith analysis under 11 U.S.C. 1325(a). In the case of [...]
Author
Norma Duenas, Esq.