Bankruptcy’s Benefits and Limits for Stopping Child and Spousal Support Collections
Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Divorce, Domestic Support Obligations, Non-Dischargeable
The rules are clear. Chapter 7 does not help much with support obligations (other than freeing up more of your money to pay it). But Chapter 13 can help tremendously. Regular, Monthly Support Payments How much you must pay each month in child and/or spousal support is determined by state family court. Bankruptcy court is [...]
Stopping Collections from the IRS and FTB through Bankruptcy
Filed under: Asset Protection, Automatic Stay, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Taxes
The IRS and the FTB are—for some purposes—just like any other creditor. The “automatic stay”—the bankruptcy tool that stops the collection actions of virtually all of your creditors—applies just the same against your tax creditors. Are you currently being pursued by the tax authorities and are wondering how to get relief from them? Or you’re [...]
Two Important Sets of Changes to Bankruptcy Dollar Amounts Just Went into Effect
Filed under: Asset Protection, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Means Test, Non-Dischargeable, Uncategorized
Coincidentally, two different sets of legal changes both became effective on April 1, 2013. One set of changes was to the state-by-state “median income” amounts. These affect whether or not you would qualify to file a Chapter 7 “straight bankruptcy” case, and also how long you would have to pay into a Chapter 13 “adjustment [...]
New Appeals Court Ruling Protects California Vehicles Used in Business
Filed under: Asset Protection, Assets, Chapter 7 Bankruptcy, Vehicles
Last month, an important court issued an opinion, applicable locally, that helps protect owners of vehicles who use their vehicle as a “tool of trade.” This opinion provides a good lesson for understanding how possessions that are important to you can be protected—in two distinct ways here—when filing bankruptcy. The Ninth Circuit Court of Appeals [...]
Can An Incompetent Person File for Bankruptcy With a Power of Attorney?
Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Uncategorized
Power of Attorney and Filing for Bankruptcy For many families and individuals, medical problems have contributed to financial issues that now require them to file for bankruptcy. A person who has Alzheimer’s, dementia, or a mental disorder, may need to file for bankruptcy, but because of their medical or mental condition, they may not have [...]
How to Find an Experienced Riverside Bankruptcy Lawyer?
Filed under: Attorneys Fees, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Uncategorized
If you are considering bankruptcy as an option or would just like to consult a local Riverside bankruptcy attorney regarding your financial situation the first step is to find a reputable and knowledgeable attorney. An attorney with experience can guide you in the right direction and will explain what can be done to resolve your [...]
When Can You File a New Bankruptcy If You Filed Bankruptcy in the Past
My last blog was about the timing rules about when you can file a new bankruptcy after having filed one before. But they only apply if you got a discharge of your debts in that prior case. Those timing rules also only apply if you are intending to get a discharge in your new case, [...]
If You Filed Bankruptcy Right Before the 2005 Law Change, You Can Likely File Again Now or Very Soon
Although you’d hope that a single bankruptcy is all that you would ever need, if you ever DO need that relief again it’s good to know when it does become available. Did You File Bankruptcy During or Right Before 2005? More than two million bankruptcies were filed in 2005—much more than in any year before [...]
U.S. Dept. of Justice Sues Standard & Poor’s For $5 Billion in a Southern California Federal Court
Last month the federal Department of Justice filed a lawsuit in U.S. District Court for the Central District (the Los Angeles area) that is one of the most significant ones ever brought related to the recent financial crisis. It is the first major lawsuit against any of the major credit rating agencies—of which Standard & [...]
What Happens to Your Home, If You Cannot Afford Your Chapter 13?
Filed under: Chapter 13 Bankruptcy, Foreclosure, Mortgages
A Chapter 13 payment plan is a remarkably good way to catch up on back mortgage payments, but it’s also a good way to keep options open on your home if things don’t go as planned. Chapter 13’s Unique Powers For a long list of reasons, Chapter 13 is an excellent way to save your [...]
Author
Norma Duenas, Esq.