How Much Debt Do I Need to File for Bankruptcy?
Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Credit Cards, Uncategorized
There is a common myth that you need to be at least $10,000 in debt or more to file for bankruptcy. Nothing in the bankruptcy code specifies that you need a minimum amount of debt to file for bankruptcy. There is nothing in the laws that prohibits you from filing for bankruptcy because you owe [...]
Business Debts Can Help You File Chapter 7 Bankruptcy
Filed under: Business, Chapter 7 Bankruptcy, Credit Cards, Uncategorized
Chapter 7 bankruptcy, can provide a real solution to current or previous business owners who incurred significant business debt in building their business and continuing to operate their business. However, filing for Chapter 7 bankruptcy can pose a problem if you need to pass the means test. Qualifying for Chapter 7 bankruptcy when you earn [...]
Should I Withdraw Money From My Retirement to Pay Creditors?
Filed under: Assets, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Credit Cards
When your facing harassing and abusive creditor calls and you do not have enough income to pay creditors it can get extremely overwhelming and frustrating. You will inevitably look to whatever options will help get the creditors off your back and avoid bankruptcy. One of the worst decisions you can make is to turn to [...]
Avoiding A Judgment Lien in Bankruptcy
Filed under: Asset Protection, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy
Once a creditor obtains a judgment against you in court, there are several options available to the creditor to collect on the awarded judgment. One of the often used methods is to record the abstract of judgment with the county recorder. The creditor in many states can take the awarded judgment and record a lien [...]
Can I Keep and Run My Business After Filing for Bankruptcy?
Filed under: Asset Protection, Assets, Business, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy
If you own a business and need to file for Chapter 7 bankruptcy, you have probably thought about how this will affect your business. If you are running a business as a sole proprietor, partnership or have a corporation, then it is very important that you discuss your business operations and assets with a competent [...]
Preventing Bankruptcy through Financial Education
One of the key factors missing in our educational system is financial education. We teach our children how to add, subtract, divide, multiply, etc. but no where do we show them how to apply these simple principles in real life. We are creating a young population that knows the basic mathematical functions, but with no [...]
Will Bankruptcy Affect My Immigration Status?
Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Immigration, Uncategorized
A large worry for many immigrants who are considering filing for bankruptcy, is how it will affect their immigration status in the United States. With few exceptions, the filing of a bankruptcy case should not affect your immigration status. Filing for Chapter 7 or Chapter 13 bankruptcy is not a crime and therefore should, for [...]
Do I Have To Be a Citizen to File for Bankruptcy?
Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Immigration, Uncategorized
Many people assume that filing for bankruptcy is an option that is only available to a U.S. Citizens. The general belief is that only people who are U.S. Citizens or who are legally in the United States can file for bankruptcy. The bankruptcy laws do not limit the filing of a bankruptcy case only to [...]
Timeshares and Bankruptcy- What Happens to the Maintenance Fees?
Filed under: Assets, Chapter 7 Bankruptcy, Non-Dischargeable
Many families who are going through a difficult financial situation from credit cards and medical bills, may also be struggling with paying timeshare maintenance fees.What happens if you decide that you want to surrender this timeshare in bankruptcy? Are you still liable for the maintenance fees on the timeshare. Many people who file for Chapter [...]
California Bankruptcy Judge Allows Same Sex Marriage to File Jointly
A recent decision from Judge Thomas Donovan in the Central District of California could allow same-sex marriages to file a joint bankruptcy petition in Southern California. Same sex marriages had been prohibited from filing a joint bankruptcy petition under the assumption that the Defense of Marriage Act prohibited the filing of a joint bankruptcy case. [...]
Author
Norma Duenas, Esq.
