Articles
I’m considering filing for Chapter 13 protection. What happens if things change while my case is pending? Do I have any options? Yes. The discussion below discusses the options you have available to deal with a change in circumstances while you are in your Chapter 13. If You Are Interested In Filing A Chapter 13, We Can Help. If you are already in a Chapter 13, please contact your current counsel if you are facing postpetition problems. We no longer do repair work. What Happens If I Lose My Job While In Chapter 13 Bankruptcy In Los Angeles? If you… Read More →
In this article, you will learn … Why filing for bankruptcy is wiser than trying to negotiate with creditors. Financial moves to avoid before filing for bankruptcy. Whether or not it’s best to wait before you file for Chapter 13. Why Should (Or Shouldn’t) I Try To Negotiate With Creditors Before Filing Chapter 13 Bankruptcy? If you try to negotiate with a creditor prior to filing for Chapter 13 bankruptcy, the Chapter 13 plan will supersede any agreement you reach. Your creditor will assume that you conducted the prior negotiations in bad faith. And when it files its proof of… Read More →
In this article, you can discover… Whether you can discharge student debts in Chapter 13 bankruptcy. The impact of bankruptcy on student debt interest. How to best manage student debt during and after bankruptcy. Are Student Loan Debts Secured Or Unsecured? In bankruptcy law, there are two types of debt: secured and unsecured. Secured debts are secured by a tangible asset, such as an SUV or a house; if you don’t make monthly car loan or mortgage payments, the creditor will take that asset back through repossession or foreclosure. Unsecured debts are not secured by an asset that can be… Read More →
In this article, you will learn … The debt limits for filing for Chapter 13 Bankruptcy. The differences between secured vs. unsecured debts. Whether mortgage debt can be included in your bankruptcy filing. Are There Debt Limits For Filing Chapter 13 Bankruptcy In California? The debt limits in California are actually federal, meaning that they apply from coast to coast. The limits are an example of how Chapter 13 is a sort of mirror image of Chapter 7. If your income is too high in a way that can be made precise you cannot successfully file for Chapter 7 bankruptcy… Read More →
In this article, you can discover… How bankruptcy will impact your credit score. Whether it’s possible to rebuild your credit score after filing for bankruptcy. The possible impacts of filing for bankruptcy on obtaining future loans. How Will Chapter 13 Bankruptcy Impact My Credit Score? While Chapter 7 Bankruptcy is primarily meant to eliminate all of your debt in one fell swoop over the course of 5 or 6 months, Chapter 13 Bankruptcy sets you up with a plan to repay your debts over several years. These payment plans are generally administered by a bankruptcy court and require monitoring by… Read More →
In this article, you can discover… The differences between a secured and an unsecured debt. The various kinds of liens that exist and their impact on bankruptcy. The process and implications of reaffirmation for personal debt. What Is The Difference Between An Unsecured Debt And A Secured Debt? The primary difference between unsecured and secured debt is whether or not the debt is secured by collateral. Secured Debts A secured debt is secured by a specific asset that serves as collateral. If you default on the payments, the creditor can repossess the asset. Common examples include car loans and home… Read More →
In this article, you will discover: The 2024 changes to the California Homestead Exemption Law. When it’s necessary to file a homestead declaration. How to maximize the homestead exemption when filing for Chapter 13. What Changes Were Made To The California Homestead Exemption Law In 2024? In January 2024, California increased to the maximum equity exemption for your principal residence from $600,000 to $699,421, if you live in either Los Angeles County or Orange County. This is because the median sale price of a home in each of those counties is more than $699,421. If you live in a county… Read More →
Bankruptcy is a delicate topic to discuss. Even in Los Angeles country, it may carry a stigma that helps perpetuate myths and misconceptions about the process. This article aims to tackle five of the most common myths about Chapter 7 bankruptcy, including: Why your spouse will not necessarily have to file for Chapter 7 bankruptcy if you do. Why unpaid medical bills must be included in your bankruptcy. The real impact of bankruptcy on your credit score and ability to get a loan. Myth #1: If I File For Chapter 7 Bankruptcy, My Spouse Has To File Too. Answer: No,… Read More →
Chapter 7 bankruptcy offers vital relief for individuals facing overwhelming debt, but navigating the process requires transparency. In this article, we explore how fraud can occur in bankruptcy filings, the legal consequences of dishonesty, and practical steps to avoid accidental fraud. Keep reading to learn more about how to protect your bankruptcy filing and avoid common pitfalls throughout the entire process. In this article, you can discover… How to better understand bankruptcy fraud and its components. Steps you can take to avoid accidentally committing fraud. The consequences of leaving assets out of your Chapter 7 bankruptcy petition. How Is Chapter… Read More →
Some creditors are not entitled to postpetition interest on their claims. For example, general unsecured creditors typically don’t get postpetition interest pursuant to 11 U.S.C. § 502(b)(2). Other creditors are entitled to postpetition interest. I. Interest On Unsecured Priority Taxes A. Chapter 11 For example, in Chapter 11 taxing authorities are entitled to postpetition interest on their unsecured priority claims. See, e.g., § 1129(a)(9)(c), IRM 20.2.11.6.1.3(6)., and IRS pub. 908 at pages 26-27. B. Chapter 13 However, the IRS is not entitled to postpetition interest on unsecured priority claims in Chapter 13, unless the debtor has sufficient disposable… Read More →
