Bankruptcy Basics

Inheritance in Bankruptcy

08/23/11

  What happens when you file for bankruptcy and then receive a large inheritance?  If your receive an inheritance, should you still consider filing for bankruptcy?  Questions involving financial assets can be complicated, and often depend on the timing, as well as the type of asset involved. If you inherit prior to, or within 180 [...]

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Will My Bankruptcy Affect My Spouse?

08/20/11

When you consider filing for bankruptcy, if you are married you will have to decide whether to file jointly or separately.  If you decide to file jointly, it will be important to know:  what will happen to your spouse? What happens to your spouse will depend most heavily on whether your debts are yours alone, [...]

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Identify Theft in Bankruptcy

08/20/11

Identity theft, the use of another’s personal information for fraud or deceit, is unfortunately a widespread problem.  And a significant number of bankruptcies involve identity theft as well.  Examples include the filing of bankruptcy with another’s name or listing another person who is in bankruptcy on a deed to avoid foreclosure. Often, identity thieves want [...]

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When Would I Convert from Chapter 7 to Chapter 13 Bankruptcy?

08/20/11

Although debtors are typically required to pay at least some of their unsecured debts in Chapter 13, and are required to complete a plan, it may sometimes be strategic to convert a Chapter 7 case to Chapter 13.  When would this be? If a creditor objects to your chapter 7 case, the court may dismiss [...]

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7 Mistakes Lawyers Make That Could Put Your Confidential Information Into The Hands of Identity Thieves

08/14/11

In each of the following mistakes, ask yourself whether you think a receptionist, delivery person, or cleaning crew could get their hands on your confidential legal documents. I think you’ll agree that any one of these mistakes could result in your Social Security Number and other secret information falling into the hands of someone who [...]

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Appropriate Use of Available Exemptions Will Protect a Debtor’s Property in Chapter 7 Bankruptcy

08/13/11

For those who are considering filing Chapter 7 bankruptcy in San Jose, or elsewhere in California, a common misconception is that the bankruptcy trustee will seize or take away all of a debtor’s existing property.  This is not true. Debtors are entitled to certain exemptions when a bankruptcy is filed.  An exemption allows a debtor [...]

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The Bankruptcy Process

08/09/11

What steps need to be taken when you file for bankruptcy?  How will the thing pan out?  To avoid the fear of the unknown, here is a general run-down of the basic steps of filing for bankruptcy and receiving a discharge. Before you file your petition, you are required to complete the counseling requirement.  This [...]

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You Can Keep Your Car During Chapter 7 Bankruptcy, But Should You Sign a Reaffirmation Agreement?

08/06/11

In our current tenuous economic climate, more and more normal, honest, hardworking people are turning to bankruptcy for relief from overwhelming debt. In fact, most people who file for bankruptcy are perfectly responsible citizens who have lost homes, lost law suits, incurred unexpected medical bills or other large, unforeseen expenses. One of the most commonly [...]

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How is a Short Sale Different from a Foreclosure?

08/05/11

With the housing market the way it is, many people want to know: what is the difference between a short sale and a foreclosure sale?  And what difference does it make in bankruptcy?   In a short sale, you have defaulted on your loan and cannot make the payments, but your lender decides to allow [...]

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The Liquidation Analysis/Best Interests of the Creditors Test for Chapter 13

08/04/11

When considering a Chapter 13 Bankruptcy, one of the first questions that every debtor wants to know is how much their monthly Chapter 13 Plan payment will be. As with most legal questions, the answer is that it depends. One of the ways to determine how much this payment will be is to perform a [...]

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