Articles
In this article, you can discover… How Chapter 13 can help landlords in debt retain their properties. Whether you can keep collecting rent during Chapter 13 bankruptcy. How your rental income may impact a repayment plan. How Can Chapter 13 Help Me Catch Up On Mortgage Arrears Without Losing My Rental Property? In Chapter 13, one of the provisions that we have in the Bankruptcy Code is that you can use the Chapter 13 plan to cure a default. If you’ve fallen behind on mortgage payments, what we can do is propound a Chapter 13 plan of reorganization and put… Read More →
In this article, you can discover… Whether you can file for bankruptcy if your income fluctuates. Whether seasonal workers are eligible for bankruptcy in California. What happens should your income increase significantly during bankruptcy. Can I File For Chapter 13 Bankruptcy If My Income Fluctuates? The Bankruptcy Code in section 109(e) says that Chapter 13 is available only for someone with a regular income, and then it lists two debt ceilings – one for secured debt, the other for unsecured debt – to determine eligibility for Chapter 13 protection. What do we mean by regular income? Does it have to… Read More →
Should I Notify My Bankruptcy Attorney In Los Angeles If I Plan To File For Divorce? If you’re considering divorce or any major life change that could affect your ability to make Chapter 13 plan payments, you should notify your bankruptcy attorney as soon as possible. Divorce can directly affect your bankruptcy case in several critical ways, including: Asset Division: The automatic stay in bankruptcy prevents the division of property in the bankruptcy estate without court approval. Case Strategy: You and your spouse will need to decide whether to continue the Chapter 13 case together or request the court to… Read More →
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 →
