Recent Posts in Bankruptcy Category

  • Can I Keep My Car After Filing for Bankruptcy?

    || 9-May-2017

    When you file for Chapter 7 bankruptcy, you will be required to undergo a process known as “liquidation.” During this process, a trustee will review your assets to see if any of them cannot be protected with an exemption. Any assets that cannot be protected can be sold off and the funds will be distributed to your creditors on a prorata basis. However, you are allowed to protect ...
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  • 3 Things To Consider Before Filing For Bankruptcy

    || 15-Jan-2016

    The burden of debt can create undue stress, and can impact nearly every area of your life in some way or another. For those struggling to gain control of their financial situation, bankruptcy can be an effective way to gain a fresh start. However, bankruptcy is not right for everyone. In this blog, we take a look at three things you should consider before pursuing bankruptcy. Take charge of your ...
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  • How Bankruptcy Affects Divorce

    || 30-May-2014

    If you and your spouse decide to part ways, keep in mind this could affect the divorce proceedings – particularly the property division aspect. If you are filing for bankruptcy, some of your assets may be liquidated and therefore could not be divided in divorce. Because bankruptcy initiates a process known as "automatic stay," all attempts to collect or move your property will be ...
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  • How Bankruptcy Could Be the Solution to Your Foreclosure

    || 16-Apr-2014

    Have you been notified of foreclosure? If you want to keep your home, bankruptcy may be a viable option. As soon as bankruptcy is filed, an automatic stay goes into effect. This automatic stay prevents creditors and collection agencies from attempting to collect debts, including your home debts. Bankruptcy may not be right for everyone trying to protect their home against foreclosure. Before ...
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  • Considering Chapter 7 Bankruptcy? You'll Have to Take the Means Test.

    || 10-Mar-2014

    Chapter 7 bankruptcy is a good option for debtors seeking to completely discharge their debts. Chapter 7 is also known as "liquidation bankruptcy" and effectively gets rid of, rather than reorganizing, the petitioner's debts. Due to the nature of Chapter 7 bankruptcy filings, there are strict qualification standards. To find out if you meet those standards, you will have to take the ...
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  • Bankruptcy Homestead Exemption California

    || 12-Feb-2014

    Knowing about bankruptcy exemptions is important for anyone filing for Chapter 7 bankruptcy. Chapter 7, also known as "liquidation bankruptcy," is the process of discharging debts through the liquidation/sale of certain property to pay off creditors. Not all property is fair game though. The U.S. Bankruptcy Codes shed light on which types of property can be liquidated during Chapter 7 ...
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  • Bankruptcy is More Common than You Think

    || 2-Jan-2014

    For many people, the word "bankruptcy" elicits feelings of fear and uncertainty; for others, the idea of filing a bankruptcy petition is foreign and far-removed. Did you know that approximately 1.5 million people file for bankruptcy every year in the United States? That's more than the entire population of Delaware, and with about 300 million people living in the United States, 1.5 ...
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  • ResCap's Plan to End its Bankruptcy Has Been Approved by U.S. Judge

    || 11-Dec-2013

    On Wednesday, December 11 th, a United States Bankruptcy Court approved Residential Capital's plan to end its bankruptcy, which has been ongoing for 19 months now. Exiting the Chapter 11 bankruptcy plan will effectively put the mortgage lender on track to officially end its bankruptcy before the end of 2013. The plan was given the thumbs up at a hearing in Manhattan only 8 days after ...
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  • Small Business Bankruptcy

    || 26-Apr-2013

    Owning a small business can be an exciting time for an individual, however, it can also cause much more financial stress on you to succeed. In the event that your business is not bringing in the funds that it should, you may begin to start moving your way into debt, and before you know it, paying back your creditors seems like impossibility. If you find yourself in this place, the option of ...
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  • The Difficulty of Discharging Income Taxes in Bankruptcy

    || 29-Mar-2013

    As bankruptcy laws are redeveloped and continually gone over, more and more filers are discovering that it is difficult to discharge income taxes. In most cases, income taxes are dischargeable. This means that the obligation to pay these taxes can be eliminated in some circumstances. The debt must meet certain qualifications in order to be recognized as legitimate for bankruptcy discharge. ...
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  • Can a Collector Take Your Social Security?

    || 15-Mar-2013

    When you are in a debt, it may seem that all of your assets are at risk. Often collectors can garnish your bank accounts, threaten to foreclose your home, or seize your vehicle. But can they also take away your Social Security? According to Bankrate, Social Security income is exempt from garnishment in almost all circumstances. On rare occasions in the past, a person could have their social ...
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  • San Diego Hospice Files for Bankruptcy & More are Likely to Follow

    || 27-Feb-2013

    Earlier this month, one of the biggest hospices in the United States, San Diego Hospice, pled for financial help when it filed for bankruptcy in the wake of a federal investigation into the facility's general health care practices. Specifically, the hospice's tendency to provide treatment to patients who are expected to live more than six months was called into question. In its attempts to ...
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  • Casey Anthony Files for Bankruptcy with $792,000 in Liabilities

    || 28-Jan-2013

    Twenty-six year old Casey Anthony has filed for bankruptcy protection in Florida, saying that she owes nearly $800,000 and has only $1,084 in the bank. Anthony, who was acquitted of killing her 2-year-old daughter Caylee in 2011, filed for protection under Chapter 7 bankruptcy in a federal court in Tampa on Friday. The debts listed on the bankruptcy filing included $500,000 for attorney fees and ...
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  • San Diego Still Suffering the Effects of the 2008 Financial Crisis

    || 23-Jan-2013

    With homelessness and hunger on the rise in neighborhoods like City Heights, San Diego is still struggling with the unemployment and low housing values that were brought about during our nation's 2008 financial crisis. A reporting team from World Socialist Web Site recently spoke to families and individuals in City Heights, a neighborhood populated with a large number of the working class. ...
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  • A Closer Look at the San Diego Bankruptcy Pros

    || 17-Jan-2013

    Bankruptcy is a big decision, and you don’t want just anyone handling your bankruptcy case. Instead, you need a dedicated and reliable San Diego bankruptcy lawyer on your side. When you are in need of a knowledgeable and hardworking bankruptcy lawyer, San Diego Legal Pros is here to help. The lawyers at this firm are so confident in their ability to complete a successful bankruptcy for you, ...
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  • San Diego Chamber Orchestra Files for Bankruptcy in Wake of Rising Debts

    || 2-Jan-2013

    The San Diego Chamber Orchestra, the Orchestra Nova, has chosen to file for bankruptcy in lieu of rising debts partly caused by the orchestra's failure to resolve a change in salaries negotiation with its primary employee's union. The Orchestra Nova, as the chamber orchestra is titled, filed for Chapter 7 and hopes that it will be a promising step towards recovering their financial health ...
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  • Bankrupt Auto Company Hopeful for the Future

    || 19-Jun-2012

    Saab, a Swedish car manufacturer, filed for bankruptcy in 2011. Now, the company is being bought by the National Electric Vehicle Sweden (NEVS) for an undisclosed sum of money. Saab has been manufacturing cars since 1947 – 65 years – and was eventually sold to General Motors. When GM filed for bankruptcy in 2008, Saab was sold to a Dutch group called Spyker. Ever since it was bought by ...
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  • Beware! A Strategic Default Hurts Your Chances for Future Mortgage

    || 13-Mar-2012

    You may be unaware that walking away from a home loan could make it exceedingly difficult to secure a mortgage in the future. In light of the economy and because the value of homes are decreasing, many consumers are choosing to follow through with foreclosure instead of fighting to keep their home. The majority of homeowners who opt for strategic default actually owe more on their home loan than ...
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  • Welcome to our San Diego bankruptcy blog!

    || 12-May-2011

    We are proud to announce the launch of our newly updated website and bankruptcy blog !
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  • Are Retirement Accounts Exempt?

    || 11-Apr-2011

    If you are considering bankruptcy as an option to get out of your financial troubles, you may be wondering whether you can keep your retirement account. The basic rule is that you can protect your accounts “to the extent they are reasonably necessary for the support of the debtor and any dependent of the debtor.” However, the account must be of the type that “qualifies under Section 401(a), ...
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  • Some Bankruptcy Facts…

    || 15-May-2010

    Home Equity Lines of Credit (HELOC’s) are dischargeable in bankruptcy. There is a lot of different and confusing information out there about whether there is any personal liability for a HELOC or 2nd or 3rd Deed of Trust (commonly referred to as mortgages) when a homeowner defaults and the lender is forced to foreclose. First of all, under the Mortgage Forgiveness Debt Relief Act of 2007, there ...
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