Wage garnishment is a procedure in which some of your earnings will be withheld to pay off your debt. Unpaid taxes, child support, back rent or property damage, consumer debts, and student loans are all debts that may trigger the court to garnish your wages. However unfortunate, debt is not an unfamiliar situation for many […]
Bankruptcy is not an option to be taken lightly, but it is a reality for many Americans and business owners. If you find yourself on the precipice of bankruptcy or have already started the process of filing for bankruptcy, you may be curious about how gifts and loans affect your bankruptcy case. In a nutshell, […]
Whether on your own or with an attorney, bankruptcy can be challenging. Don’t let legalese get you down, OakTree’s Legal Glossary is here to clarify and dispell any questions you may have about the legal terms you may encounter during the legal process. A B C D E F G H I J K L […]
Student loan debt in the U.S. totaled close to $1.7 trillion in 2021, according to Forbes. That’s higher than debt for credit cards and auto loans, and second only to mortgage debt. Bankruptcy helps many people get out of debt or pay it off. However, a discharge of student loan debt is hard to come […]
Business owners who are unable to repay their debts have the option of filing for small business bankruptcy. Small business bankruptcy is sadly more common than you might think, 22,000 businesses filed for bankruptcy in 2020 alone. Depending on the situation, you can eliminate your SMB’s business debts or set up a repayment plan. Bankruptcy […]
Bankruptcy and divorce are both extremely stressful situations. It is even more stressful when both occur at the same time; however, there are many barriers to pursuing both simultaneously. Financial struggles represent the second leading cause of divorce, behind infidelity (per a 2018 study by Ramsey Solutions), and nearly two-thirds of marriages start off in […]
Debtors who file for bankruptcy typically don’t have enough money to pay back all their creditors. When someone pays one obligation back over another before filing for bankruptcy, it may be considered a preferential payment. Unfortunately, doing this can complicate your case as there are many rules put in place on this. Your trustee can […]
Debt consolidation and bankruptcy are two different ways of managing high amounts of debt. Each can impact your credit (although debt consolidation is usually less damaging). The best option depends on your situation. The bankruptcy system offers some options that can help you get on track. To learn more, here is an overview of […]
Going through bankruptcy can be an exhausting and confusing time, it’s only natural to be curious about your situation. Fortunately, the Los Angeles bankruptcy attorneys at Oak Tree Law can assist you every step of the way. Here are some answers to the most common bankruptcy questions we receive. Filing for bankruptcy can help regain […]
In late June, the Federal Housing Finance Agency (FHFA) announced that the moratoriums on foreclosures put in place during the COVID-19 pandemic would be extended until July 31, 2021, and forbearance enrollment would continue through September 30, 2021. The moratoriums benefit homeowners with single-family mortgages backed by Fannie Mae and Freddie Mac. But as the […]
