The Senate passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on March 25, 2020. Enacted on March 27, the legislation placed short-term restrictions on lenders and servicers of federally backed loans. It enforces mandatory forbearance obligations, moratoriums on foreclosures, and revises credit reporting obligations to help individuals and businesses facing financial hardship […]
Chapter 7 Bankruptcy Article Archives
Your Bankruptcy Roadmap to Navigate Tough Times
Bankruptcy is an option during tough times. If you’re deep in debt due a loss of employment, emergency repairs, or a divorce, you can file for Chapter 7 bankruptcy to receive a discharge of debts, if approved by the court. With a Chapter 13 bankruptcy case, some debt may be discharged while you’ll receive help […]
By Doing Nothing, Does a Creditor Violate the Automatic Stay in Bankruptcy?
Under Section 362 of the U.S. Bankruptcy Code, an automatic stay prevents creditors from collecting debts from a debtor. An automatic stay halts all actions, including repossessions, foreclosures, and phone calls, and is enforced by the bankruptcy court. Once collection actions are halted by the court, whether a creditor does nothing and still violates the […]
New Year. No Debt! Is Bankruptcy a Good New Year’s Resolution?
Consumer debt surpassed $4 trillion in December 2018, according to the Federal Reserve. This includes revolving credit card debt, which now stands at over $1 trillion.1 At the end of 2018 alone, more than $41 billion in outstanding credit card balances was added. And, according to data from Experian, the average American has a credit […]
What Does the HAVEN Act Mean for Disabled Veterans and Their Families?
The Honoring American Veterans in Extreme Need Act of 2019, or HAVEN Act, was passed on August 23, 2019. It has important implications for veterans who file for Chapter 7 and Chapter 13 bankruptcy. After all, nearly 15% of those who file for bankruptcy in the U.S. are veterans (who account for just 10% of […]
Can You Keep Your Car During a Bankruptcy?
The Benefits of Chapter 7 Bankruptcy?
Filing for Chapter 7 bankruptcy can help free you of large amounts of debt. It can be extremely beneficial if done right and with the help of a Los Angeles bankruptcy attorney. Unlike Chapter 13 bankruptcy, it does not require a court-approved repayment plan. So, if you are dealing with high credit card debt or […]
When you file for Chapter 7 bankruptcy, there is a system that determines the property you get to keep and that which will be sold to pay your debts. You may get to keep your home, car, and other valuable personal assets during and after the bankruptcy process. Nonexempt property will be sold by the […]
5 Ways to Talk to Someone About Getting Help With Debt
People don’t often talk about their personal debt. You may be completely unaware of a close friend’s or family member’s financial situation. With all the options out there for debt help, including chapter 7 bankruptcy to eliminate debt and chapter 11 bankruptcy to protect your assets, talking about it can be beneficial. But before you […]
Keeping Your Property in Bankruptcy
Reliable Los Angeles Bankruptcy Attorney One question posed to nearly every bankruptcy attorney by those considering filing for bankruptcy is “will I lose my home?” The fact is, most people can keep their property during bankruptcy in California, even if they are behind on their mortgage payments at the time of filing. When you work […]