Coronavirus (COVID-19): CARES Act Bankruptcy Changes

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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 […]

Coronavirus (COVID-19) Impact on Your Property Taxes

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According to the U.S. Department of Labor, there were more than 6.6 million jobless claims in the week ending March 28, as more and more people stay home.1 Coronavirus infections and COVID-19 have devastated the U.S. job market. As the global pandemic persists, federal, state, and local governments have sought to ease the financial burden […]

How Coronavirus Is NOT Impacting Wage Garnishment

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Various federal, state, and local agencies have offered financial relief during the COVID-19 global pandemic. For example, New York announced it would cease collection of state-owned medical and student debt for 30 days.1 In California, there’s now a 90-day grace period for mortgage payments and a moratorium on initiating foreclosure sales or evictions.2 But for […]

What Not to Do When Filing for Bankruptcy

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Filing for bankruptcy can be a positive experience that helps regain your financial footing. However, there are certain steps that can hurt your bankruptcy case, even if they’re in good intention or accidental. Here is what you should avoid before filing: Don’t Lie About Your Assets Always be completely honest about your assets. Your case […]

What Is a Charge-off?

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At OakTree Law, our Los Angeles bankruptcy attorneys assist clients with various financial matters. If you think having high credit card debt or missing a credit card payment is bad, having a charge-off on your credit report is worse. A charge-off occurs when you’ve missed several months of credit card payments. The creditor has essentially […]

The Benefits of Chapter 7 Bankruptcy

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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 […]