Filing for bankruptcy can help you get out of debt and improve your financial situation. But it is a complex and time-consuming process with many rules. Filing yourself is never recommended. A single mistake can be costly, get your case dismissed, and result in legal penalties. A bankruptcy attorney is knowledgeable in the U.S. Bankruptcy […]
OakTree Law’s Guide: How to Prepare for the Next Recession
A normal occurrence in the economic cycle, a recession is a significant and prolonged downturn in economic activity. It may last from a few months to years. According to a 2022 survey from Empower and Personal Capital, 74% of U.S. consumers expressed concern about the economy going into recession. Economists and organizations have been warning […]
How Does a Creditor Garnish Wages?
Wage garnishment is a legal procedure in which the court orders your employer to withhold a portion of your earnings to pay back your debt. It’s a typical process—around 7% of workers in the U.S. each year are left asking, “How does a creditor garnish wages?”. However, there are rules and limitations. Whether you’re facing […]
Pro’s and Con’s of Debt Settlement
Debt settlement can help you pay off large amounts of debt. It requires making a lump-sum payment to a debt settlement company, or depositing money each month into an escrow account until there’s enough for it to negotiate with the creditor. This often means paying less than your outstanding balance. While this strategy can work […]
Can I Afford a Bankruptcy Lawyer?
Filing for bankruptcy is an option if you’re experiencing financial hardship and drowning in debt. However, the process itself can be costly when you consider filing fees and attorneys’ fees. Just what can you expect to pay a bankruptcy lawyer? There are different factors to consider. While filing fees are the same across the U.S., […]
How Bankruptcy and Divorce Affect Each Other?
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 […]
What Are Preferential Payments in Bankruptcy?
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 vs. Bankruptcy Pro’s and Con’s
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 […]
Your Most Important Bankruptcy Questions Answered
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 OakTree 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 control […]
How Will My Inheritance Affect My Bankruptcy?
Are you worried about how your inheritance will affect your bankruptcy? Unfortunately the answer isn’t a simple one. Having an inheritance won’t prevent you from filing for bankruptcy, however, the inheritance becomes property of the bankruptcy estate if you received it within 180 days after filing. This process differs depending on the type of bankruptcy […]