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When debts are discharged in a bankruptcy case, the debtor is freed of any legal obligation to pay them. Creditors can no longer take any collection action, communicate with the debtor, or pursue legal action. Your Los Angeles bankruptcy attorney will inform you of which debts are dischargeable. Whether your debt is dischargeable depends on […]
An automatic stay is a simple one-page document. Once you file for bankruptcy, your Los Angeles bankruptcy attorney sends this document to creditors, notifying them of your situation. It legally prohibits them from taking various actions. Although creditors can motion to remove or modify an automatic stay, violating it can lead to sanctions by the […]
Filing for bankruptcy may not affect only your financial affairs. While your debt, and obligation to pay it, may be discharged, a cosigner on a loan may still be responsible for it. That means a creditor or lender may still pursue collections actions on your cosigner or joint account holder. So, just how do you […]
If you’re facing an overwhelming amount of debt, bankruptcy provides a legal solution to your problems. It’s essentially a way to start over. Depending on the type of bankruptcy you file, you your debts may be discharged (meaning your legal obligation to pay them is eliminated) or an affordable three- to five-year payment plan can […]
The Employment Retirement Income Security Act of 1974 (ERISA) protects qualifying private company pensions. In 2005, Congress overhauled bankruptcy laws so that now almost all ERISA-qualified retirement accounts and pension funds cannot be accessed by creditors. However, there are exceptions, and state exemptions may apply to your property, so it’s important to consult a Los […]
Federal law prohibits any employer from firing someone because they filed for bankruptcy. Under Section 525 of the bankruptcy code, termination, discrimination, or denial of employment due to bankruptcy is forbidden. This includes both government and private employers. However, as any Los Angeles bankruptcy attorney knows, an employer can fire you for lying, breaking workplace […]
Depending on your financial situation, making monthly payments on a second mortgage can be stressful. There are several ways to relieve some of your debt and free up some cash. If your second mortgage debt is an issue, your options include to: Pay more than the required monthly payment, especially if it has a higher […]
When someone needs money quickly, an online loan seems like a simple and fast solution. Unfortunately, it comes with tremendous risk. If you are considering taking out an online loan, don’t let the ease of the process lure you in. Here are some of the risks you need to be aware of from online loans. […]
Once you sell your property in a foreclosure auction, there’s no guarantee that the amount your property sells for is going to completely cover the amount you still owe on your mortgage. In these instances, mortgage lenders are often able to obtain a deficiency judgment and sue for the outstanding balance, leaving many people in a […]
If you are unemployed and are considering filing for bankruptcy in California, there are considerations that can determine if your bankruptcy filing is successful, or not. Being unemployed means your funds are limited, and filing bankruptcy seems like a sound financial move. But, because some courts may consider unemployment compensation as income, instead of being […]
