Foreclosure is often misunderstood by consumers. If you’re in default on a secured loan, the lender can initiate a process resulting in the forced sale of your property to cover the debt. But this doesn’t always cover the balance owed in full. As the debtor, you must then make up the difference; the lender […]
Can I Qualify for IRS Debt Forgiveness in Bankruptcy?
Generally, filing for bankruptcy does not eliminate tax debt. But there are circumstances in which you can have tax debt discharged. It’s important to note that bankruptcy won’t eliminate a tax lien (a legal judgment) if one is in place before your bankruptcy filing. Below, we will look at how IRS debt forgiveness can […]
Handling a Small Business Bankruptcy
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 […]
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 […]
How Many Times Can You File Bankruptcy?
Believe it or not, there’s no limit as to how many times you can file for bankruptcy. While most people will file for bankruptcy only once, filing multiple bankruptcies can happen if you experience more than one financial crises in your life. The first thing to know is that there are many different types of […]
Does Filing for Bankruptcy Affect My 401(k)?
If you’re considering cashing out your retirement savings to pay off debt, or worried that filing for bankruptcy will affect your 401(k), here is some information that can help you rest easy. Your 401(k) is usually protected. You won’t lose the funds in your account because of bankruptcy because federal law protects such accounts from […]
How to Navigate Small Business Bankruptcy During COVID-19?
The COVID-19 outbreak has led to economic difficulties that have affected many small business owners. As a result, many have turned to small business bankruptcy. If you are one of them, there are a couple of options to consider during this challenging time. Continue reading to learn more. Chapter 11 Bankruptcy If you want to […]
Bankruptcy 101: Learn The Basics
If you’ve fallen on hard financial times, bankruptcy can help set you on the right course. You can receive a discharge of debts with Chapter 7 bankruptcy or discharge some debt and create a repayment plan with Chapter 13 bankruptcy. However, there are many considerations and steps to navigate. These bankruptcy basics are intended to […]