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 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 […]
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 Oak Tree 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 […]
Chapter 13 bankruptcy, or the wage earner’s plan, is not typically associated with a discharge of debt. Its foundation is a three- to five-year repayment plan that lets you pay out past due balances. You don’t need to surrender property while paying your debts and rebuilding your finances. But it is possible to ask for […]
The bankruptcy process can be challenging, especially if you’re self-employed. Proof of income is one of the major factors in a bankruptcy case. When you’re not getting a paycheck from an employer, this presents unique issues; self-employed individuals, sole proprietors, and independent contractors don’t always have paystubs that immediately verify their income. Self-employed workers, just […]
Studies show about two-thirds of people who file for bankruptcy do so to manage debt from medical bills. Chapter 13 bankruptcy is one option that may reduce the amount you owe and make it easier to pay. In general, bankruptcy doesn’t prioritize medical bills. They’re considered general unsecured debts similar to credit cards, while overdue […]
When an employer, lender, or landlord reviews applications for new hires, bank loans, or housing, more often than not they will conduct a thorough background check. Background checks are generally used to verify your identity, but they also reveal other vital information about your past, including criminal history, work history, education, past evictions or foreclosures, […]
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 […]
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 […]
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 […]
