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 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 […]
In late June, the Federal Housing Finance Agency (FHFA) announced that the moratoriums on foreclosures put in place during the COVID-19 pandemic would be extended until July 31, 2021, and forbearance enrollment would continue through September 30, 2021. The moratoriums benefit homeowners with single-family mortgages backed by Fannie Mae and Freddie Mac. But as the […]
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 […]
There are lots of activities that financial advisors and attorneys warn against while filing for bankruptcy. For example, you don’t want to pay back any personal loans in the 90 days leading up to your bankruptcy petition. Charging up your credit cards can be considered fraud in some cases. Your bankruptcy case can be dismissed […]
California’s statute of limitations on debt is 4 years, per the state’s Code of Civil Procedure § 337. A statute of limitations is the amount of time you have to take legal action. In the case of debt, it refers to how long a creditor has before it can ask a court to force you […]
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 […]
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 […]
Depending on the state they live in, the property acquired by a husband or wife once they are married is considered to be community property. This rule applies unless both spouses have agreed to otherwise. Here is a look at how this works in community property states and how California state law can impact your […]
