Yearly Archives: 2021
What Happens If I Default on My Student Loan Payments?
Many student loan borrowers still have a significant amount to pay towards their debt each month – even years after receiving their degree. In fact, the average monthly student loan payment is currently at $393. Since this amount can be an overwhelming addition to your monthly expenses, many people get into the habit of… Read More »
Can Creditors Sue Me If I’m Judgment Proof?
If you can’t pay off your debts, such as credit card payments, medical bills, personal loans, etc., the creditor can sue you to replenish the debt you owe. However, one of the most common questions our clients ask us is if creditors can still sue someone if they are “judgment proof?” Judgment proof is… Read More »
7 Things You Can Do Today to Stop Wage Garnishment
If you are experiencing overwhelming debt, debt collection agencies are probably looking for new ways to collect the debt you owe. A common collection tool that debt collectors use is wage garnishment. Wage garnishment occurs when money is legally withheld from your paycheck and sent to the creditor to reduce the total amount owed…. Read More »
How Does My Tax Refund Affect My Bankruptcy Case?
If you plan on filing for bankruptcy to get rid of overwhelming debt but received a tax refund this year, you might be wondering how it will affect you. In some cases, individuals filing for Chapter 7 or 13 bankruptcy can protect the tax refunds they received. Our Los Angeles bankruptcy attorneys explain how… Read More »
3 Common Mistakes Made on the Bankruptcy Means Test
The bankruptcy means test is one of the first steps to filing for bankruptcy. It determines if you qualify for Chapter 7 bankruptcy and it impacts the length of your Chapter 13 bankruptcy. Without proper guidance, bankruptcy applicants often make mistakes when completing the means test. With that in mind, here are the 3… Read More »
Is Social Security Income Counted in Chapter 7 Bankruptcy Means Test?
If you are ready to take action and get rid of your overwhelming debt by filing for bankruptcy, one of the first steps will be to take the means test. The means test will analyze your income to determine if you qualify for Chapter 7 bankruptcy. However, completing the means test can be a… Read More »
What Are the California Bankruptcy Exemptions?
One of the biggest fears people have about bankruptcy is losing all of their assets. However, there are federal and state bankruptcy laws that are exempt from bankruptcy. It means that many people can keep most of their assets while going through bankruptcy. Our Los Angeles bankruptcy attorneys explain which assets are “exempt from… Read More »
What Happens to Nonexempt Property in a Chapter 7 bankruptcy?
When an individual files for Chapter 7 bankruptcy, it allows them to achieve financial freedom in the most efficient manner by eliminating unsecured debts. In California, people get to keep certain property that is exempt from bankruptcy. However, not all assets are protected under bankruptcy law. Our Los Angeles bankruptcy attorneys explain what happens… Read More »
Bankruptcy 101: Your Car in Chapter 13 Bankruptcy
Keeping Your Car Through Chapter 13 Bankruptcy Filing for bankruptcy can seem like a scary process because people fear losing assets, such as their car. However, filing for bankruptcy doesn’t necessarily mean that a person will lose all their prized possessions. If you want to get rid of overwhelming debt, but you want to… Read More »
How to Improve your Credit Score After Bankruptcy?
Many people have the misconception that it will be impossible to repair their credit after bankruptcy, but that is far from the truth. Bankruptcy stays on your credit report for seven to ten years, but its impact on your credit will reduce as time goes on. Until then, you can start taking steps to… Read More »