The key benefit of a Chapter 7 bankruptcy case is the discharge–the elimination of the legal obligation to pay many unsecured debts. If you’re considering Chapter 7 bankruptcy, you may have heard about “nondischargeable debt” and be unsure how much bankruptcy will help you, or which of your debts may be wiped out in Chapter […]
Many people view bankruptcy as a last resort, putting it off or searching for alternatives and letting debts continue to spiral out of control. While it’s good to take responsibility for your debts and investigate other possible options before filing for bankruptcy, it’s important to fully educate yourself and understand the pros and cons of […]
Since now-Senator Elizabeth Warren turned a spotlight on the connection between medical expenses and bankruptcy filing back in 2005, that link has been studied, scrutinized and debated. “Medical bankruptcy” got a lot of attention in the lead-up to the passage of the Affordable Care Act (ACA). And, initially, it looked as if the wider medical […]
The core of a Chapter 13 bankruptcy case is a three to five year repayment plan. The ability to stretch out past-due balances across 36-60 months can mean the difference between chaos and financial stability, and Chapter 13 allows many people to regroup and rebuild their finances without surrendering property. But, three to five years […]
California and Texas have a few big things in common: they are the two most populous states in the United States, and the second and third largest by land mass. Both enjoy year-round mild to hot temperatures. But, there are significant differences as well. Those differences may explain why people are flocking to Texas while […]
While would-be Chapter 7 bankruptcy filers are subjected to a complex calculation involving debts, income, and expenses, the hurdles for those pursuing Chapter 13 bankruptcy are different. Generally, Chapter 13 bankruptcy will be an option if the debtor: Is an individual–there is no Chapter 13 bankruptcy for businesses, Is not disqualified by a recent dismissal, […]
It’s expensive to live in the City of Angels. Rent in Los Angeles often represents a hefty chunk of an individual’s total income. By the time they declare bankruptcy, it is not unusual for many people to be behind in their rent, sometimes on the verge of eviction. Of course, having a home is vitally […]
As California expands the mantel of legitimacy on licensed California marijuana businesses, you would think that licensed cannabis businesses would enjoy the same rights as other California businesses under federal law, but that’s not case. Let’s briefly look at the background of California’s marijuana businesses and restrictions that prohibit them from declaring bankruptcy. California Law […]
We are all aware that huge tax changes known collectively as the Tax Cuts and Jobs Act (TCJA) were passed in 2017 and went into effect January 1, 2018. A significant addition was a 20% pass-through income deduction (26 U.S. Code § 199A) to many small businesses with “qualified business income.” The intent was to […]
We all know we should check our credit scores at least once a year just like we should go to the dentist regularly. But for some of us, even the thought of checking our credit scores and reading our credit reports brings on a stomachache. Ignoring your credit score can have a vast and lasting […]
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