Some Chapter 13 bankruptcy filers can discharge some or all of their unsecured debt after successfully completing the Chapter 13 repayment plan. But, some people have too much disposable income to be eligible to discharge debt in a Chapter 13 case. Often, those individuals or married couples can still file for Chapter 13 bankruptcy, but […]
In mid-2020, household debt took a surprising turn. In the midst of skyrocketing unemployment and a nationwide wave of small business closures, with about ⅓ of U.S. households reporting a loss of income, credit card balances took their sharpest dip in recorded history. Other non-mortgage debt stayed relatively stable. Delinquency rates for most types of […]
When you cosign a loan for a friend or family member, you’re taking responsibility for paying that debt if the borrower doesn’t. In fact, many lenders will actually set you up as a co-borrower. That means that you’re not just on the hook if the borrower defaults. Instead, the loan appears as an obligation on […]
When you’re struggling with debt, your phone rings a lot. Your mailbox is full. You may even be receiving emails and texts encouraging you to make contact, make payment, or make payment arrangements. It’s stressful and discouraging. No one likes falling behind, worrying about legal action, and fielding all those calls. Sometimes it seems that […]
Negotiating your way out from under a large debt can be a tremendous relief. No more stressful calls from the creditor or a debt collector trying to squeeze a payment out of you when you’re just getting by. No worries about a lawsuit, wage garnishment, or other disruptive collection activity. Sometimes, though, that sense of […]
“Can I keep my car if I file for Chapter 7 bankruptcy?” is one of the most common questions we hear. The answer is usually yes, since up to $3,325 or $5,850 in equity in your car is exempt, depending on which exemptions you choose. And, you may be able to supplement that with the […]
During the pandemic, Californians and people around the country were protected from a variety of debt and financial-related risks. Student loan payments and collection of delinquencies were suspended. Evictions were put on hold, and a federal order halted residential foreclosures for those with government-backed loans. But, debt collectors remained active. In some cases, those attempting […]
It appears that an end is finally in sight. As of mid-May, more than half of Californians have received at least one dose of the Covid-19 vaccine. In Los Angeles County alone, more than 9 million doses have been administered. Daily new cases have dropped below 5% of the winter peak, and jobs are rebounding. […]
In 2020, the Consumer Financial Protection Bureau (CFPB) received more than 540,000 consumer finance complaints. That’s an increase of more than 50% compared with 2019. More than half of those complaints related to credit reports and other consumer reporting–more than double the number of complaints received in that category in 2019. Complaints also increased in […]
If you’re house-rich but cash-poor or carrying a lot of non-mortgage debt, a recent change in California law dramatically increases protection for your home. Back in the fall, we wrote about the coming change in the California homestead exemption and how it would impact access to bankruptcy for many Los Angeles homeowners. Now the law […]
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