California’s relatively low homestead exemption has long been an obstacle for Los Angeles residents seeking to resolve debt in bankruptcy. Homestead exemptions are intended to protect the family residence from creditors, even in bankruptcy. But, the amount of value that’s protected differs significantly from state to state. In several states, the homestead exemption is unlimited […]
One of the biggest obstacles for people considering bankruptcy is mythology. Sometimes it seems that the moment someone in tough financial circumstances decides to take control, misguided advice starts flying. Of course, family and friends usually mean well. But, that doesn’t make their information accurate. And, too often, it comes in the form of dire […]
Each spring, the Board of Governors of the Federal Reserve System issues a report on economic well-being in U.S. households. Traditionally, this report is based on end-of-year data from the previous year. However, in light of the unusual economic circumstances in the United States in the spring of 2020, this year’s report includes an update […]
Job loss is one of the most common triggers for a bankruptcy filing. That makes sense, since most people who abruptly lose their primary source of income aren’t able to keep up the financial commitments they made based on that salary. But that doesn’t mean that every option will be available to the recently unemployed, […]
Many people considering bankruptcy are uncertain as to whether or not they qualify to file Chapter 7. Most people who want to file Chapter 7 bankruptcy are eligible to do so, and the concerns often stem from misinformation from friends and family or the internet. In 2019, more than 11,000 Chapter 7 bankruptcy cases were […]
The bankruptcy discharge is the core benefit of a Chapter 7 bankruptcy, and some unsecured debt can also be discharged in a Chapter 13 case. Discharging debt can offer significant benefits for Los Angeles residents: the city ranks in the top five nationally for average credit card debt, and 10% of households in Los Angeles […]
Retirement should be a time of peace and relaxation after a lifetime of working for a living, paying the mortgage, and weathering the financial ups and downs that life throws at most of us. Unfortunately, this vision of the “golden years” is holding true for fewer and fewer Americans. The U.S. Government Accountability Office (GAO) […]
California was the first state in the nation to shut down non-essential operations to protect its citizens against the spread of the novel coronavirus and the resulting illness, Covid-19. While both government officials and researchers believe that step will ultimately mean far fewer lives lost, less stress on our healthcare systems, and potentially less long-term […]
Most people who file for bankruptcy have been struggling with debt for quite a while and are understandably eager to get the process over with and move forward, which makes knowing how long the process can take a popular topic to question. In Los Angeles, concerns about timing may be aggravated by the size of […]
There is no law or regulation requiring that people filing for bankruptcy in Los Angeles work with a bankruptcy attorney. In fact, a significant percentage of cases in the U.S. Bankruptcy Court for the Central District of California file their bankruptcy cases pro se, or without an attorney. But, whether it’s possible to file a […]
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