Typically, filing for personal bankruptcy impacts only the person filing the bankruptcy case and the creditors affected. Even a non-filing spouse is generally not affected. That analysis changes, though, when the person considering bankruptcy has a loan or line of credit that was cosigned by a friend or relative. What generally happens to a cosigner […]
It’s common for people considering bankruptcy to be concerned about the impact a bankruptcy filing may have on other areas of their lives. Some of the most common concerns include the impact of bankruptcy on access to credit, how bankruptcy will affect existing property such as homes and cars, and the possibility of job loss. […]
Most consumer bankruptcy petitioners never appear in court or speak to a judge. In the typical Chapter 7 or Chapter 13 bankruptcy case, most of the work takes place in your attorneys office, where your bankruptcy lawyer prepares petitions, schedules, and other documents based on the information you provide. However, there is at least one […]
For many of us, automobiles are critical to going about our daily lives. The family car may be necessary to get to and from work, to take children to school, to get to necessary medical appointments, and for many other reasons. The importance of personal automobiles varies depending on geography, and those of us in […]
Medical debt is a widespread problem in America. The Urban Institute says 13% of households in Los Angeles County have medical debt in collections, and that’s the good news. In other areas of the country, the problem is much worse. The national average is 18%, and in many areas the picture is even bleaker. In […]
When you feel like you’re drowning in debt, talking to creditors and collection agencies is probably the last thing you want to do. In fact, if your debts have spiraled far enough out of control, you may have stopped picking up the phone when creditors call, and even left bills and collection letters unopened. That’s […]
If you are married and living in California and are considering filing bankruptcy, you can do so individually without your spouse or file jointly with your spouse. Let’s take a look at the impact of filing bankruptcy individually in California, whether it’s advisable and how it will affect your spouse. What Assets Are Part of […]
Even after people declare Chapter 7 bankruptcy and have their financial slates wiped clean or file a Chapter 13 bankruptcy to reorganize and slowly pay back creditors, it can be all too easy to fall back into debt. 8% of those who file bankruptcy are repeat filers, though 16% of personal filings are repeat filings. […]
Unemployment is extremely low right now and incomes are rising, so you would think that Americans would be living the high life. But the fact is that most of us are struggling. How is this possible? A November 2018 study released by the Center for Financial Services Innovation (CFSI) found that 17% of Americans are financially […]
The saying “timing is everything” applies to many things in life, and that includes how bankruptcy can affect your inheritance in California. If you received an inheritance before filing for a Chapter 7 bankruptcy, it can become part of your bankruptcy estate just like any of your property unless you can protect it with a […]
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