Blog Posts in November, 2011

Protect your financial information at home

Dont leave credit-card numbers and statements, Social Security information, bank account information, and other financial data unprotected. Most identity theft is you low-tech (that is, paper based). ...
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Are you financially responsible before marriage?

As a bankruptcy law firm we have seen too many people ruin otherwise promising marriages over money and credit issues. We can't help but offer some advise on bad credit and marriage: Get a credit ...
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Orange County Bankruptcies Decline Less Than Surrounding Counties

Bankruptcy filings are down for the Central District of California. LA County has seen a decrese of 14.4% and Riverside/San Bernandino counties have a decrease of 18.7%. However, Orange County ...
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Emergency Bankruptcy Filing

If you are facing an immediate foreclosure, repossession, wage garnishment, asset levy or have another situation that requires immediate action, you can file an emergency bankruptcy petition. The ...
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Can I File for Bankruptcy and Keep My Vehicle

When you file for bankruptcy you can claim your vehicles as "exempt" and keep those items. California gives debtors a choice between the state law exemptions found in Code of Civil Procedure ...
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Bankruptcy and Leased Cars

Many people choose to lease cars rather than purchasing them. If you are currently in a lease for a car and file for Chapter 7 Bankruptcy you have two options with the lease. You can either: Assume ...
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Tax Consequences of Bankruptcy

When your debts are discharged through the bankruptcy process, the IRS treats these debts as taxable income to you. Any bank, credit union or other financial institution that writes off a debt for ...
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Converting Chapter 13 to Chapter 7 Bankruptcy

You have the right to convert your bankruptcy case from Chapter 13 to Chapter 7 at any time. However, in order to convert your case, you must qualify for a Chapter 7 bankruptcy by satisfying the ...
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Converting Chapter 7 to Chapter 13 Bankruptcy

You have the right to convert your bankruptcy case at any time from Chapter 7 to Chapter 13. In fact, you can convert to Chapter 13 at any time. Even if the trustee objects, the bankruptcy court may ...
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What is a Chapter 13 Bankruptcy

A Chapter 13 bankruptcy is a reorganization of debt, allowing you to repay all or a portion of your debt through a Chapter 13 plan, while protecting your assets. It allows you to pay off your debt ...
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Does Bankruptcy Affect Workers' Compensation Benefits?

In short, workers' compensation benefits are not considered an asset of the debtor and are protected. The workers' compensation benefits would be listed in the bankruptcy petition but would be a fully ...
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Avoiding Liens under Chapter 7 Bankruptcy

If you are considering filing a Chapter 7 bankruptcy, it's probably because you want your debts discharged. The general rule in bankruptcy is that liens are not discharged. However, certain liens can ...
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Does Bankruptcy Eliminate Back Child Support?

Neither chapter 7 or chapter 13 bankruptcy eliminates back pay child support. Child support is a court ordered obligation and therefore it is not dischargeable through any bankruptcy. Unpaid child ...
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What is the 341 Creditor's Meeting?

The 341 creditor's meeting is a short meeting with your creditors that takes place usually 30 days after filing your bankruptcy petition. What is the purpose of the meeting?? The purpose of this ...
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History and Purpose of Bankruptcy

We can trace bankruptcy law in the United States all the way back to the 1800s and English law, but bankruptcy law has experienced many changes over the years. Some of major changes include: The ...
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Chapter 7 Bankruptcy Basics

Bankruptcy is a legal proceeding for people who cannot pay their debts and are looking for a new start. Filing a bankruptcy petition immediately stops all of your creditors from seeking to collect ...
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Positive Effects of Bankruptcy

We all know about the negative effects of bankruptcy, i.e. a mark on your credit report, but one must remember that there are two main positive effects of filing for bankruptcy. No More Creditors You ...
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Gathering Information for Filing Bankruptcy

If you are thinking about filing for bankruptcy you will need to gather information about your finances. This information will be used to your bankruptcy petition, which need to be as accurate as ...
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