What’s the first thing you should do when you find out that you’ve been sued? Well, PANIC, of course! But only do that for a few seconds, then relax, take a deep breath, and realize that things may not be as bad as they seem. Being sued isn’t the end of the world! (Or at least isn’t in …
What if you are trying to collect a debt owed to your company or your client and the person or company you are trying to collect from suddenly files a bankruptcy? Often, creditors will simply close their files on such cases. However, there are some actions that might be worthwhile to take in certain cases. FILE A …
The Discharge is the final result that most people who file bankruptcy hope to achieve. The applicable definition of “discharge” is to release from debt. The word comes from dis- “do the opposite of” and carrus “two-wheeled wagon,” so it literally means to remove passengers or cargo from a vehicle. In bankruptcy, the Discharge is a court order which voids any judgment …
The short answer is that everyone who is an individual (meaning a human made of flesh and blood as opposed to some type of business entity) qualifies for some type of bankruptcy. There are 3 main types of bankruptcy. A Chapter 7, if you qualify, may eliminate most, if not all, of your debts without you …
A Statute of Limitation is the period of time in which a party can file a lawsuit. After that period has elapsed, a party no longer has a right to sue. Different types of matters have different limitation periods. Here are some of the limitation periods in California. Within 2 years. Personal injury or wrongful death due to …
THE 6 YEAR STATUTE OF LIMITATION FOR PROMISSORY NOTES Read More »
Generally, taxes cannot be discharged (eliminated) in a bankruptcy. However, personal income taxes (as opposed to corporate tax, sales tax, payroll tax, etc., can be discharged if: First. The date the tax return was due to be filed is more than 3 years before the bankruptcy is filed. 11 U.S. Code Sec. 507(8)(A). The 3 …
As a debtor, you have a number of bankruptcy alternatives you can choose. Surprisingly, one of these is doing nothing at all. If you’re not making payments to your creditors, one or more of the following may happen: The creditor may continue making phone calls to you and sending you threatening letters. The creditor may …
Bankruptcy Alternatives: When is doing nothing the best alternative? Read More »
How can a creditor collect from you? Assuming that you can’t reach a voluntary repayment agreement with a creditor, what can the creditor do to collect from you? Generally, a creditor must get a judgment against you before the creditor can use legal procedures to force you to pay. A judgment is a final decision …
Handling debt: How can a creditor collect from you? Read More »
There’s nothing fun about getting a credit card lawsuit. But, you can be prepared, learn all that you can, and survive one. Here is a brief outline of the basics steps: Look over your financial situation with a clear mind and with as little emotion as possible. While being “summoned” is never particularly pleasant, you …
QUESTION: CAN A RESIDENTIAL MORTGAGE BE RESTRUCTURED BY A BANKRUPTCY? ANSWER: Yes and no, depending on what restructuring you want. A Chapter 7 bankruptcy is not going to change, restructure, or resolve unpaid mortgage payments. This type of bankruptcy is geared more towards handling unsecured debts, meaning those debts that do not have an asset …
Ask a bankruptcy lawyer: Can bankruptcy restructure my mortgage? Read More »
