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Filing Bankruptcy in case of Natural Hazard in Los Angeles

Natural calamities cause a huge impact on every individual’s life in every possible aspect. It takes several years for a person to overcome the losses caused by a natural disaster and to get back to a normal life. It causes great mental as well as financial peril on everyone’s life. Many people find it hard to overcome the financial burden due to pre-disaster debts accompanied by post-disaster losses. Hence there is a sudden boom in the number of people filing for bankruptcies immediately after a natural calamity. In recent years Los Angeles and Dallas, TX have seen many [...]

2023-01-12T06:02:23+00:00
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Know These Things Before Hiring a Bankruptcy Attorney

Are you in debt and need immediate help for getting rid of the circumstances? Well, there are many ways out of which the wisest and easiest one is to file for bankruptcy. This method will help you to get a large part of your debts sorted and can also help you to get back on track to a normal life. However, you alone cannot file bankruptcy as one needs to know every minute detail of bankruptcy-related laws and rules while filing for bankruptcy. This is so because a plan that worked for someone need not necessarily work in [...]

2019-06-27T10:04:35+00:00
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Increase in Bankruptcy Filings Among Retirees

It is rather a sad state of affairs that Los Angeles is one of the cities that has an increase in the number of bankruptcy filings from the citizens who are above 55 years of age. This number has only doubled since 1994. Despite the need to rest after years of employment, the country witnesses this stupendous rise of close to twenty percent of the total bankruptcy filings to be of the retirees. But professionals say that it isn’t surprising – the failure of the individuals (close to 32%) in setting aside a retirement amount is the major [...]

2023-03-13T09:03:09+00:00
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Criminalizing Private Debts

There are criminal proceedings on defaulters on the debts that they owe to creditors. Let’s take a scenario where the debtor has fallen sick and has missed out on the payments that he/ she regularly makes. The notices about missed payments have just been ignored since the debtor is away on treatment. The piled up debt now invites court hearings – the intimations of these too have not been attended to and this eventually turns out to issuing of warrants for the arrest of the debtor for the failed payments. This is not a surreal scenario and can [...]

2023-03-07T09:43:28+00:00
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Avoid a Second Bankruptcy

There is no second opinion to the fact that it is easy to fall back into debts even if you have had a good financial restart using a Chapter 7 bankruptcy process. Same is the case with debtors who have successfully paid off their creditors using an effective Chapter 13 reorganization plan. Statistics reveal that 16% of the bankruptcy filings are repeat ones and 8% of the filers are the ones who have declared bankruptcy earlier. Imagine the ordeal that one goes through in the bankruptcy process! Hence it is advised that a second time declaring / filing [...]

2023-03-13T09:49:25+00:00
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Rejection of Bankruptcy by the Supreme Court

It is interesting to note that one of the appeals related to a Chapter 13 bankruptcy has been rejected by the Supreme Court. This instills a sense of doubt among debtors regarding the case and why the rejection was approved by the court. Let’s understand the case in detail: The debtor associated with the case had filed for personal bankruptcy under Chapter 13. As per the norms of this Chapter, he had proposed a repayment plan which he eventually modified for several times in a span of two years. The final proposal that the debtor submitted indicated that [...]

2019-06-21T11:29:49+00:00
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What is Corporate Bankruptcy?

The Security and Exchange Commission may emphasize a lot about the principles of Corporate Bankruptcy for the benefit of the people in the states of California and Texas. A company or firm will be out of business completely if it files for Chapter 7 bankruptcy. In this scenario, the investors of this company will also lose their money. The only parties who can get some value could be the people who hold bonds with such companies. But it solely depends on the priority of the corporate companies’ debts and the value of assets that is available for the [...]

2023-01-12T08:59:10+00:00
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Will Filing for Bankruptcy Get Rid of Your Medical Debt?

Medical debt is one of the most common debt which the American citizens face today. In fact, you will be surprised to know that approximately 72 million Americans are struggling to pay off their medical debt. This actually means, more than 40% of the working citizens are struggling with medical debts today! Of course, there are multiple reasons why people fall in a debt, but surprisingly, medical debts is one of the most common one so far. In fact, as per the statistics and reports, the millennials are the one who are falling under the medical debt faster [...]

2023-01-12T08:10:32+00:00
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What Effect does California State Court Judgement have on a Debt during Bankruptcy Discharge?

Bankruptcy is one of the preferred ways to get your spiraling debts discharged so that you get a clean slate to start your life afresh. Though usually court rulings or judgment are not enough on their own to make a debt not dischargeable, yet sometimes they may make it difficult or impossible in rare cases too. Though a majority of the debts accumulated by a person get discharged during bankruptcy, it is important to note that certain debts cannot be legally written off. Those debts which cannot be discharged are categorized as: Non-Dischargeable- The creditor doesn’t object to [...]

2021-12-07T09:16:39+00:00
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Preference Challenge – Can a Bankruptcy Trustee Prevent or Defend it?

Bankruptcy cases can be simple or complex. Thus it is always advised to hire a bankruptcy lawyer to deal with the nuances of the case and get you the benefit of a fresh start. One of the major challenges of a bankruptcy case is having to deal with the trustee’s preference challenge. A majority of the cases, however, do not involve preference problem as they can be easily avoided, defended or circumnavigated. However, it is important to know and understand what bankruptcy trustee’s preferences are so that you and your legal professional are well prepared to handle the [...]

2023-01-12T11:11:33+00:00
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