Submitted by Steve Sweat on Mon, 05/20/2013 - 8:15am
Can I keep my personal injury award if I file for bankruptcy in California?
As a personal injury lawyer in California, one of the scenarios I see is people struggling financially after a serious car accident or other injury. Medical bills pile up and if the injury leaves the person unable to work even for a brief period of time, this can lead to debt issues. One possible solution is personal bankruptcy but, the question arises as to whether the person may keep all or part of the award from their personal injury claim if they file bankruptcy.
Submitted by Barry Borowitz on Tue, 05/14/2013 - 6:52am
Are 401(k)s and Retirement Accounts Exempt in Bankruptcy?
Yes. Whether you choose to file for Chapter 7 or Chapter 13 bankruptcy, you will very likely be able to keep your retirement. Bankruptcy law is rooted in public policy. The idea being that debt shouldn't crush familes. People should have a chance to start over with out losing all of their property in the process. As a reflection of this idea, state legislatures, as well as the federal government, have enacted exemption laws. Exemption laws protect property from creditors and from the bankruptcy trustee.
Submitted by Barry Borowitz on Wed, 05/01/2013 - 7:27am
By and large, foreclosure in California is a relatively swift process, which can take place in as little as 120 days. This is the case because most California foreclosures are “non-judicial," meaning that a court does not oversee the foreclosure process.
Submitted by Erik Clark on Mon, 04/22/2013 - 1:14pm
While a phone call from a debt collector can be intimidating and stressful, the state of California provides consumers with a comprehensive set of rights to ensure that the debt collection process is fair and reasonable. A consumer should know her rights in order to take advantage of the protection of the law. Before we delve deeper into California's debt collection laws, the reader should be aware that federal law also prohibits harassment by debt collectors.
Submitted by Erik Clark on Wed, 04/03/2013 - 12:07pm
Most people know that filing for chapter 7 bankruptcy will get rid of credit card debt and medical bills, however, many Californians are confused as to whether personal bankruptcy will dischage debts owed to the IRS or to the State of California.
Submitted by Erik Clark on Thu, 10/25/2012 - 11:54am
When I started my career, I began accompanying clients to the Meeting of Creditors that is part of every bankruptcy case. It was during one of those meetings that I came upon a Chapter 7 Trustee by the name of Steven Smith. Mr. Smith would start every meeting with a story designed to put the bankruptcy process into the proper perspective for those going through it.
Submitted by Erik Clark on Wed, 10/17/2012 - 12:00am
Drawn in by slick advertising campaigns, tens of thousands of Americans are enrolling in Debt Settlement programs in an effort to resolve their debt issues. Attracted to promises of eliminating more than 50% of their debt by negotiating with their creditors, Americans are unfortunately finding that in most cases the reality does not match the rhetoric.
Submitted by Erik Clark on Tue, 07/31/2012 - 5:48pm
One of the common myths surrounding bankruptcy is that filing bankruptcy ruins your credit for ten years. Although a Chapter 7 can remain on your credit report for up to ten years from the date of filing (a Chapter 13 bankruptcy, which is much more common these days, can stay on your credit report for up to only seven years from the date of filing), this does not mean your credit is ruined for that entire time.
Submitted by Erik Clark on Tue, 07/24/2012 - 4:46pm
As bankruptcy attorneys, one question we are regularly asked is whether or not our clients can keep their home in bankruptcy? Fortunately, the answer is almost always "yes" for those who have stable income and can afford their regular ongoing mortgage payments.
Submitted by Erik Clark on Mon, 09/14/2009 - 11:59am
During these uncertain times, many hard-working Americans find themselves overwhelmed by financial problems. It can happen to the best of people, no matter what tax bracket they qualify for. If you or anyone you know find yourself in these circumstances, it is crucial that all options of relief are considered. However, most people find that filing for chapter 7 bankruptcy is the best alternative for financial relief.