Los Angeles Bankruptcy Attorney

Today, I had a potential client come into my Bell Gardens office location wondering whether a Wrongful Death Lawsuit (judgment) can be discharged by filing for bankruptcy.

As I am always seeking new topics to blog about, I thought this one would be a great topic – even if not alot of people are in this situation.

so….

Can a wrongful death lawsuit (judgment) be discharged in bankruptcy?

It depends (typical lawyer answer, I know) some wrongful death lawsuits can be discharged by filing bankruptcy and receiving a discharge. The federal bankruptcy laws permit the discharge of negligence damages, and a person could be released from having to pay a judgment for accidentally causing a death. Yet, some bankruptcy courts may make damages resulting from “recklessness” or gross negligence non-dischargeable. Legal debts caused by drunk driving can’t be discharged in bankruptcy.

If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Bankruptcy gives protection to people in financial trouble who are drowning under piles of debt. Because of today’s difficult economic times millions of people are exercising this protection of filing bankruptcy, Chapter 7 or Chapter 13. The bankruptcy laws were created by Congress to provide relief to those who have been victimized by the rising rate of unemployment, inflation, staggering medical bills, disability, high interest rates, foreclosure, divorce or identity theft.

We are a debt relief agency and can help you reduce or eliminate your liabilities and keep your property. We help people file for bankruptcy relief under the U.S. Bankruptcy Code. We can assist you and your loved ones with filing for bankruptcy and the avoidance of judgments. To review the fees and costs associated with filing bankruptcy visit our bankruptcy page.  Contact the Law Offices of Chirnese L. Liverpool at (818) 714-2200.

Maxwell Law Firm represents clients in North Carolina with: bankruptcy court, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-780-1100.  Save an additional 25% off the bankruptcy fees by scheduling your appointment online.

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Not all debts are dischargeable in bankruptcy!  Non-dischargeable debts are those that the Chapter 7 petition will not eliminate and which you will still have to repay according to your agreement with the creditor.  I have compiled a list of debts that are not dischargeable for your review.

1. Debts incurred by fraud or false pretenses;
2. Debts incurred by willful and malicious injury
3. Debts incurred by a false statement in writing (such as false credit application)
4. Debts incurred by embezzlement or larceny;
5. Criminal fines and restitution
6. Spousal support or child support obligations (including arrears owed)
7. Student Loans (unless you can prove “undue hardship“)
8. Debts resulting from death or personal injury by debtor operating a motor vehicle while intoxicated.
9. Marital Equalization Obligations (Ch. 7 only–these may be discharged in a Ch. 13).
10. Income taxes for tax years less than 3 years ago
11. Fines and penalties owed to a governmental unit.

If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Bankruptcy gives protection to people in financial trouble who are drowning under piles of debt. Because of today’s difficult economic times millions of people are exercising this protection of filing bankruptcy, Chapter 7 or Chapter 13. The bankruptcy laws were created by Congress to provide relief to those who have been victimized by the rising rate of unemployment, inflation, staggering medical bills, disability, high interest rates, foreclosure, divorce or identity theft.

We are a debt relief agency and can help you reduce or eliminate your liabilities and keep your property. We help people file for bankruptcy relief under the U.S. Bankruptcy Code. We can assist you and your loved ones with filing for bankruptcy and the avoidance of judgments. To review the fees and costs associated with filing bankruptcy visit our bankruptcy page.  Contact the Law Offices of Chirnese L. Liverpool at (818) 714-2200.

Maxwell Law Firm represents clients in North Carolina with: bankruptcy court, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-780-1100.  Save an additional 25% off the bankruptcy fees by scheduling your appointment online.

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When I do my bankruptcy consultations with my clients, I generally tell them that after I file their petitions, the bankruptcy court clerks go in 2-3 nights later and prepare all of the bankruptcy notices to be mailed, then it goes thru the mail for 4-5 days, so it can be a week or so before your creditors will receive actual physical notice in hand that you have filed for bankruptcy.  They will be provided your case number, the date your bankruptcy was filed, your attorney’s address and phone number, the Trustee’s address and phone number as well as the bankruptcy court’s information.

One of the greatest benefits of filing bankruptcy is that it stops creditor harassment (the automatic stay). If you receive a call from a creditor, let them know you have filed bankruptcy and give them your case number. You can also let them know that Chirnese Liverpool is your bankruptcy attorney and instruct them to contact our office if they have any further questions.

If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Bankruptcy gives protection to people in financial trouble who are drowning under piles of debt. Because of today’s difficult economic times millions of people are exercising this protection of filing bankruptcy, Chapter 7 or Chapter 13. The bankruptcy laws were created by Congress to provide relief to those who have been victimized by the rising rate of unemployment, inflation, staggering medical bills, disability, high interest rates, foreclosure, divorce or identity theft.

We are a debt relief agency and can help you reduce or eliminate your liabilities and keep your property. We help people file for bankruptcy relief under the U.S. Bankruptcy Code. We can assist you and your loved ones with filing for bankruptcy and the avoidance of judgments. To review the fees and costs associated with filing bankruptcy visit our bankruptcy page.  Contact the Law Offices of Chirnese L. Liverpool at (818) 714-2200.

Maxwell Law Firm represents clients in North Carolina with: bankruptcy court, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-780-1100.  Save an additional 25% off the bankruptcy fees by scheduling your appointment online.

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Happy Valentines day from the Law offices of Chirnese L. Liverpool.

If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Chirnese L. Liverpool assists clients with filing for bankruptcy in California  as well as all of Nevada.  Our office represents clients with:  bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, and chapter 13 bankruptcy representation. We can be reached at (818) 714-2200.

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All of your debts should be included. If you are current in your home mortgage payments, you can continue to pay the mortgage yourself outside of your Chapter 13 Plan. If you are in arrears in your mortgage payments, you are required to make all current mortgage payments and arrearage payments through the Chapter 13 Plan.

In addition, car loans, car leases, household goods loans and leases, taxes, student loans, credit card debt, medical bills, checking account overdrafts, payday loans, cash advance loans and all other debts are required to be included in your Chapter 13 Plan.

If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Chirnese L. Liverpool assists clients with filing for bankruptcy in California  as well as all of Nevada.  Our office represents clients with:  bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, and chapter 13 bankruptcy representation. We can be reached at (818) 714-2200.

Maxwell Law Firm PLLC represents clients in North Carolina with: bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-461-1883.  Save an additional 25% off the fees -by scheduling your appointment online.

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If your bankruptcy case is dismissed, you will no longer have the automatic stay protection that bankruptcy affords.  The stay will be lifted and your creditors will be allowed to resume collection efforts.  Your creditors may add interest and penalties to the amount that were waived while your chapter 13 bankruptcy was active.

If your case is dismissed prior to your plan being confirmed the Chapter 13 bankruptcy Trustee is entitled to fees incurred in the administration of your case.  Your bankruptcy attorney may also be entitled to fees.  Any allowed fees will be paid from the money that you paid to the Trustee for your plan.  Also, disbursements may have been made to your mortgage creditor and/or other secured creditors entitled to adequate protection.  Any funds that are remaining after the previously allowed fees are paid, will be returned to you upon the closing of your chapter 13 bankruptcy case.

If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Chirnese L. Liverpool assists clients with filing for bankruptcy in California  as well as all of Nevada.  Our office represents clients with:  bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, and chapter 13 bankruptcy representation. We can be reached at (818) 714-2200.

Maxwell Law Firm PLLC represents clients in North Carolina with: bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-461-1883.  Save an additional 25% off the fees -by scheduling your appointment online.

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I always ask clients what their marital status is and whether they have joint debts with their spouse says Charlotte Bankruptcy Attorney Victorianne C. Maxwell of Maxwell Law Firm, PLLC.

FILING BANKRUPTCY WHEN YOU ARE SEPARATED

If you are separated you are still legally married and have to disclose this on your bankruptcy petition. What does this mean? You must list that you are married and that your spouse lives in a different household.

DO I HAVE TO FILE WITH MY SPOUSE?

No you do not have to file with your spouse. You can file bankruptcy individually even if you are still living together. The difference in filing married individually vs. married and separated is that you will not need to include your spouse income on the later filin status. However, if you wish to elect to file together both of your incomes must be included on the bankruptcy petition even if you are separated.

WHAT HAPPENS TO JOINT DEBTS WHEN I FILE AND MY ESTRANGED SPOUSE DOES NOT

Depends on the Chapter of Bankruptcy you file. If you file a chapter 7 bankruptcy, then you will receive a discharge on unsecure debts and those you have chosen not to affirm. What this means is that your spouse will remain liable and you will be discharged of liability. Filing a chapter 13 bankruptcy is a little more tricky. Since a payment plan is set up in a Chapter 13 case, the creditor must accept the payment provided by one spouse for that debt if their debt is secured and modified by the plan. But if the debt is unsecured the creditor can seek full or partial payment from the other spouse.

WHAT YOU SHOULD DO IF YOU ARE CONSIDERING BANKRUPTCY

Divorce itself can be quite a long and arduous process. Many times a lot of divorce squabbles stem from property and debt. Consulting with a qualified bankruptcy attorney can save you time and effort on fighting over who should pay for what. In the end creditor does not discriminate and can go after on or both of you for those debts. In some instances it may be beneficial to file jointly in others it may not be, but you will not know unless you consult with a Bankruptcy Attorney.

Maxwell Law Firm represents clients in North Carolina with: bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, Tax Services and loan modifications. You may schedule your appointment by calling 704-780-1100 or save 25% off the fees and schedule online at http://maxwelllegal.com/consultations. The Law Offices of Chirnese L. Liverpool assists debtors in Nevada and Los Angeles file for bankruptcy, they can be reached at (818) 714-2200.

Disclaimer: This post is for informational purposes only. Nothing in this post should be construed to be providing legal/tax advice and or creating an Attorney-client relationship.

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The Maxwell Law Firm, PLLC Seven Steps To Bankruptcy

• STEP 1:  Bankruptcy Questionnaire
• STEP 2:  Gather Required Documents
• STEP 3:  Meet with Us
• STEP 4:  Take Consumer Credit Counseling Course
• STEP 5:  Review the Petition Draft
• STEP 6:  Mandatory Post-Filing Financial Management Course
• STEP 7:  The Bankruptcy Court Meeting

Congratulations – You are off to a fresh start!

The attorneys at the Maxwell Law Firm, PLLC are committed to not only helping hard-workingtake control of their finances but also to resolving financial problems and finding opportunities to generate income for families who have been wronged by banks, creditors and collection agencies. If you are having trouble managing your debt, our skilled attorneys will council you to help you get back on your feet.  The bankruptcy laws exist to protect people who have fallen on hard times and need to make a fresh start.  Bankruptcy does not have to be scary and it is not have to create shame for you or your family. We understand the financial problems plaguing our country and want to be your advocate in helping you to take responsibility for your financial future.

Maxwell Law Firm represents clients in North Carolina with: bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-780-1100.  Save an additional 25% off the fees by scheduling your appointment online. Save $200.00 off the fees if you retain our firm before January 15, 2011. Attorney Chirnese Liverpool assists debtors with assistance with filing for bankruptcy in Nevada and Los Angeles.

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Chapter 7 Bankruptcy filings are only $999 for the attorney fee.  In addition, the court charges a $306 court filing fee*. Our $999 fee includes:

• the intake consultation with attorney Chirnese L. Liverpool
• preparation of your Bankruptcy Petition;
• a comprehensive credit report
• letters to creditors as necessary (to stop foreclosure or garnishments immediately);
• Preparation of the trustee package and delivery to trustee;
• representation at the “341a″ meeting of the Creditors;
• and
• representation through the discharge of the bankruptcy.

For a free bankruptcy phone consultation, call the The Law Offices of Chirnese L. Liverpool at (818) 714-2200.

* Credit counseling is not included, you can complete credit counseling on your own or use our preferred service for the pre-filing counseling course for $5 and the post-filing counseling course for $7.95 – both classes total $12.95. This offer price does not include self-employed inviduals or business filings.

If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Chirnese L. Liverpool assists clients with filing for bankruptcy in California as well as all of Nevada.  Our office represents clients with:  bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, and chapter 13 bankruptcy representation. We can be reached at (818) 714-2200.

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I am often asked what steps a person should take before filing for bankruptcy, says Charlotte Bankruptcy Attorney Victorianne C, Maxwell and I often have a few points I can discuss with potential clients.

1. Run a free copy of your credit report so that you can really see what is listed on their and how much debt you are likely in.

2. Compile any unpaid medical bills that may not be listed on your credit report.

3. Take a look at your monthly expenses vs. your monthly income. You can do this by compiling some paystubs, tax returns, and paystubs.

4. Take a look at your bank account deposits and withdrawals and see if they numbers add up. The biggest issue we come across in bankruptcy is when the clients bank statements are much more then what they report on their bankruptcy petition.

5. Contact IRS , the state, and county to see if there are any outstanding tax balances. Keep in mind old tax debt can be discharged in bankruptcy if certain conditions are met.

6. Make a list of questions you may have about bankruptcy and the process.

7. Schedule your appointment with a bankruptcy attorney. Be sure to bring all the information listed above to your appointment and any additional information that the Attorney requests such as a intake form.

8. Relax. Bankruptcy is not the end of the world, it could be the fresh start for you and put you on the road to being debt free.

Maxwell Law Firm represents clients in North Carolina with: bankruptcy court, tax services. filing for bankruptcy, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-780-1100.  Save an additional 25% off the fees by scheduling your appointment online. Attorney Chirnese L. Liverpool is a Bankruptcy Attorney who assists debtors in filing for bankruptcy in Nevada and California, her office can be reached at 818-714-2200.

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Charlotte Bankruptcy Attorney Victorianne C. Maxwell of Maxwell Law Firm, PLLC notes that January is the best time to look for job, because more positions become open based on employees retiring and or moving on to new positions. Certain employers such as governmental agencies, jobs requiring security clearances, and or insurance companies run background and credit histories on job applicants. It is perfectly legal to run a credit history on applicant, upon receiving their informed consent.

HOW CAN EMPLOYERS VIEW MY NEGATIVE CREDIT HISTORY

Although employers can not discriminate based on you filing for bankruptcy, they can reject your application based on negative items on your credit file such as judgments, repossessions, foreclosures, and collection accounts. Often times an employer will indicate during the application process that your application can be rejected or employment not be offered based on negative credit history. Why do you ask would employers be so concerned with your credit history? Some employers look at a negative credit history as a sign of irresponsibility and or an inability to properly manage your finances. An employee with judgments and other financial woes may be more likely to commit fraud and or embezzle funds from the company or agency. Not saying that this is always true, but it is certainly an impression that most employers now have. For example, it is not likely that IRS will hire you have tax liens.

EMPLOYERS MAY NOT DISCRIMINATE AGAINST YOU BECAUSE YOU HAVE FILED FOR BANKRUPTCY 

To start, the Bankruptcy Code provides at 11 USC 525 that employment discrimination are prohibited by public and private employers against individuals that file for bankruptcy protection. A governmental unit may not deny, revoke, suspend, or refuse to renew a license, permit, charter, franchise, or other similar grant to, condition such a grant to, discriminate with respect to such a grant against, deny employment to, terminate the employment of, or discriminate with respect to employment against, a person that is or has been a debtor under this title or a bankrupt or a debtor under the Bankruptcy Act, or another person with whom such bankrupt or debtor has been associated, solely because such bankrupt or debtor is or has been a debtor under this title or a bankrupt or debtor under the Bankruptcy Act, has been insolvent before the commencement of the case under this title, or during the case but before the debtor is granted or denied a discharge, or has not paid a debt that is dischargeable in the case under this title or that was discharged under the Bankruptcy Act.”  So basically we know that you cannot be fired per se for filing for bankruptcy. Now they can conduct an investigation to see if you are in violation of your clearance. Please note that unpaid bills and delinquencies, tax debt can viewed as a violation of a security clearance but bankruptcy may not.

HOW DOES BANKRUPTCY CLEAN MY CREDIT UP?

Bankruptcy is a fresh start on your credit file, depending on the chapter of bankruptcy you file, it could be within a few months or years. Once you receive your discharge, you will be able to start the clock back and start rebuilding your credit immediately. You can get a FHA mortgage two years after receiving your discharge from a chapter 7 case and immediately apply for a car loan. Speak with a Bankruptcy Attorney in your area for your options.

If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Chirnese L. Liverpool assists clients with filing for bankruptcy in California  as well as all of Nevada.  Our office represents clients with:  bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, and chapter 13 bankruptcy representation. We can be reached at (818) 714-2200.

Maxwell Law Firm represents clients in North Carolina with: bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy  representation, and loan modifications. You may schedule your appointment by calling 704-780-1100.  Save an additional 25% off the fees by scheduling your appointment online. Your consultation will be free if you schedule your appointment during the first week of January of 2012 online.

California Bankruptcy Attorney Chirnese L. Liverpool assists debtors in Los Angeles area. Her office can be contacted by calling 818-714-2200.

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No, the Bankruptcy Means Test isnt an exam.

The bankruptcy “means test”is a way for the court to determine if someone is eligible to file bankruptcy. The point of the test is to compare your last six months of income with the median income earned by all California residents over the same half-year period of time. In this case, less is better, because if your household income is less than the median amount, you probably qualify to choose either Chapter 7 bankruptcy or Chapter 13 bankruptcy; if your income exceeds the median amount, Chapter 13 may be your only option.

The means “test” is not an exam that you have to take.  It’s just a measurement that helps us decide what kind of bankruptcy chapter you are eligible.

As part of the means test, certain deductions for expenses are allowed.  There are deductions for food, clothing, household supplies, personal items, housing and utilities, and vehicle operation expenses.  “Other necessary expenses” include taxes, mandatory payroll deductions, term life insurance, education for employment, and healthcare. As you may imagine, after all these deductions are applied, the income amount that is left is much smaller, making it more likely that the individual will have the option of filing Chapter 7 bankruptcy.

On the other hand, it’s important to remember that the whole idea behind the means test is to ensure that only debtors who truly need relief should be eligible to file Chapter 7.

The Census Bureau Median Family Income is keyed to family size.  As of today,  December 6, 2011, (numbers were updated on November 1, 2011)  for example, the California median income number for households with one income earner is $47,683.  For families of two, the number is $61,539, for families of three, $66,050, and for families of four, $74,806.

Seems strange, doesn’t it?  While it doesn’t happen for the majority of my California bankruptcy clients, it’s possible to have too little income to pay the bills, yet, at least according to the bankruptcy means test,  have “too much” income to file bankruptcy!

If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Chirnese L. Liverpool assists clients with filing for bankruptcy in California  as well as all of Nevada.  Our office represents clients with:  bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, and chapter 13 bankruptcy representation. We can be reached at (818) 714-2200.

Maxwell Law Firm PLLC represents clients in North Carolina with: bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-461-1883.  Save an additional 25% off the fees -by scheduling your appointment online.

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How long must I be a resident of California to be able to file bankruptcy here?

As a California Bankruptcy Lawyer, I want to begin by explaining that, even though we have federal bankruptcy laws, you file for bankruptcy in California – or in Pennsylvania, or Indiana, or Tennessee, etc. – based on the state you’ve been living in for “the majority of the 180 day period” preceding the filing.  In other words, you have to have been a resident for at least 91 days.

• Pre-bankruptcy counseling must be obtained within 180 days prior to filing personal bankruptcy in California.
• If you have not lived in any single state for the two years prior to filing bankruptcy, the rule is that you use the exemptions for the state you lived in for the majority of the 180-day period before the last two years.

If you’re experiencing pressing financial difficulties now, it’s important for you to seek experienced professional legal help now, from a California Bankruptcy Attorney!

If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Chirnese L. Liverpool assists clients with filing for bankruptcy in California  as well as all of Nevada. We can be reached at (818) 714-2200.

Maxwell Law Firm PLLC represents clients in North Carolina with: bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-461-1883.  Save an additional 25% off the fees -by scheduling your appointment online.

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The number of bankruptcies being filed each year are very high, there is still a significant concern that only a fraction of Americans who should seek bankruptcy are actually filing.

It became more expensive and restrictive for individuals to file for Chapter 7 bankruptcy after US bankruptcy laws were changed in 2005.  The number of Americans who need to file for Chapter 7 bankruptcy, which eliminates most debt, are not seeking it partly because of the 2005 laws.

The laws were changed because of the record number of filings and because credit card companies and banks wanted to decrease the number of chronic debtors seeking bankruptcy. However, these laws are having severe economic effects, particularly when home foreclosures are still rising and when Sallie Mae projects that student loan defaults will continue to rise to nearly 40%.

Not only can bankruptcy greatly alleviate individual financial hardship, but it could also considerably contribute to the nation’s economic rebound.

If you are thinking of filing for bankruptcy and would like to schedule a free consultation then please contact The Law offices of Chirnese L. Liverpool at (818) 714-2200.

If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Chirnese L. Liverpool assists clients with filing for bankruptcy in the Los Angeles area as well as all of Nevada. We can be reached at (818) 714-2200.

Maxwell Law Firm PLLC represents clients in North Carolina with: bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-461-1883.  Save an additional 25% off the fees -by scheduling your appointment online.

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Will the loan I took out on my 401k be discharged if I file bankruptcy?

Many potential clients have attempted to avoid filing bankruptcy or stay afloat by taking out loans against their 401k retirement plans.  The clients have a nice lump sum saved in their work retirement plan and they have already borrowed against it, usually to receive a lump sum payment, and then the client is required to make monthly repayments back on the loan – usually deducted from their paychecks.  These clients typically ask me the following “what happens to my 401k loan if I choose to file for bankruptcy.”  The answer is NOTHING.

If you file for bankruptcy in California or Nevada and you have a 401k loan the loan will not be affected in bankruptcy and the debtor will need to continue to pay the 401k loan.  The 401k loan cannot be discharged or wiped out in a bankruptcy.

If you are thinking of filing for bankruptcy and would like to schedule a free consultation then please contact The Law offices of Chirnese L. Liverpool at (818) 714-2200.

If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Chirnese L. Liverpool assists clients with filing for bankruptcy in the Los Angeles area as well as all of Nevada. We can be reached at (818) 714-2200.

Maxwell Law Firm PLLC represents clients in North Carolina with: bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-461-1883.  Save an additional 25% off the fees -by scheduling your appointment online.

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I need to file bankruptcy, can I keep my car if I do file?

I think this is the #1 question that I am asked when people are considering filing for bankruptcy.

Most California residents who file bankruptcy rely on their cars and trucks to go to work, get to the doctor, to drive children to school, and for many other purposes.  When you need to file bankruptcy, protecting a vehicle is an important issue to consider.  If you file a Chapter 7 bankruptcy case and the equity you have in your vehicle is at or below the exemption provided for by California law, you will be able to keep the vehicle.  Majority of the time, unless you have a mazerati or a really expensive car, most people will be able to keep their vehicle.   Talking to a California bankruptcy attorney can be helpful in determining the value of your vehicle and understanding the California exemption limits.  If you have a loan against the vehicle, things become a bit more complicated.  Some lenders will require that you sign a reaffirmation agreement in order to keep the vehicle and the vehicle loan.  This means that you will remain responsible for the debt against the vehicle, even after the chapter 7 bankruptcy case.  Not all lenders require that you sign a reaffirmation agreement, but most do.  It is important that you consider your alternatives and consult a bankruptcy attorney before you decide to sign a reaffirmation agreement.

If your vehicle is worth more than the California bankruptcy exemptions allow, there are some bankruptcy options you may want to consider.  In some cases, you can enter into an agreement with a bankruptcy trustee to allow you to make payments in order to keep your vehicle.  In other cases, you may consider filing a Chapter 13 bankruptcy case.  In a Chapter 13 bankruptcy case, you are allowed between 3 and 5 years to pay a portion of your unsecured debts in exchange for being permitted to keep your vehicle and your other valuable belongings.

It is never a good idea to give away a vehicle or to sell it for less than it is worth before filing a bankruptcy case.  If you do so, you risk losing the vehicle and possibly the opportunity to discharge your debts in bankruptcy.

The bottom line is that when you have something valuable like a vehicle that you need to keep and you need bankruptcy to relieve you of your debt obligations, it is important to consult a bankruptcy attorney to discuss your options.

Contact a California bankruptcy attorney today to get a fresh start on your finances.

If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Chirnese L. Liverpool assists clients with filing for bankruptcy in the Los Angeles area. We can be reached at (818) 714-2200.

Maxwell Law Firm PLLC represents clients in North Carolina with: bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-461-1883.  Save an additional 25% off the fees -by scheduling your appointment online.

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BY BANKRUPTCY LAWYER

Black Friday is the single biggest shopping day every year. Many of us go out and buy our friends and family gifts for the holidays. Most of these gifts are not used, appreciated, or remembered by the recipient. When the smoke clears and the holiday is over, the debt that you incurred buying these gifts becomes very clear and real. I know its impossible to avoid the holiday, but there are ways you can avoid going broke.

$ Money Saving Tips on Black Friday Shopping

1. Log in online and search the black Friday circulars to see which stores are carrying the items you want to purchase and compare the pricing before black Friday.

2. Purchase items online on black Friday rather than going to the store. People tend to do more impulse shopping when they are in the store in the heat of the moment.

3. If at all possible use coupons and discounts offered by the retailer you plan to purchase from. Have your coupons ready to go for Black Friday so that they can be used for that purpose.

4. Consider buying items the day after Christmas for the following holiday or this holiday. If you plan on visiting someone before the new year and after Christmas this maybe the best way to go. Things are often more than 50% off the day after the holiday.

5. Consider doing some sort of secret santa system with your relatives to avoid having to buy items for everyone in your office or your family,

6. Try opening/using credit cards with zero or low interest introductory rates for your purchases and pay them off before the interest starts to accrue. There are plenty of credit plans available with this feature. Some retail stores already offer this feature: bestbuy, billmelater, ect.

What if the debt is such that you can not even afford gifts and even cover some of your expenses

Credit Card settlements often do more harm to your credit score than bankruptcy and are much harder to recover from. You can start immediately start reestablishing credit after you have finished your bankruptcy. Creditors can sue for your failure to pay your credit card debt and that can lead to a slue of issues: Judgment, Lower credit score, having to civil court and explain why you have not paid the debt. Consult with a Bankruptcy Lawyer in your area to discuss your options. If you qualify for Chapter 7 credit card debt is normally discharged at the close of the bankruptcy. In  Chapter 13 you will have formulated payment schedule for sometime before it is discharged.

Maxwell Law Firm, PLLC represents clients in North Carolina with: bankruptcy court, filing for bankruptcy,  foreclosure defense, IRS TAX issues and loan modifications. You may schedule your appointment by calling 704-780-1100.  Save an additional 25% off the fees by scheduling your appointment online at http://maxwelllegal.com/consultations. California Bankruptcy Attorney Chirnese L. Liverpool assists debtors in the Los Angeles area with filing for bankruptcy. Her contact number is 818-714-2200.

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How to stop a garnishment by filing a Bankruptcy

If you file Chapter 13 or Chapter 7 bankruptcy it will stop a garnishment in it’s tracks.  Keep in mind that your payroll (or human resources) department will likely need a bankruptcy case number at least a few days before your payday in order to stop the deductions from coming off of your paycheck.  Most of the time employers process payroll a few days, sometimes even a week before payday.  Also, your bankruptcy attorney will need some time to prepare a bankruptcy case before it can be filed. The time needed to prepare a bankruptcy petition depends on how complex your case is and also how good you are at giving your attorney what they need to prepare a chapter 7 or chapter 13 petition.

The bottom line is that if you have been sued, or are already facing a wage garnishment you need to act fast. You  will want to check with your employer to see when their deadline is to get them a bankruptcy case number by to stop the next garnishment. Then, you will want to let your attorney know that date.  Your attorney should be able to tell you what they need and when they need it to put a stop to a pending garnishment.

For more bankruptcy information please visit our California Bankruptcy Website or call us at (818) 714-2200.

Maxwell Law Firm PLLC represents clients in North Carolina with: bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-461-1883.  Save an additional 25% off the fees -by scheduling your appointment online.

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