2024-03-18 18:36
The Means Test is a crucial component in determining eligibility for Chapter 7 bankruptcy and in establishing the repayment plan in Chapter 13 bankruptcy. It helps assess whether an individ… Read More
Blog Directory > Finance Blogs > Debt Blogs > Law Office of Seth L. Hanson Bankruptcy debt Blog >
Law Office Of Seth L. Hanson Bankruptcy Blog
hansonattorney.com/blog
Tags:
bankruptcy
debt
bankruptcy attorney
exemption laws
settlement
allowable expenses
meeting
solar
repayment
equity
The legal blog of a Sacramento Bankruptcy Attorney supplying weekly information on debt, bankruptcy, loans, retirement, wage garnishment, and more.
2024-02-05 18:34
If you have a solar loan and are experiencing financial challenges that may lead to bankruptcy, there are a few things to consider:
Communication with Lender: Reach out to your solar loan le… Read More
2024-01-26 18:31
Whether you can keep your car when filing for bankruptcy depends on various factors, including the type of bankruptcy you file, the equity in your car, and state exemption laws. Here are som… Read More
2023-12-15 15:47
Debt settlement is a process where a debtor negotiates with a creditor to pay off a portion of their debt in exchange for the creditor forgiving the remaining balance. Debt settlement can be… Read More
2023-11-26 15:46
If you’re going through bankruptcy, one of the key events you’ll encounter is the “341 meeting,” also known as the “meeting of creditors”. This meeting is… Read More
2023-11-07 15:37
Debt is a part of life for many people, and managing it can be overwhelming. There are different types of debt, and deciding which to prioritize can be a challenging task. However, paying of… Read More
2023-10-21 15:33
Chapter 13 bankruptcy is a type of bankruptcy designed for individuals with a regular income who are struggling to pay off their debts. In Chapter 13, the debtor creates a repayment plan tha… Read More
2023-08-19 16:38
Chapter 7 bankruptcy is a legal process in which individuals or businesses can eliminate most of their debts by liquidating their assets. While it can be a difficult decision to make, Chapte… Read More
2023-08-04 16:34
It’s a common dream to wish that all of our debts could disappear without having to pay them off, but unfortunately, there’s no magic trick to make it happen. Debt doesn’t… Read More
2023-07-22 17:28
Filing for bankruptcy can be a daunting process, especially if you are already struggling financially. It may seem overwhelming to navigate the legal system and complete all the necessary pa… Read More
2023-07-10 17:26
Eviction is a stressful and traumatic experience that nobody wants to go through. Unfortunately, it can happen to anyone, especially those who are struggling to make ends meet. If you are fa… Read More
2023-07-04 17:26
If you are struggling with overwhelming debt, you may be wondering if filing for bankruptcy is the right solution for you. Chapter 13 bankruptcy, also known as a wage earner’s plan, is… Read More
2023-07-01 17:22
If you’re considering filing for bankruptcy, you might be wondering what will happen to your interests in property, investments, and other assets. It’s an important question beca… Read More
2023-06-15 14:14
If you’re considering filing for bankruptcy, you might be wondering what will happen to your interests in property, investments, and other assets. It’s an important question beca… Read More
2023-06-01 14:12
Bankruptcy can be a helpful solution for individuals facing financial difficulties. Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” is a type of bankruptcy that all… Read More
2023-05-24 18:48
Credit cards are a common financial tool that many people use to make purchases and manage their expenses. While credit cards can be useful, they can also lead to financial difficulties. In… Read More
2023-05-11 18:46
Filing for bankruptcy can be a difficult decision to make, but it can also be a way to gain control of your finances and get a fresh start. However, even after filing for bankruptcy, it&rsqu&hell…Read More
2023-04-30 18:45
When filing for bankruptcy, there can be some errors made concerning your credit report. Some common errors to watch out for after bankruptcy are discussed below.
Incorrect Bankruptcy Infor… Read More
2023-04-22 14:19
Bankruptcy is a legal process that can provide relief to individuals or businesses who are struggling with overwhelming debt. However, the thought of going to court can be intimidating and s… Read More
2023-04-02 14:18
Bankruptcy can be a difficult and stressful time for individuals and families who find themselves struggling with overwhelming debt. The process of bankruptcy can have significant impacts on… Read More
2023-03-10 14:02
The COVID-19 pandemic has brought unprecedented financial hardships for many families. In response, the government has provided various forms of financial assistance, including Child Tax Cre… Read More
2023-02-15 16:57
One who is considering bankruptcy is likely already struggling to make ends meet; however, many prospective filers are cautious about selling any of their property to pay their regular ongoi… Read More
2023-02-01 16:54
Credit Counseling, also known as pre-bankruptcy counseling or bankruptcy education, is a required step for individuals who are considering filing for bankruptcy. Before filing a case, a pros… Read More
2023-01-15 16:53
Effective January 1st, 2023 the need for reaffirming an auto loan is eliminated by SB 1099. Previously, a lender could have considered a debtor in default simply by their filing a bankruptcy… Read More
2023-01-02 19:55
On January 1st, 2023 we rang in the new year to a new set of exemptions and rule changes that will benefit bankruptcy filers in California.
The following changes include:
Eliminating the nee… Read More
2022-09-13 20:50
With Anne, there was now a codified method in America for debtors to assist their creditors with recovery, but debtors’ prisons remained a fixture in America until the middle of the 19… Read More
2022-08-15 20:45
Debt is not a modern concept nor is the inability to repay one’s debt. Systems for debt forgiveness appear to have existed for as long as the concept of debt has. In ancient Greece, th… Read More
2022-06-05 15:50
On April 1, 2022, the Department of Justice adjusted the thresholds for essential living expenses to reflect a national standard for all bankruptcy cases filed in the United States. These th… Read More
2022-05-25 15:33
One of the main elements used to determine if you qualify for chapter 7 or 13 is household income. Depending on household size, the means test permits debtor(s) to earn up to a certain amoun… Read More
2022-05-11 20:41
In April of 2022 the Bankruptcy Court implemented an increase in allowable bankruptcy exemptions on certain types of property. This is a recap of the more significant changes made to the exe… Read More
2022-04-22 20:34
In every bankruptcy case the “debtor” or person filing bankruptcy, will have to appear at what is called a “Meeting of Creditors” or “341 Meeting”. Many o… Read More
2022-04-04 20:57
Chapter 7 bankruptcy filers in California receive some flexibility on which types of property that they would like to protect from liquidation. Californians are afforded two sets of “e… Read More
2022-03-31 20:57
Much has been written about the global supply shortages which have made finding an affordable vehicle a very difficult task. In January 2022, Kelley Blue Book reported that the average price… Read More
2022-03-20 20:48
I often get asked what happens to car loans in bankruptcy. There are a few different approaches to treating vehicles in bankruptcy.
Retain and Pay
The option to keep the car and keep making… Read More
2022-03-06 17:14
To many people, Chapter 7 Bankruptcy is a more attractive alternative to filing a Chapter 13 bankruptcy. This is because most debt is immediately wiped out following the filing. … Read More
2022-02-19 17:15
When considering bankruptcy, it is natural to ask yourself if you qualify. And while there are two types of bankruptcy, here we will focus on Chapter 13 bankruptcy. One of the ni… Read More
2022-01-27 19:39
Losing your vehicle to a lender can hurt. The good news is that even if your car has been repossessed, there is a chance you might be able to get it back through bankruptcy. However, timing… Read More
2022-01-20 16:39
Because bankruptcy essentially impedes creditors from collecting their money that they’ve lent out, many people think that filing for bankruptcy irreversibly tarnishes your financial r… Read More
2022-01-14 16:38
When people hear the word bankruptcy, they tend to freak out. It can provoke thoughts of financial ruin and sometimes filing for bankruptcy can be viewed as a form of punishment. … Read More
2022-01-09 16:35
Losing your home in bankruptcy is never a pleasant experience. The details of the process, however, are very important. There are several things to keep an eye on when surrenderi… Read More
2022-01-07 16:42
Many people worry about losing property when considering filing for bankruptcy. In such cases, it makes sense to do a cost-benefit analysis. To do this, you’ll have to look… Read More
2021-12-28 19:35
The mentality of having it now and paying for it later appeals to millions of Americans. This mentality leads many to buy things they can’t afford and cripples them with debt.&nb&hell…Read More
2021-12-20 19:33
Many people assume that a credit score is the only thing to consider when applying for a loan. However, there are plenty of other contributing factors. If your loans keep getting… Read More
2021-12-14 19:34
Have you heard that you can’t file bankruptcy because you make too much money? Most of the time, this isn’t true. Both income and debts are taken into consideration when fi… Read More
2021-12-09 18:51
Chapter 7 and Chapter 13 bankruptcy both have their pros and cons. In a Chapter 7 bankruptcy your debt is wiped out at the conclusion of your case, but you may have to surrender some of your… Read More
2021-09-28 16:53
When filing for bankruptcy, you are expected to disclose any income, assets, debts and other financial activity during the period leading up to your case’s filing. In order to file, th… Read More
2021-09-22 16:51
Will my bank accounts be frozen?
Most of the time, bank accounts are not frozen after filing bankruptcy. However, there are some occasions where a bank may choose to freeze an account. A.)… Read More
2021-09-16 17:15
A lot of our clients have at least one credit card that is in good standing that they express a desire to hold onto throughout and after the bankruptcy. Unfortunately, in bankruptcy we can&r&hell…Read More
2021-09-01 17:03
Some of our clients in the past have expressed some discomfort in providing bank statements. It may feel invasive to have an outside individual looking through transactions in your account… Read More
2021-08-16 17:11
When clients approach our office to look at filing for bankruptcy, quite often they have already exhausted all available means that they have to repay their debts. For months or even years… Read More
2021-08-05 14:51
A frequent concern that clients present to me is, “Will I be able to keep my car, in bankruptcy?” The good news is, in most cases the answer is, “Yes.” However, due t… Read More
2021-07-29 14:43
With interest rates low and home values rising, you may be considering refinancing your mortgage. But can you do this if you are in a bankruptcy or are considering filing? The good news is t… Read More
2021-07-12 15:51
If you have been unable to work and are seeking compensation for a personal injury or worker’s compensation claim, it can take quite a long time for these things to be sorted out and f… Read More
2021-07-12 15:45
When trying to repay their debts, some people will resort to borrowing money from friends and family members. What happens if you file for bankruptcy while you owe money to a friend or famil… Read More
2021-07-03 17:31
Many Americans are currently dealing with past due rent payments that they worry could result in their eviction. Is it possible to file for bankruptcy and remain in your home even… Read More
2021-06-29 17:29
When trying to repay their debts, some will resort to draining their retirement accounts in order to catch up. If you are struggling with debt and are considering bankruptcy at all, liq… Read More
2021-06-21 17:24
When filing for bankruptcy, all of your property (including your bank accounts and the funds contained within) becomes part of a “bankruptcy estate” which is administer… Read More
2021-06-17 18:17
Consumer prices rose 5% in May on a year-over-year basis, continuing a sharp spike in inflation that began in April where year over year inflation was at 4.2% compared to 2.6% the month prio… Read More
2021-06-12 14:29
If you are sued, will bankruptcy help you? The answer to this question may vary depending on the circumstances that led to the lawsuit being filed against you. Many people consider… Read More
2021-06-06 17:19
Here are a few things to keep in mind now that you are in active Chapter 13 bankruptcy:
Please make sure your tax withholdings are set for your correct tax liability. The goal is to mak… Read More
2021-06-01 17:55
Gambling can be a serious addiction, causing personal and financial distress for you and your loved ones. Gambling can also cause someone to have to rely on personal loans or credit car… Read More
2021-05-30 14:20
As the weather gets warmer, summer draws near, and COVID vaccination access becomes more widespread, many have begun to plan their trips which they have been putting off over the l… Read More
2021-05-27 17:28
With this year’s tax season wrapping up, many Americans will start receiving a refund from the government. If you are considering bankruptcy and expect a refund for your 2020… Read More
2021-05-26 17:19
Currently there are approximately 2.67 million Americans in a mortgage forbearance. Forbearances come in many shapes and sizes. Some are part of a greater loan modification process tha… Read More
2021-05-14 17:51
The filing deadline for 2020 tax returns is approaching and many filers fear a looming tax bill after a difficult year for many American households. Many people who may normally no… Read More
2021-05-06 17:37
On May 5th, 2021 a federal judge ruled the CDC on its own does not have the authority to extend the eviction moratorium. Originally the eviction moratorium was authorized and supported by co… Read More
2021-04-28 17:23
The means test is a two-part calculation that determines whether a debtor is eligible to file a Chapter 7 bankruptcy or a Chapter 13. If the debtor is not eligible for a Chapter 7 the means… Read More
2021-04-07 17:05
Being able to understand your personal tax situation year to year, can be one of the best financial moves you can make. Many people do not take the time to understand their situation o… Read More
2021-03-08 19:29
As a result of the fiscal impact of COVID-19, researchers from Brigham Young University, Harvard University, University of Chicago and University of Toronto, partnered with SCORE to survey s… Read More
2021-03-01 21:55
With everything going on in the World today, you may find yourself struggling financially with your situation. According to a survey by information technology company Highland Solutions, 63%… Read More
2021-02-25 21:54
Many of our clients worry about losing their bank accounts when they file bankruptcy. In our experience most banks allow our clients to keep their checking accounts post filing. However, the… Read More
2021-02-19 15:43
On February 2, 2021, the Medical Bankruptcy Fairness Act was introduced into the Senate to help ease the financial burden placed on Americans who face potential bankruptcy as a result of unf… Read More
2021-01-04 16:44
Millions of Americans have received unemployment compensation this year as a result of COVID-19 restrictions and shelter in place orders. What many don’t know is that unemployment comp… Read More
2020-12-27 18:59
Many of those who talk to me about filing for bankruptcy have already been relying on their lines of credit or loans to make ends meet for some time. Some do this just to pay utilities and g… Read More
2020-12-15 19:08
In 1906, American journalist Alfred Henry Lewis stated, “There are only nine meals between mankind and anarchy.” Currently, more than 20 million Americans are on some form of une… Read More
2020-12-06 18:42
Creditor lawsuits can be a catalyst for considering bankruptcy. Many of our clients fear potential wage garnishments, bank levies, and property liens that result from a creditor lawsuit and… Read More
2020-12-01 18:39
Many prospective clients ask us if they should notify their creditors that they are intending to filing bankruptcy. Additionally, at what point in the process should they notify their credit… Read More
2020-11-25 19:01
Have you looked at bankruptcy and been told you make too much to file under Chapter 7? As of November 1, 2020, the thresholds for means testing in bankruptcies will change and you… Read More
2020-11-12 17:55
Forthcoming changes in California law will result in a tremendous increase in homeowners’ ability to protect their homes through Chapter 7 bankruptcy. Previously capped off… Read More
2020-11-06 19:02
How far should you go to try and pay your debts before considering filing bankruptcy? Do you potentially mortgage your future to pay today’s debts? Often, by the time a… Read More
2020-11-02 19:12
Since 2008, trends in personal bankruptcy filings have strongly correlated with two indicators: Unemployment rate and missed mortgage payments. The former can create a liquidity… Read More
2020-10-29 18:02
Unemployment is often a factor leading to someone filing for bankruptcy. As a result, many filers are recent recipients of state unemployment benefits. Sometimes, overpayments of… Read More
2020-10-27 17:43
Are Americans Waiting Too Long to File Bankruptcy Amidst COVID?
Roughly 17 million people (about 14% of US households) owe more value in debt than they do in assets, accord… Read More
2020-10-19 17:16
When a bankruptcy is filed, all property in your name becomes part of a “Bankruptcy Estate”, which in essence means the court has temporary control over your assets. In Chapter… Read More
2020-10-16 17:11
When filing bankruptcy, one may be including a debt owed to their bank. It is commonplace to have a line of credit with the same bank as one holds their money. When you file for bankruptcy… Read More
2020-10-12 22:50
We have all heard about how unemployment rates have ballooned since shelter in place orders in March of 2020. 13.3% of Californians found themselves unemployed in July alone. With a loss of… Read More
2020-10-09 22:45
Congratulations on your fresh start! Taking control of your debt situation can be the most rewarding and freeing feeling. Some of our clients are left wondering “What now?” afte… Read More
2020-10-05 22:30
According to Yelp, 163,735 businesses have reportedly closed. This is a 23% increase since their last report in July. Yelp has also been tracking businesses that report their closures as pe… Read More
2020-10-02 19:12
When considering bankruptcy, people frequently express a concern that they will not be able to acquire debt later on. One might need to finance a vehicle or purchase a home and bankruptcy c… Read More
2020-09-28 19:05
Whether you file Chapter 7 or 13 bankruptcy, you will need to be prepared to meet with a court-appointed bankruptcy trustee whose job is to ensure the veracity of disclosures contained with… Read More
2020-09-25 18:57
Filing for bankruptcy can be an intensely personal decision, but what happens to your romantic partner if you file? Just how involved does your partner have to be in your filing? Do they ne… Read More
2020-09-21 22:29
On September 18th Governor Gavin Newsom signed into law an expansion on the homestead bill that increases the amount of equity that can be protected from creditors when filing bankruptcy.
A… Read More
2020-09-18 18:49
AB 1885 is a bill that has passed both the assembly and the senate as of August 31st. This bill, if passed, could broaden the spectrum of candidates for bankruptcy filings that may have not… Read More
2020-09-14 09:52
In Chapter 13 bankruptcy, in addition to having a court-appointed trustee make payments to creditors on your behalf, the court will need to approve new loans in excess of $1,000.00.
In our… Read More
2020-09-11 20:47
Many clients ask us if they can leave a certain credit card or account out of their bankruptcy. Most of the time our clients want to hang onto one card for various reasons including the eas… Read More
2020-09-07 20:39
In March 2020, Congress passed the CARES Act, which included a foreclosure moratorium that prevented lenders and servicers from foreclosing on occupants until after August 31, 2020 (with th… Read More
2020-09-04 20:33
Many of our potential clients call us wanting to file bankruptcy on their debt without negatively impacting a spouse. There are many couples who choose to put the majority of debt into one… Read More
2020-09-01 20:24
On August 31st, Governor Newsom signed a Coronavirus eviction relief bill. The bill aids Californians who have not paid rent since March 1st due to the virus stay in their homes until Janua… Read More
2020-08-28 20:14
There are times when a creditor will write off its losses and stop attempting to collect from you. They may decide the balance you owe is uncollectible or perhaps you offered to settle the… Read More
2020-08-24 22:29
Taking that first step towards picking up the phone and calling a bankruptcy attorney can be intimidating. Many of our potential clients tell us right away in the call that they are nervous… Read More
Subscribe to Law Office Of Seth L. Hanson Bankruptcy
Get updates delivered right to your inbox!