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
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Law Office Of Seth L. Hanson Bankruptcy Blog
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The legal blog of a Sacramento Bankruptcy Attorney supplying weekly information on debt, bankruptcy, loans, retirement, wage garnishment, and 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
2020-08-21 22:17
During any bankruptcy, a person’s creditors will have an opportunity to object to the forgiveness of your debts. One of the most important things to make sure of before you file is th… Read More
2020-08-17 20:01
The pandemic has caused financial turbulence in most American households. However, not all debt has been affected equally.
Credit Cards
A recent survey of consumer borrowers found that 1 in… Read More
2020-08-15 19:45
The retail apocalypse has been plaguing retailers for years since the online shopping craze hit. Major retailers such as Sears, JC Penney have been hurting for years. Fast forward to the pa… Read More
2020-08-10 21:46
Governor Newsom issued an Executive Order after declaring a state of emergency due to the COVID-19 pandemic. The executive order outlined additional programs, financial assistance, and mora… Read More
2020-08-03 21:30
Mortgage payments are usually the largest monthly expense a person has in their budget. The last thing someone wants to do is to make that payment even greater, especially when one is looki… Read More
2020-07-27 21:15
Once my clients complete their bankruptcy filings, one question that has frequently emerged in my practice is: How exactly did the bankruptcy discharge affect my credit? Running your credit… Read More
2020-07-24 21:46
A big anxiety that my clients face before and during their cases with my office is their actual day in court. Reality television and serialized court drama series have painted a picture whe… Read More
2020-07-20 21:55
The means test is a formula that the court uses in order to determine eligibility for a chapter 7 or to determine the amount of debt that needs to be repaid in a chapter 13. The means test… Read More
2020-07-20 21:07
Many people are afraid of losing their cars in a chapter 7 bankruptcy when in reality it is rare for someone to actually lose their car. The first big factor that weighs in regards to your… Read More
2020-07-13 18:53
A lot of people call my office hoping to file bankruptcy in an attempt to stop an eviction. Prior to 2005, an eviction could be stopped by filing bankruptcy. The Bankruptcy Abuse Prevention… Read More
2020-07-08 12:50
Many of our clients with timeshares come to us either loving or hating their timeshare. Some families want to keep the timeshare and continue to use it. Other families, however, are burdene… Read More
2020-06-23 12:20
Many of our clients are surprised to hear that they are required to take a credit counseling and debtor education course during the process of their bankruptcy. The bankruptcy court require… Read More
2020-06-15 12:09
Four months ago, congress approved supplemental unemployment benefits of $600 per week for workers who lost their jobs due to the pandemic. This week marks the end of those payments. … Read More
2020-06-01 15:49
There are times when a client comes to us that needs to file bankruptcy, after having filed a previous case. Some find themselves wondering if a prior filing will prevent them from filing a… Read More
2020-05-25 15:38
What do you charge for a bankruptcy?
Attorneys all have different fees and fee structures. Ask your attorney the total cost. Ask if there will be additional fees down the road or if t… Read More
2020-05-18 15:28
Many prospective bankruptcy filers worry about what is to come to their retirement savings accounts. You may wonder if you will lose the savings that you may have been building for years or… Read More
2020-05-11 20:50
Recently several news outlets have reported that due to the CARE’s act, bankruptcy filings are down 34% nationwide. Some are saying that the reduction is due to the temporary assistanc… Read More
2020-05-04 20:29
When our clients are underwater on their vehicle purchase, bankruptcy can be a great solution. If the goal is to just let the vehicle go and get out from a bad loan, bankruptcy can take car… Read More
2020-04-27 18:05
A chapter 13 bankruptcy is typically a 5-year commitment. This can seem daunting to many clients who have vehicles that are on their last legs. Many clients in this position find somewhere… Read More
2020-04-20 17:50
In order to prepare your bankruptcy filing, many documents will be needed. These documents provide proof of your current income, expenses, assets, and debts that will all need to be listed… Read More
2020-04-13 17:43
Many clients have become concerned that the stay at home order will delay the bankruptcy process. Although the courts are not holding in-person sessions, 341 meetings or “Meeting of C… Read More
2020-04-04 20:03
On April 23, 2020, Governor Gavin Newsom signed an executive order preventing stimulus funds from being seized by debt collectors. Financial assistance given to Californians through the CAR… Read More
2020-03-23 19:56
In response to the growing COVID-19 outbreak, Congress passed the CARES Act to provide relief to Americans through of variety of means, including direct payments and small business loans. I… Read More
2020-03-16 19:45
Even if your case has already been filed, the CARES Act may still help you. Many individuals who previously filed and committed to five-year repayment plans, based on the six months of inco… Read More
2020-03-09 19:42
Who is the trustee and what do they do? Is the trustee the same as a judge? These are the questions we hear often in our office.
A trustee is appointed in each bankruptcy case. They are ess… Read More
2020-03-02 18:18
Debtors who are looking to file bankruptcy often have questions on whether or not their anticipated tax refunds can be protected or if they will be seized by the trustee. The answer to that… Read More
2020-02-24 18:09
If you owe money to the IRS or State Franchise Tax Board, there’s no ignoring it. Sometimes referred to as the most aggressive collection agencies in the world, the Internal Revenue S… Read More
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