Debt is a problem that plagues many Americans. CNBC reports that the average one has $90,460 of it. In many cases, it accrues due to unfortunate circumstances or unforeseen obstacles like sudden illness rather than mismanagement. One option for dealing with it is...
Redwood City California Bankruptcy Law Blog
What assets can you keep in bankruptcy?
Sometimes, hard work and determination are not enough to keep creditors at bay. Many responsible people due to uncontrollable issues wind up losing their ability to stay current on their financial obligations and pay off/down their debt. Those who find themselves...
How Do Living Trusts Enhance An Estate Plan?
It’s challenging to think about the contingencies necessary for a carefully considered estate plan. Most people don’t want to think about their death or the disputes that commonly envelope families once they’re gone. Living trusts are tools that can give you more...
Bankruptcy: no shame, just a solid path to financial recovery
You have heard the voices of others as well as the voices inside your head. Debating, debating. You remember the lectures as well as the unsolicited advice from well-intended, but misguided friends and relatives. You are torn as to what to do, but, deep down, you know...
What property may be exempt when filing for Chapter 7 bankruptcy?
When individuals can no longer keep up with debt payments, Chapter 7 bankruptcy may offer a crucial lifeline and an opportunity to rebuild a financial future. Under this form of bankruptcy, the court values and sells a debtor’s assets to pay creditors, discharging...
How does the means test work for Chapter 7 bankruptcy?
The means test determines whether an individual can file for Chapter 7 bankruptcy. These guidelines compare your income minus certain expenses to the median income of other same-size households in California. Learn more about how to apply the means test when...
Ways to avoid the probate process in California
Following the loss of a loved one, family members and close friends may face a long period of grieving. The need to distribute the deceased person’s estate often adds to feelings of anxiety and uncertainty. In most cases, assets must pass through the court in a...
Questions to ask yourself before filing for bankruptcy
Many people do not file for bankruptcy when it would benefit them to do so because of the negative stigma attached to it. Despite what you may have heard, bankruptcy does not mean that you have to sell off all your assets, nor does it ruin your credit forever. For...
Role of the bankruptcy trustee in Chapter 7
Filing for bankruptcy may not be what you envisioned. However, it can be an effective avenue out of debt for you. To successfully file for Chapter 7 bankruptcy, you need to ensure that you have all the relevant documents at hand. Upon receiving your case, the court...
Can you retain your Silicon Valley home in bankruptcy?
Bankruptcy is often a last result for California homeowners strapped under heaps of debt. Owning a home takes a Herculean effort for many owners as they strive to collect the money for a down payment, insurance and other related costs. However, life changes, and you...