[COLUMN] Client files Chapter 13 for $400K unsecured debt
This is what I call a borderline Chapter 7 case with asset. Therefore, it is the better part of caution not to file Chapter 7 because the asset may be…
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[COLUMN] Client relies on three bankrupties in 12 years to save house & wipe out debts
I just finished attending the telephonic bankruptcy hearing with my client recently and am reminded of his bankruptcy saga over the last 12 years. Client is married and 82 years…
[COLUMN] Who is an honest debtor or one in good faith?
The honest debtor is the only debtor who can get a discharge in bankruptcy. But who is an honest debtor? If we go by layman’s definition just to get an…
[COLUMN] What happens to your business if you file for Chapter 7 bankruptcy
Client owns a restaurant that survived the pandemic with take-outs. The commercial lease for the restaurant is in the name of client. Client is the sole proprietor of the restaurant. Client…
[COLUMN] Business owner needs Chapter 13 to reorganize
Client is a young senior. At 65, in my book, she’s a young senior. She has been living by herself since she divorced 20 years ago. Her adult children have…
[COLUMN] Catholic Diocese of Oakland seeks bankruptcy protection after 330 lawsuits
THE Catholic of Diocese of Oakland has just filed Chapter 11 seeking bankruptcy protection from 330 lawsuits arising from sexual molestation cases that happened during the 70s and 80s. Bankruptcy…
[COLUMN] New Chapter 13 debt limits increased to $2.75M
On June 21, 2022, Pres. Biden signed into law the Bankruptcy Threshold Adjustment Act. It increased the Chapter 13 debt limits to a total of $2.75M without secured or unsecured…
[COLUMN] Catholic Diocese of Oakland seeks bankruptcy protection after 330 lawsuits
THE Catholic of Diocese of Oakland has just filed Chapter 11 seeking bankruptcy protection from 330 lawsuits arising from sexual molestation cases that happened during the 70s and 80s. Bankruptcy…
[COLUMN] Client with $1-M disaster loan and multiple outlets files Chapter 7
THE client has been in business since 2014. It has multiple outlets, more than 15 in the Southland. Some outlets are profitable, some break even, and some lose a little…
[COLUMN] Business owner needs Chapter 13 to reorganize
Client is a young senior. At 65, in my book, she’s a young senior. She has been living by herself since she divorced 20 years ago. Her adult children have…
[COLUMN] What is the purpose of bankruptcy law?
THE highest profile cases of bankruptcy filings are Walt Disney, Milton Hershey, Orange County, a certain Catholic diocese in the USA that was hit by the child molestation cases, the…
[COLUMN] Single or joint bankruptcy filing?
THE debtor is 50. Spouse is 48. They have two children, a son aged 18, and a daughter aged 16. Son is about to go to college out of state….
[COLUMN] Disabled senior needs Chapter 7 relief from $50k credit cards
AT some point in your life, you will have to confront your own mortality as well as the mortality of your loved ones. When you’re 12, you’re in a hurry…
[COLUMN] What is the purpose of bankruptcy law?
THE highest profile cases of bankruptcy filings are Walt Disney, Milton Hershey, Orange County, a certain Catholic diocese in the USA that was hit by the child molestation cases, the…
[COLUMN] Clients fit into classic Chapter 7 profile & eligibility for honest debtors
DIFFERENT clients have different financial and asset situations, which make them start thinking about getting rid of accumulated debt. Nobody starts with borrowing money with the intention of defaulting and…
[COLUMN] Is now a good time to file bankruptcy?
If you live in LA County — or in Southern California, which included Orange, Riverside and San Bernardino counties — and you own the house that you live in, now…
[COLUMN] What is the purpose of bankruptcy law?
THE highest profile cases of bankruptcy filings are Walt Disney, Milton Hershey, Orange County, a certain Catholic diocese in the USA that was hit by the child molestation cases, the…
[COLUMN] Debtor with $70K credit cards but good income needs Chapter 13 relief
THE debtor who is 50 has accumulated credit card debt at the rate of $6,000 a year for the last 20 years. Now, he owes $70,000 in credit cards. He…
[COLUMN] Disabled senior needs Chapter 7 relief from $50k credit cards
AT some point in your life, you will have to confront your own mortality as well as the mortality of your loved ones. When you’re 12, you’re in a hurry…
[COLUMN] Clients fit into classic Chapter 7 profile & eligibility for honest debtors
DIFFERENT clients have different financial and asset situations, which make them start thinking about getting rid of accumulated debt. Nobody starts with borrowing money with the intention of defaulting and…
[COLUMN] Clients fit into classic Chapter 7 profile & eligibility for honest debtors
w clients have different financial and asset situations, which make them start thinking about getting rid of accumulated debt. Nobody starts with borrowing money with the intention of defaulting and…
[COLUMN] Happy New Year of the ‘Wabbit’ 2023!
THIS Sunday, January 22 is, as most people know, Chinese New Year of the Rabbit for 2023. The New Year is also using the element of water; therefore, it’s the year…
[COLUMN] Which debts are discharged in Chapter 7 bankruptcy?
THE Constitution of the United States of America allows bankruptcy to its citizens and residents to allow them to become productive again if they are saddled with accumulated debt. The…
[COLUMN] Is there a right timing to file chapter 7?
What is timing? In life, as we all know, there’s such a thing called timing. Like the timing is right. Or, the timing is wrong. If the timing is right,…
[COLUMN] Business failure causes debtor with good income to seek Chapter 13 relief
THE client is a single mom and a professional with good six figures income. In 2018, a friend approached her with a business for sale. The client had never been…
[COLUMN] Unusual Christmas for all this week
SUNDAY is Christmas Day. The whole Christian world celebrates the birth of our Lord and Savior, Jesus Christ, 2020 years ago. Christians also celebrate the fact that God the Father,…
[COLUMN] Senior seeks Chapter 7 relief from $60K credit cards
YOU never know what life brings. That’s why you need divine protection from the adversities that life brings us. I told you time and again to pray the rosary and…
[COLUMN] Which debts are discharged in Chapter 7 bankruptcy?
THE Constitution of the United States of America allows bankruptcy to its citizens and residents to allow them to become productive again if they are saddled with accumulated debt. The…
[COLUMN] New retiree chooses Chapter 7 fresh start to wipe out $45K credit cards
THE client just turned 67 and has been working for 40 years at a job that pays him $70K a year. He retired two months ago so he doesn’t make…
[COLUMN] There’s a right time to file for bankruptcy
HOW do I know that there’s a right time for you to file for bankruptcy and I am 100% sure of this? Well, I refer you to the Bible Ecclesiastes…