Tag : exemptions

It seems pretty harmless at first.  The first several years, even decades go by as you begin to build a retirement savings.  You feel proud that you are on your way to retirement.  What an accomplishment that would be; to have enough money to retire one day.  Then, life happens and the kids need to […]

When it comes to bankruptcy, the rules are found in the Bankruptcy Code.  The moment a debtor becomes bankruptcy by filing their case, an impartial person must be appointed by the court to represent the collective interests of creditors and to control and administer the bankruptcy estate. That person is called a TRUSTEE. Thus, in […]

The short answer is yes.  Remember that you are signing your bankruptcy papers under penalty of perjury that everything is true, correct and complete. Section 521(a)(1) of the Bankruptcy Code requires that you promptly file detailed information regarding your creditors, assets, liabilities, income, expenses and general financial condition. At your meeting of creditors, you will […]

We have a serious issue here in the Central District with the BPP [“Bankruptcy Petition Preparer“].  The Central District of California has more than 25% of the entire nation’s Pro Se Debtors, which are Debtors that file their bankruptcy case without an attorney.  That’s a whopping 38,667 cases filed without an attorney.  This volume of […]

A fundamental part of deciding to file bankruptcy is helping our clients achieve their financial goals.  One of the toughest decisions clients struggle with is deciding whether to keep their homes.  Many Californians are faced with underwater property values; denied loan modifications; falling behind on mortgage payments when their teaser rate terms end; and the fact […]

Many a Creditor has driven us bankruptcy lawyers and our clients nuts with their antics, but freezing a client’s bank account after their case has been filed takes the cake.  The Ninth Circuit BAP just released In re Mwangi Case No. 09-1408 (9th Cir.B.A.P., June 30, 2010), which held that Wells Fargo’s national policy of […]

Whether you’re filing bankruptcy under Chapter 7 or 13 in California, you will get to keep most of your belongings and your home.  That is, if you have a home worth keeping.  Under the law, the keeping of assets is known as ‘exemptions;’ meaning the assets are exempt from being taken to pay your debts.  These exemptions can be found in the […]

Let’s talk about your retirement accounts as they relate to your decision to file for bankruptcy.  There are many varieties and vehicles for retirements savings that include pensions, 401k, 403b, IRA and Roth IRA accounts.  Perhaps there are others that I am not aware of.  As I have said before, DO NOT CASH OUT YOUR […]