Greater Sacramento Bankruptcy Blog

Disclosures After Bankruptcy

admin — Mon, 30 Apr 2012 17:09:46 +0000

Hold on, there’s just one more thing. Even though your bankruptcy might be over, there are just a few instances where your case could be reopened and creditors could get some of your money. You are required to notify your trustee if the following events occur within 180 days of your bankruptcy filing date:

You receive a inheritance
Your divorce is settled and you receive money or property
You receive proceeds from a life insurance policy or other death benefit
You discover nonexempt property that you omitted from your petition

Once you disclose any of these events, it’s up to the trustee whether he chooses to reopen your case (or leave it open) in order to collect these amounts to distribute to your creditors. Of course its impossible to know when you might receive an inheritance or insurance payment from someone’s death, but good pre-bankruptcy planning would call for handling all divorce matters prior to filing and carefully checking your property disclosures to make sure you haven’t left anything out.

Don’t be tempted to keep quit about these things, either. Failure to disclose any of these events can result in the denial of your discharge, an you’re back to square one.

If you have fallen behind on your bills and are being harassed by creditors contact a Sacramento bankruptcy lawyer Tom Conlon at (209) 475-0499 to see if you qualify to file bankruptcy and get a new fresh start.

Conlon & Fong, Auburn CA Bankruptcy Lawyers
701 High Street, Suite 201
Auburn, CA 95603
(530) 887-8100

Steps to Increase Lender Confidence in your Creditworthiness

admin — Wed, 21 Mar 2012 19:08:56 +0000

The most practical way to convince lenders that you are a good risk is to prove it by taking out a loan and paying it off. This may sound like one of those chicken and egg situations—you need someone to lend you money. Fortunately, this isn’t really an impossible situation. If you are still paying on your home, car, or any other debts from before your bankruptcy, you’ve got your starting point. Keep up with your payments, and you’ll start building up a positive record.

If, prior to your bankruptcy, you were able to clear one of your existing credit cards, you can start using that card again for small purchases. Please don’t go wild and charge the card to the limit right away. Even if this doesn’t pile on a debt you cant afford to pay, you may scare potential lenders, who will be worried by the way you immediately ran up your credit card again. Show some discipline.

Believe it or not, many people get credit offers in the mail as soon as their bankruptcy is over. Some even get offers before their discharge. Apparently, these lenders are counting on the fact that you have few debts coming out of bankruptcy and that you can’t file again for six years. It may be okay to accept one of these offers, just so you can have one credit card for necessities, like renting a car. But if you’ve had a problem with credit card addiction in the past, it’s better to stay away completely or get a debit card if you must keep one in your wallet.

If you have fallen behind on your bills and are being harassed by creditors contact a bankruptcy attorney Auburn, CA Tom Conlon at (209) 475-0499 to see if you qualify to file bankruptcy and get a new fresh start.

Conlon & Fong, Auburn CA Bankruptcy Lawyers
701 High Street, Suite 201
Auburn, CA 95603
(530) 887-8100

Drunk Driving Liability

admin — Mon, 09 Jan 2012 15:40:08 +0000

Here’s another important public policy issue that gave rise to an exception to the bankruptcy discharge. If you injured or killed someone while you where driving intoxicated, you cannot discharge any debts resulting from the injuries or deaths you caused. This includes driving while under the influence of illegal drugs. A Chapter 13 wont help you here, because these debts are exempted from discharge in Chapter 13 as well as Chapter 7. But any debts you owe due to property damage you caused while driving intoxicated can be discharged.

If you have fallen behind on your bills and are being harassed by creditors contact a Stockton bankruptcy lawyer Tom Conlon at (209) 475-0499 to see if you qualify to file bankruptcy and get a new fresh start.

Conlon & Fong, Stockton Bankruptcy Lawyers
1151 West Robinhood, Suite C8
Stockton, CA 95207
(209) 475-0499

Lawsuits During Your Bankruptcy Case

admin — Tue, 13 Dec 2011 20:59:39 +0000

There are several other types that can be declared nondischargeable, but this only by a bankruptcy court order. In these cases, the creditor will have to file a lawsuit in your bankruptcy and produce evidence as to why the debt should not be discharged. If the creditor doesn’t file the lawsuit before the bar date (sixty days after Meeting of Creditors), the debt will be discharged with the other in your bankruptcy. The automatic stay does put a stop to regular lawsuits in progress as soon you file your bankruptcy petition, and the stay blocks any new suits during the time it is in force. However, there are other kinds of legal actions, known as “adversary proceedings,” that are lawsuits in the bankruptcy court where your case is filed. These lawsuits can go on even after the automatic stay is in place if they are related to your bankruptcy case. Creditors can prevent certain kinds of debts from being discharged by initiating an adversary proceeding. These kinds of debts include the following:

Debts incurred by fraud, under false pretenses, or through false financial statements.
Debts due to willful or malicious injuries you can cause.
Some kinds of marital debts.

If you have fallen behind on your bills and are being harassed by creditors contact a Stockton bankruptcy attorney Tom Conlon at (209) 475-0499 to see if you qualify to file bankruptcy and get a new fresh start.

Conlon & Fong, Stockton Bankruptcy Lawyers
1151 West Robinhood, Suite C8
Stockton, CA 95207
(209) 475-0499

Unlisted Debts

admin — Tue, 06 Dec 2011 19:59:33 +0000

Suppose you filed your bankruptcy and got your discharge. Then six months later, you got a letter from a collection agency on an old hospital bill you forgot about, threatening to sue you if you don’t pay up. Too late? Maybe. This debt may not be discharged, because the creditor didn’t get notice of your bankruptcy. If you neglected to list the correct name and address of this creditor on your schedules and mailing matrix, the court couldn’t have mailed them the notice. You might be saved if you can prove that you gave other notice to the creditor, such as by telephone or better yet, in writing. No such luck? You just completely forgot about this creditor until they contacted you? Talk to your bankruptcy attorney, who can advise as to whether the courts in your district may discharge the debt anyway, or who may be able to reopen your case to include the creditor. Unfortunately, the error will probably cost you filling fees and attorney’s fees above your original filing, but will save you the amount owed.

If you have fallen behind on your bills and are being harassed by creditors contact a bankruptcy lawyer Auburn CA Tom Conlon at (530) 887-8100 to see if you qualify to file bankruptcy and get a new fresh start.

Conlon & Fong, Auburn CA Bankruptcy Lawyers
701 High Street, Suite 201
Auburn, CA 95603
(530) 887-8100

Credit Repair

admin — Mon, 28 Nov 2011 13:49:27 +0000

To repair your credit, you need to show lenders that it is safe to lend you money again. You should begin this process as soon as your bankruptcy case is over (right after the discharge in a Chapter 7 case, and after the repayment plan ends in a Chapter13). You can do many things to show you are now a good risk, but one thing you must do is make sure that your credit reports are accurate. Nothing you can do to improve lender confidence will mean much if your credit reports still show lots of overdue bills.

If you have fallen behind on your bills and are being harassed by creditors contact a bankruptcy lawyer in Auburn CA Tom Conlon at (530) 887-8100 to see if you qualify to file bankruptcy and get a new fresh start.

Conlon & Fong, Auburn CA Bankruptcy Lawyers
701 High Street, Suite 201
Auburn, CA 95603
(530) 887-8100

Prevent Foreclosure of Repossession

admin — Thu, 24 Nov 2011 21:10:11 +0000

Filing a Chapter 13 bankruptcy can prevent creditors from foreclosing on your house or repossessing your car, and this is a common reason people file Chapter 13. The automatic stay stops such actions, at least temporarily. If you are facing a foreclosure or repossession, you have several options in a Chapter 13 to save yourself from ending up out on the street or walking to work. It’s crucial to talk to a bankruptcy attorney as soon as you get into trouble, though. It will usually be too late once the sale has been completed. I’m often surprised at how many people let the problem go this long before seeking professional help. The sooner you start working on your bankruptcy solution, the less likely you are to lose your property.

In addition to the opportunities you have to turn secured debts into unsecured debts, a Chapter 13 bankruptcy also has several special methods for dealing with secured debts that may make this option more attractive to you.

If you have fallen behind on your bills and are being harassed by creditors contact a bankruptcy attorney in Auburn CA Tom Conlon at (530) 887-8100 to see if you qualify to file bankruptcy and get a new fresh start.

Conlon & Fong, Auburn CA Bankruptcy Lawyers
701 High Street, Suite 201
Auburn, CA 95603
(530) 887-8100

Keep Nonexempt Property

admin — Mon, 21 Nov 2011 19:07:15 +0000

In a Chapter 7 bankruptcy, you could lose property that is very important to you. This could happen if the property doesn’t fit into one of your states exemptions, in which case it would be sold by the bankruptcy trustee to generate money to pay to your creditors.

In a Chapter 13 bankruptcy, you get to keep your nonexempt property. You’ll have to pay for it, and you’ll have to follow all the rules of a Chapter 13 bankruptcy, but you’ll get to keep the property. This is particularly good news if you’re trying to keep your home equity out of the hands of your creditors.

If you have fallen behind on your bills and are being harassed by creditors contact a Auburn CA bankruptcy attorney Tom Conlon at (530) 887-8100 to see if you qualify to file bankruptcy and get a new fresh start.

Conlon & Fong, Auburn CA Bankruptcy Lawyers
701 High Street, Suite 201
Auburn, CA 95603
(530) 887-8100

Advantages of Chapter 13 Bankruptcy

admin — Mon, 14 Nov 2011 19:01:37 +0000

Its not the quick and painless fix of a Chapter 7 bankruptcy, but a Chapter 13 bankruptcy has several advantages over Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, you can do the following:

Discharge certain non dischargeable debts
Keep nonexempt property
Prevent foreclosure or repossession

If you have fallen behind on your bills and are being harassed by creditors contact a Auburn CA bankruptcy lawyer Tom Conlon at (530) 887-8100 to see if you qualify to file bankruptcy and get a new fresh start.

Handle Non Dischargeable Debts

You may have some debts that won’t go away in a Chapter 7 bankruptcy. Taxes that are less than three years old would remain your responsibility after other unsecured debts are discharged in the bankruptcy. But in a Chapter 13 bankruptcy, you can arrange a repayment plan that allows a full discharge of those debts.

Some of the other non dischargeable debts may also be discharged in the Chapter 13 bankruptcy under what is known as the “superdischarge”. If you successfully complete your confirmed plan requirements, those debts will be discharged in full.

Conlon & Fong
Auburn Bankruptcy Lawyers
701 High Street, Suite 201
Auburn, CA 95603
TEL: (530) 887-8100

Does My Spouse Have To File

admin — Fri, 04 Nov 2011 19:37:05 +0000

Does your spouse have to file bankruptcy if you file? No. Should your spouse file bankruptcy is you file? Maybe.

A lot depends on your situation. Are you both liable on the debts? If only one spouse is liable on all or most of the debt, then the debtor spouse can file individually, leaving enough income to pay the debts of one spouse and keeping their credit rating higher. If both of you are jointly liable on all or most debts, you should probably file together, since the attorney fees and filing fees are usually about the same whether you file jointly or individually.

If you are lucky enough to live in a community property state, only one spouse need file the bankruptcy to get rid of all the community debts. Community debts are all the debts incurred by either by either spouse during the marriage. So your solo filing can discharge your spouse’s debts, too without the necessity of that spouse’s filing.

If you have fallen behind on your bills and are being harassed by creditors contact a bankruptcy lawyer in Sacramento Tom Conlon at (916) 971-8880 to see if you qualify to file bankruptcy and get a new fresh start.