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Category Archives: Bankruptcy

How Courts Evaluate Whether to Convert a Chapter 7 to a Chapter 11

converting chapter 7 to chapter 11 bankruptcy

An individual seeking Chapter 7 bankruptcy protection must demonstrate a lack of disposable income to repay debts, but that isn’t the end of proving eligibility. The bankruptcy code allows a court to convert a Chapter 7 to a Chapter 11 under certain circumstances. This is typically done at the request of creditors who show they […]

Getting the Most Out of California’s Homestead Exemption in Bankruptcy

Homeowners who fall on hard financial times often rule out bankruptcy because they fear it means they might lose their home. But in reality, many owners are able to use California’s homestead exemption to file for Chapter 7, receive a discharge and keep their home. For 2022, the exemption is $300,000 or the median sale […]

Pros and Cons of Filing Bankruptcy Jointly With Your Spouse

Married couples who are financially distressed have a choice whether to file for bankruptcy individually or jointly. Generally, a joint bankruptcy is most beneficial for both spouses, but in some situations it makes sense for only one spouse to file while the other stays out of bankruptcy. Several factors should be weighed in deciding on […]

Adversary Proceedings to Deem Debts Nondischargeable

A bankruptcy ends with a cancellation of all debts except for those determined to be nondischargeable. Sometimes a separate trial — known as an adversary proceeding — is required to decide a creditor’s claim that a debt should not be discharged. A creditor may raise objections to discharging certain debts, such as these: Debts obtained […]

Smart Ways to Eliminate Business Debt

If you run a business, you likely obtain loans to finance purchases or investments or to obtain working capital for operational expenses. However, revenue shortfalls, increased expenses and other unforeseen setbacks may cause your business to become overburdened with debt, putting it in financial jeopardy. Filing a Chapter 11 bankruptcy to reorganize your debt may […]

Your Options if You Can’t Make Your Chapter 13 Payments

The core of a Chapter 13 bankruptcy is the debtor’s ability to pay creditors back a portion of what is owed them. The debtor promises to make monthly payments for a specified period of time, which are determined based on the debtor’s available income sources. If all goes well, the rest of the outstanding debt […]

What Steps to Take – and Not Take – Before Filing for Bankruptcy

Serious financial stress can cause people to look for immediate relief. As tempting as it can be to start moving money around and trying to consolidate your debt, you may be better off filing for bankruptcy protection. To get the most out of this remedy, whether through Chapter 7 or Chapter 13, you and your […]

Factors Bankruptcy Courts Consider in Deciding Whether to Grant Relief from the Automatic Stay

The automatic stay is one of the most immediate and powerful benefits of filing for Chapter 7, 11 or 13 bankruptcy. While the automatic stay doesn’t erase debt, it puts a stop to creditors’ attempts to collect, giving the debtor some much-needed breathing room. Creditors can, however, petition the court for relief from the stay. […]

How Does Your Individual Filing for Bankruptcy Affect Your Spouse?

If you live in California, are married and are overwhelmed by debt, you may wonder if you should file for bankruptcy as an individual or jointly with your spouse. You may question, if you choose to go it alone, whether your spouse could lose some personal property, whether he or she can be held responsible […]

What to Do When Creditors Call for Payment After Your Bankruptcy Discharge

One of the most important protections you receive when you file for Chapter 7 bankruptcy is the automatic stay — a court order that immediately puts an end to most collection efforts by creditors and collection agencies. The stay goes into effect at the beginning of your case and stays in effect until the end. […]

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