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Los Angeles Bankruptcy Attorney, Sam Benevento; South Bay Bankruptcy Lawyer
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Los Angeles Bankruptcy Attorney, Sam Benevento; South Bay Bankruptcy Lawyer

ARE YOU THINKING OF FILING BANKRUPTCY?


Are you thinking about possibly filing for bankruptcy? Is the thought keeping you up nights and stressing you out? That is certainly understandable! The only cure is to arm yourself with information!

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HOW DOES BANKRUPTCY STOP A GARNISHMENT?


Many clients come in to file bankruptcy because they are having their wages or bank accounts garnished (seized) by a creditor. In most cases filing bankruptcy will stop these actions. Bankruptcy will even temporarily stop a garnishment by the IRS, the Franchise Tax Board or a student loan collector. As a practical matter, however, it is not enough to just file the bankruptcy.Read more

 

DEBT SETTLEMENT ARTICLE FROM NACBA


The following is an excellent article on the dangers of debt settlement from the National Association of Consumer Bankruptcy Attorneys:

 

NACBA: COSTLY DEBT SETTLEMENT SCHEMES PREY ON THE MOST DEBT-BURDENED CONSUMERS STRUGGLING TO RECOVER FROM ECONOMIC DOWNTURN

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CAN STUDENT LOANS BE DISCHARGED IN BANKRUPTCY?


The hottest topic in bankruptcy right now might be the discharge of student loans. It might surprise many people to know that it used to be easier to discharge certain student loans in bankruptcy prior to the enactment of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). Since then, the discharge of any type of student loan (public or private) requires that the Debtor establish "undue hardship" to the satisfaction of the bankruptcy judge.Read more

 

WHAT IS A WAGE GARNISHMENT AND HOW CAN I STOP IT?


A wage garnishment is the process by which a creditor can intercept a portion of your paycheck to pay down the outstanding debt. Ordinary creditors must first obtain a judgment against you before they can begin a wage garnishment. Taxing authorities usually do not have to obtain a judgment. This blog will address the "judgment creditor". In a judgment situation, the garnishment paperwork is usually served on your employer by the Sheriff's civil unit and your employer is required to send the garnished wages to the sheriff every pay period. The Sheriff, in turn, sends the money to the person holding the judgment against you.Read more

 

CAN I DISCHARGE INCOME TAX DEBT IN BANKRUPTCY?


Discharging income taxes in bankruptcy is a complicated proposition. I will attempt to give you the basic rules that apply, however this should not be taken as legal advice for your particular situation. There are many exceptions to the rules. You should never attempt to file a bankruptcy to discharge income taxes unless you have a competent and qualified bankruptcy lawyer assisting you.

 

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CAN BANKRUPTCY ELIMINATE A SECOND MORTGAGE ON MY HOME?


The bankruptcy code is quite specific – you cannot eliminate the LIEN of a second mortgage (such as a home equity loan) on your principal residence in a Chapter 7 bankruptcy. This means that, even though you can eliminate the DEBT from the second mortage, the mortgage will continue to be a LIEN against the home even after your chapter 7 discharge. However, under existing case law, you CAN eliminate ("strip") a second mortgage lien against your home in Chapter 11 or Chapter 13 bankruptcy IF five conditons are met.Read more

 

DO I HAVE TO INCLUDE ALL OF MY DEBTS IN MY BANKRUPTCY?


Clients often ask me if they have to list all of their debts when they file for bankruptcy. The short answer is: YES, you are required to include all of your debts in your bankruptcy. In fact, when you sign your bankruptcy petition, you are swearing under oath that have listed all of your debts. And you will probably be asked this same question at your bankruptcy hearing – after being sworn in.Read more

 

HOW MUCH DOES IT COST TO FILE BANKRUPTCY?


The price of filing for any type of bankruptcy is divided into 2 catagories: actual costs and attorneys fees. Actual costs are the out of pocket expenses that you or your attorney must pay to file your particular case. In all consumer chapter 7 cases, there are essentially 3 costs: $306 that must be paid to the court (the filing fee), the cost of attending the pre-bankruptcy counseling class and the post-bankruptcy debtor education class (usually between 60 to $100 total) and the cost of downloading your credit report information (usually around $50). Based on the providers we use, the current out-of-pocket cost for filing a chapter 7 case with our firm is $401 for an individual and slightly more for a couple. The cost for a Chapter 13 is slightly less, because the court filing fee for a chapter 13 is $281 (a savings of $25). if you are filing without an attorney, it may be possible for you to have some or all of these costs waived by the court.Read more

 

CAN I MODIFY MY HOME MORTGAGE THROUGH CHAPTER 13 BANKRUPTCY?


The short answer to the question "can I modify my home mortgage through chapter 13 bankruptcy?" is NO. The bankruptcy code has a prohibition against changing the terms of a mortgage on your primary residence. There are a couple of exceptions.Read more

 

WILL I LOSE EVERYTHING IF I FILE A CHAPTER 7 BANKRUPTCY?


I was giving a talk yesterday to a group of professionals and was again surprised when someone asked me this question. The answer is: NO, you do NOT lose everything when you file Chapter 7 bankruptcy! It is true that when you file a Chapter 7, all of your assets become the property of the bankruptcy estate, which is controlled by a bankruptcy trustee.Read more

 

Mounting student loans a 'debt bomb' waiting to explode By Herb Weisbaum


Here is an interesting post from MSN. Hopefully the National Association of Consumer Bankruptcy Attorneys can get some legislation sponsored to allow for the discharge of student loans. Personally, I abhor the system where naive young adults are sold a bill of goods about attending a particular university – regardless of cost. Let's educate our young people that college is like any other commodity – you buy what you can reasonably afford!!

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FRAUDULENT TRANFERS AND CONVEYANCES


Many people think that they can protect an asset by simply transferring it to a friend or relative before filing for bankruptcy. THIS IS NOT A GOOD IDEA! When a person transfers (conveys) property to another person with the intention of shielding that property from seizure by a creditor (or by the bankruptcy trustee), it is called a FRAUDULENT CONVEYANCE. In this situation, the law allows the creditor or bankruptcy trustee to sue the person to whom the property was transferred and get the property back!Read more

 

GET PAID TO SHORT SELL YOUR HOME


It is true. Some mortgage companies are offering incentives to underwater homeowners to short sell their homes. Short selling refers to the practice of selling a home for less than the amount still owed on the mortgage(s).Read more

 

WHAT IS THE MEANS TEST?


The means test is the subject of many court cases, and a detailed explanation would take many pages. In short, the means test was enacted by Congress in 2005 as a way to determine if a person with primarily consumer debts is eligible to file for chapter 7 bankruptcy, or, if not, to determine the minimum amount of general unsecured debt that would have to be repaid if a chapter 13 bankruptcy is filed.Read more

 

PREFERENTIAL TRANSFERS


We frequently have clients who want to pay back a loan from a favorite credit union, bank, friend, partner or family member before filing for bankruptcy. This is not a good idea! Repaying a loan right before filing is considered a "preference" – that is, it allows the person or business repaid to receive more than other creditors will get after the bankruptcy is filed. Read more

 

Trust Sam Benevento with your Bankruptcy filing: Sam's Career as a Bankruptcy Lawyer spans over 25 years.

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