nosferatu

Bankruptcy horror stories (Part 2): Bankruptcy can be a disaster if…

I recently talked about various negative outcomes of failing to seek qualified and experienced attorney help and representing yourself in bankruptcy (with or without help of bankruptcy preparers) or retaining attorneys who do not focus their practice on bankruptcy law. In this post I will continue discussing various bankruptcy pitfall ...
Victoria MaydanikBankruptcy horror stories (Part 2): Bankruptcy can be a disaster if…
Mistakes people make when filing bankruptcy

Bankruptcy horror stories (Part 1): Bankruptcy can be a disaster if…

We have previously talked about bankruptcy success stories. But can the outcome of filing bankruptcy be disastrous? Yes, it can be - and usually the culprit is bad legal advice, or lack of advice.   * Just yesterday, "Kim" attended her 341 Meeting of Creditors. Kim, an elderly woman whose ...
Victoria MaydanikBankruptcy horror stories (Part 1): Bankruptcy can be a disaster if…
Bankruptcy filing fee to  increase

Court’s filing fees for bankruptcy cases due to increase on June 1st, 2014

The judiciary periodically adjusts court fees for filing new bankruptcy cases.  As operational costs increase and courts’ budget becomes tighter, it’s no wonder that the adjustments have been increases in the filing fees charged by the courts. ~~~~~~~~~~~~~~~~~~~~~~~~~ Current Chapter 7 court’s filing fee = $306 For cases filed on …

Victoria MaydanikCourt’s filing fees for bankruptcy cases due to increase on June 1st, 2014

What can you do about wage garnishment?

With a judgment in hand, a creditor can garnish the person’s wages. Typically, a creditor can take 25% of net earnings from each  pay check until the entire debt – plus collection fees – is paid off. What can you do if you received an earnings withholding order, or, worse …

Victoria MaydanikWhat can you do about wage garnishment?
Bankruptcy trustee meeting

21 things NOT to do at the 341 Meeting of Creditors

If you file a bankruptcy petition, you will normally be required to attend one court meeting, called 341 Meeting of Creditors.  This meeting is a very important step to getting your debts discharged. 341 Meeting is brief and fairly informal, and usually boils down to answering some standard straightforward questions posed by …

Victoria Maydanik21 things NOT to do at the 341 Meeting of Creditors
median-income

You versus the Joneses: does other families’ income matter if you are filing bankruptcy?

This may come as a surprise, but other families’ income does make a difference in your bankruptcy case.  Here is why: in the Means Test in your bankruptcy filing,  the court compares current median incomes with your gross income to assess your financial well-being and ability to pay creditors. Of …

Victoria MaydanikYou versus the Joneses: does other families’ income matter if you are filing bankruptcy?
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Are your Social Security benefits protected or endangered by filing bankruptcy?

The answer is: “Usually, neither.”  In most cases, there is no effect on Social Security benefits and once in a while bankruptcy actually helps to protect the benefits that are due to you. As a starting point, by law, a person’s Social Security benefits cannot be assigned to any other …

Victoria MaydanikAre your Social Security benefits protected or endangered by filing bankruptcy?

Can bankruptcy void and remove judgments?

In many cases, yes. A bankruptcy judge can issue a specific order voiding a lien or other outcome of the judgment.  Even without such specific order, if the debt that resulted in the judgment is discharged through bankruptcy, a creditor does not have a right to enforce the judgment. Generally, …

Victoria MaydanikCan bankruptcy void and remove judgments?

Are your retirement funds in danger if you file bankruptcy?

Generally, no. Most retirement accounts are not considered to be part of the bankruptcy estate, and are out of the creditors’ reach. This includes traditional 401(ks), IRAs, government retirement accounts such as CalSTRS and more. If you are expecting a pension or are receiving a pension, creditors also usually don’t …

Victoria MaydanikAre your retirement funds in danger if you file bankruptcy?

With the holidays approaching, let’s say “No” to consumerism and giving gifts we can’t afford

We have been conditioned by stores and banks that we “have” to purchase gifts, and expensive gifts at that, for friends and relatives for every possible occasion: Christmas, New Year, birthdays, anniversaries, weddings, baby showers, Mother’s Day, Father’s Day, reunions, retirements, graduations, housewarmings and more. The gift-giving expenses snowball, and …

Victoria MaydanikWith the holidays approaching, let’s say “No” to consumerism and giving gifts we can’t afford