Most people have had debt of some kind during their lives. While in the perfect world it may be great to be debt-free, for most of us some debt may be very hard or impossible to do without (for example, a mortgage loan if you want to own a house) …
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 …
Do rising real estate values matter if you are thinking about filing bankruptcy?
Not that long ago, the values of many homes here in California Bay Area have dropped dramatically and the real estate bubble has burst. Or has it? The real estate market has been bouncing back in many parts of the Bay Area. A fairly typical situation was described by my …
Bankruptcy Success Story: David and Maria
David* and Maria*, a couple in San Jose, California found out first hand just what a powerful and positive solution filing bankruptcy can be. David and Maria have been married for over 20 years and have three teenage daughters. They have a small business, offering gardening and landscaping services. When …
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, …
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 …