California Bankruptcy Legal Questions

If your daughter was not intoxicated while driving, the debts she caused in the accident should be dischargeable in a bankruptcy case.  She should have a consultation with a bankruptcy attorney in her State to learn her options and eligibility for bankruptcy relief. I offer free initial consultations.... Read Answer

There are a lot of important facts missing from your question. The first questions that should be answered are: Which Chapter of bankruptcy did you file?  If it was a Chapter 7 case, did the Trustee administer any assets?    If it was a Chapter 7 and no assets were administered (which is the case 95% of the time), and assuming you received your discharge, and the debt you state was left off was a dischargeable debt (for example,  a debt not incurred through fraud or a student loan, or recent tax debt), then the debt was discharged. In this case, even if it was your attorney's fault that the debt was omitted, there are no damages because the debt was discharged. If you filed a Chapter 13 or 11 case, or if your Chapter 7 case had assets administered, then the debt would not have been discharged.    Neither I nor anyone else on here can make a determination about whether this constitutes malpractice since I do not have all the facts as to why it was omitted.   However, you presumably signed your bankruptcy papers (under penalty of perjury) and, assuming the attorney provided you the papers to sign, the omission of the creditor is at least as much your fault as it is the attorney's.  ... Read Answer

If you file a Chapter 7 bankruptcy in which you give all your assets to the court trustee and the court trustee would sell your house to pay the debts, then your credit will be dinged for years.  That does not seem to be a reasonable decision.  You would do better to sell your house and then pay off your bills because then your credit would not be reduced.  Of course, if you had a job, then you could file a Chapter 13 bankruptcy in which you would keep your house and then just work out a plan to pay part of the debt depending on your "disposal income" meaning the balance left over after paying the necessities of living, house payment, food, gas, etc.   ... Read Answer

If the debt was listed, it was discharged.  The creditor does not lose the right to repossess the colateral and likely closed the account and retained the collateral upon entry of the discharge order and final decree closing the case.  If there was property for the trustee to liquidate to pay creditors, the secured creditor may not have filed a claim because they were paid in full from the collateral.... Read Answer

The only way to quckly get the lien removed would be to contact the creditor and find out how much they will settle for her to pay to remove the lien.  It's hard to believe that she did not previously know about the lawsuit.  She may not have known about the lien but she probably knew about the lawsuit.  She could contest the Judgment but such was suppose to be filed within six months of the judgment; therefore, there's only a 50/50 chance of having the judgment removed after spending $5,000 to $10,000 in attorney's fees and costs.... Read Answer

What is better for you depends on all of the facts of your situation.  Most bankruptcy attorneys provide a free consultation to qualified clients.  If you are in the Sacramento Metro area where I work, you can call me to discuss your situation.  I offer a free 2 hour consultation for Chapter 7 bankruptcy.  Once you know the pros and cons you can make a knowledgeable decision about what is best for you.  Gerald White, Certified Specialist in Bankruptcy Law, Folsom, CA 916-985-3330... Read Answer

Yes, you have a right to file for bankruptcy as long as you can meet the residency requirements.  Many of my clients have filed just to get rid of large credit card debt.  First thing, stop paying those credit cards--you're flushing money down the toilet.  Also, if you have a credit card at the bank at which you have a bank account, change your bank account because the bank will clean out your checking account to pay for the credit card.  ... Read Answer

Your personal obligation to pay the 2nd was discharged but it remains a lien against the property and can be foreclosed upon.  I see this happen when the lender thinks that there is enough equity to make it worhwhile.  The equity grows when the property appreciates in value over time or you pay down the balance of the 1st.  You should explore whether you are eligible to get a new 1st to pay off the balance of the 1st and 2nd.  Otherwise, if you contact the 2nd and alert them to the fact that there may be enough equity to foreclose, they may decide to do so and, if you can't refinance, you may need to sell the property.... Read Answer

If your plan did not propose to treat the debt as unsecured because there was equity to secure it, your are correct that it was not discharged.  If it was not discharged then you remain liable on this loan the same as if you never filed bankruptcy.  As such, it is not necessary for the lender to give you the bankruptcy statement.  When the loan comes due they have the right to foreclose on the property, so you may need to refinance the loans or sell the property to avoid foreclosure. ... Read Answer

There is not enough information to answer your question here.  How was the lien to Real Time Resolutions created?  Was this a judgment lien, or a voluntary lien you placed on the property? If it was a judgment lien and it existed on the date your Chapter 7 case was filed, then you may be able to seek to reopen your case to avoid the lien.  But you will need to obtain a valuation of your property as of the date your case was filed, and the balances owed to all other mortgages and liens against the property at that time.   Avoidability of the lien is a mathematical calculation and we need these specific numbers to do the calculations. If your bankruptcy case was filed in the Greater Los Angeles Area, I can assist with this.  You can contact me to go over your options at https://www.bklaw.com/contact/    ... Read Answer

I am a bankruptcy attorney.  You shouldn't do anything to hide assets because that's one of the first questions the bankruptcy trustee will ask you, and you must tell the truth.   Hiding assets is one of the first things that causes FBI investigation on bankruptcy fraud.  I don't know the worth of the Cryptocurrency but know that it fluctuates daily.  Some assets are exempt from bankruptcy such as retirement funds, etc.  Above that is a wildcard of $23,250 California property exemption.  On the personal loans, yes, you must list all of your assets and debts even the personal loans.  However, there is nothing against the law for you to pay them after the bankruptcy discharge (or case closes).  Please know that you cannot selectively pay your debts before filing without paying the others.  It's called giving preference to some creditors and that's a no-no.  Good luck!  ... Read Answer

No. There is no minimum or maximum amount to file for bankruptcy.  That's a very personal decision, meaning "it depends."  Some people's credit is smashed already in the 500's and filing bankruptcy would not hurt them any further, but they want to get rid of the debt.  Some people and cultures refuse to file bankruptcy and will struggle for years to pay off their debts.  I just had a gentleman who filed bankruptcy for the third time.  After two years, he gets credit, builds up debt and then files bankruptcy.  Donald Trump has filed four to six bankruptcies.  ... Read Answer

You should contact your father-in-law's attorney first.  Then you should contact father-in-law or loan company.  I am presuming that you have no document giving you permission to hold a "private lien sale."  If the title to the car is in your father-in-law, then he's responsible for handling.  Basically, it's whoever's name is on the title to the car.... Read Answer

Qualifying for bankruptcy has nothing to do with equity in your property.   Your choice of which Chapter of bankruptcy to file might be affected by that, however. You have approximately $140,000 of equity in your property based on the facts you provided.  Assuming you have resided in that property in California for more than the last 2 years prior to filing a bankruptcy case, California's exemption laws would apply in your case.   California has a homestead exemption of $100,000 for a married couple.  If you are over 65 or disabled or over 55 years old and have joint annual income below $35,000, then you have a $175,000 homestead exemption.   If you only qualify for the $100,000 exemption, then your home would be potentially at risk of being sold by a bankruptcy trustee in a Chapter 7 case although after factoring in costs of sale, a Chapter 7 Trustee might decide not to sell the property.  However, you could avoid the risk altogether by filing a Chapter 13 case and paying out the amount of the excess equity (minus estimated costs of sale) which would actually be zero when you factor in those costs.   So you could possibly do a very minimal Chapter 13 payment of maybe $100 per month for 36 to 60 months to deal with the debt. Whether Chapter 13 or 7 makes sense for you depends on what other assets you have, your total debt, and your budget (as defined by the United States Bankruptcy Code). The only way to determine what your best option is, is to have a consultation with an experienced bankruptcy attorney in your area.      ... Read Answer

Bankruptcy is certainly an option.  Whether or not it is your best option depends on a number of different factors.  You should have a consultation with a bankruptcy attorney in your state to see what you're eligible for and analyze all your different options. I offer free initial phone consultations.  https://www.bklaw.com/consultmain/  ... Read Answer

Yes, you can file individually without your spouse, but your spouse's income/expenses will factor into the eligibility analysis and her assets and debts will also need to be listed.   Whether and to what extent she would be affected by anything will depend on the exact numbers involved.    You need to have a comprehensive consultation with an experienced bankruptcy attorney in your State to go over everything with you and determine what risks and benefits there are.  ... Read Answer

If you already "inherited" the living trust, then you are now the owner of the Trust corpus, so there is nothing to revoke.   You need to have a consultation with an experienced bankruptcy attorney in your area to go over all th relevant information and advise you on your options.   Without knowing your income, expenses, value of your assets, amount of your debts, and other specific information (including the terms, conditions and elements of the Trust), there's no way to advise you on any of this. If you live in the Los Angeles Area and would like a free phone consultation, I'm happy to assist.  To do so please visit https://www.bklaw.com/consultmain/ to submit your information and schedule an appointment. ... Read Answer

There is a collections statute of limitations on tax debt which I believe is 10 years, but I'm not sure from when that date runs.  You should discuss that with a tax attorney or tax resolution specialist. As far as bankruptcy goes, the taxes may be dischargeable depending on the dates of the taxes, when the returns were filed for each year, and when they were assessed. If you would like a free consultation to go over your eligibility and options, go to https://www.bklaw.com/consultmain/ to submit your information and schedule an appointment.  I'm happy to advise you.  ... Read Answer

That is something that will depend on the facts of your case and jurisdiction where your case would be filed. If you are trying to stop a foreclosure and catch up on past due payments, most likely you are looking at a Chapter 13 case.  In a Chapter 13, part of your attorney's fees can be taken from the monthly payments you will be required to make, so it really depends on what those payments will be to determine how much you would have to pay prior to filing your case. The only way to find out is to schedule a consultation with a qualified bankruptcy attorney in your area.   If you live in the Greater Los Angeles Area (other than Riverside/San Bernardino) I am happy to give you a consultation to go over your eligibility, options and questions.  Click here to prepare for and schedule an appointment.... Read Answer

In a Chapter 13, a judgment lienholder must be paid in full with interest during your plan term, unless you are able to avoid (remove) the lien. Judgment liens can be removed if certain criteria are met, which depends on the value of the property, amount of other liens against the property, and amount of your homestead exemption. Chapter 13 is very complicated and your questions indicate that you badly need an attorney to represent you. If you are in the Greater Los Angeles Area and would like a free consultation to go over everything, please visit https://www.bklaw.com/consultmain/  ... Read Answer