The JCH Law Firm Bankruptcy Blog is broken down into various topic categories of interest so that the end-user will quickly find topics of particular interest.
When a debtor obtains property after the filing which is on account of both prepetition and postpetition services, the property is divided between the debtor and the estate in the same ratio as the services. In re Jess, 215 B.R. 618 (9th Cir.BAP 1997). So what does that mean? Well if your stock options are dependent on your personal services, you had better pay attention. That’s...Read More
My Name is on Title to Real Property, But I Don’t Own the Home! Can I file for California Bankruptcy Holding Bare Legal Title?
Be careful if you are contemplating a bankruptcy and you hold title to real property. Even if you don’t believe you have any equitable interest in the home, a bankruptcy trustee may disagree with you. A common scenario is where you take title to a residence your relative owns. Imagine your parents want to leave their home to you as a probate avoidance device. Well, perhaps they should...Read More
In all chapter 7 individual cases where consumer debts are at issue, the persons filing for chapter 7 bankruptcy are subject to the Chapter 7 Means Test within official Bankruptcy Form 22. Again the means test, in short, determines whether or not you have too much disposable income for purposes of filing for chapter 7 bankruptcy. What happens though if you do not pass the means test? Is all...Read More
Check out 11 USC Section 523(a)(8) of the Bankruptcy Code. In essence, it says that student loans cannot be discharged, except in situations of “undue hardship” on the debtor or debtor’s dependents. That’s easy to say but hard to prove. Why does 523(a)(8) even exist to except student loans from being discharged in bankruptcy? Well, Congress didn’t want...Read More
Recently, the cash-strapped city of San Bernadino decided to file for municipal bankrutpcy following the footsteps of Stockton and Mammoth Lakes. Also, the California city of Vallejo emerged from bankruptcy after filing chapter 9 for its own reasons stemming of course from financial troubles. On the heels of these events, local southern California cities are looking for new ways to...Read More
Selecting a good and competent chapter 13 California bankruptcy attorney is not always easy. You have to find someone you trust, yet that attorney must also be competent at what he or she does. One characteristic without the other will not take you very far in terms of the chapter 13 process. California Chapter 13 Bankruptcies are more involved than chapter 7 cases oftentimes because most...Read More
San Gabriel Valley Homeowners & Chapter 13 Bankruptcy – It May Be Your Best Chance For Financial Relief
If you are a San Gabriel Valley Homeowner in Southern California, Chapter 13 Bankruptcy may be an alternative you want to consider, particularly where you have 2 or more mortgage payments & your home is underwater in California. It is important to understand that chapter 13 bankruptcy is a structured means to create a repayment plan for all your creditors. Oftentimes, you can cure...Read More
I recently saw an online advertisement for chapter 7 bankruptcy services by an attorney offering to do the work for rock bottom pricing. The attorney’s website failed to clearly indicate specific office address locations and made no mention of any relevant bankruptcy experience or applicable bankruptcy credentials. Really the website failed to disclose much at all except the...Read More
Recently I, Bankruptcy Attorney Jeffrey Hsu of JCH LAW FIRM, successfully filed a bankruptcy for members of an LLC faced with personal guarantees related to a retail business. While some bankruptcy attorneys recommended that they file for chapter 7 corporate bankruptcy (I believe those attorneys were hoping to justify the generation of additional attorney’s fees), I act with...Read More
So you are a beneficiary of a recovable living trust. You need to file bankruptcy. Can you? Well, it depends. As long as you are not the settlor and the settlor lives through your bankruptcy, your beneficiary interest is contingent, meaning it doesn’t come into your bankruptcy as property of the estate. That’s because if the settlor is still alive, that person...Read More