Tag Archives: chapter 7

Many carriers of debt avoid bankruptcy in fear of endangering the ownership of their homes. This fear should be somewhat alleviated by a significant increase in the homestead exemption also referred to as a home equity exemption limit allowed in California bankruptcy courts. Since January 1 of 2021, California bankruptcy courts have raised the home Continue Reading

Gymboree, the well-known children’s apparel store, has filed for bankruptcy on 6/11/2017. The bankruptcy filing is Gymboree’s strategic move to restructure their debt. Gymboree plans to continue to operate the business as it restructures. There are a few lessons to learn about debt and how to manage overwhelming debt when large companies file for bankruptcy. Continue Reading

Off the cuff, it might sound like a good idea to pay off a debt that cannot be discharged in a bankruptcy with another new debt that can be discharged in a bankruptcy, and then plan to file a bankruptcy to discharge the debt. Could you devise a plan like this just to avoid paying Continue Reading

When considering a Chapter 7 bankruptcy, you may wonder what information you need to provide to get a Chapter 7 filed. Maybe you haven’t kept good files or records of your finances. You might imagine that the required paperwork could be too much for you to handle. The surprising fact is that the Chapter 7 Continue Reading

Managing and building credit and debt can be one of the most important aspects to pay attention to in adult life. Many times, we are thrown into a life of debt management immediately after graduation from high school or college. Student loans might be the first interaction with debt, but our relationship with debt will Continue Reading

We are experts at providing bankruptcy advice, but we’ve also heard our fair share of advice that has been given to people from other sources. Here’s a collection of them for your amusement. Bad Bankruptcy Advice 1. Bankruptcy will ruin your credit Filing a bankruptcy does impact your credit score, but, if you are looking Continue Reading

It is illegal to premeditate a bankruptcy. This means that any spending done with a future bankruptcy filing in mind will suspend the debt from being discharged. In plain English: You can’t buy a buy a bunch of stuff, rack up debt and then file for bankruptcy and wipe out all the debt. It’s not Continue Reading

Does Bankruptcy Make You Lose Your Home? Losing a home is a tragic event on its own. Getting your home taken from you can also be a very emotional event especially if the home holds many family memories and history over a long period of time. The loss of a house is tough just as Continue Reading

Can You Discharge Debt from Your Business with a Business Bankruptcy? Business owners take on a lot of risk to make their businesses work. Many entrepreneurs take on debt to launch their businesses. There are many different types of debt you can use to start a business. Some investors will invest in an opportunity with Continue Reading

What Qualifies as Gambling Debt? In this week of March Madness, we are addressing a common issue related to sports… gambling debt! Many of us travel to Las Vegas and bet on sports or play games in Native American casinos here in California. Here in the Inland Empire, places like San Manuel Indian Bingo and Continue Reading