New Guidelines Make It Easier To Discharge Student Loan Debt in Bankruptcy
Southern California Law Advocates | Bankruptcy Firm
by Norma Duenas
2M ago
Discharging Student Loans Just Got Easier The Biden Administration recently announced new guidance for the Department of Justice for handling Federal Student Loans in Bankruptcy. This guidance will likely make it easier for Debtors in bankruptcy to discharge federal student loans. Prior to this guidance being issued the guidelines for meeting the requirements to discharge student loans were unclear and appeared to be difficult to meet. The guidance will allow the Department of Justice to recommend to the Bankruptcy court a full or partial discharge of the student loans if the Debtor meets the ..read more
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Can The Bank Take My Money Without Permission
Southern California Law Advocates | Bankruptcy Firm
by Norma Duenas
11M ago
The short answer is YES under the right of setoff if you owe that same bank or credit union on a credit card or loan. When you have a savings or checking account with a bank or credit union it is very common to apply for credit cards or loans with that same financial institution or credit union. Most of us have built trust in our credit union or bank and feel comfortable in applying for loans or credit cards through them. When you default on your credit card or loan with your financial institution they may utilize their right of setoff to obtain payment for your credit card or loan. This right ..read more
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How Can a Creditor Levy Your Bank Account in California
Southern California Law Advocates | Bankruptcy Firm
by Norma Duenas
1y ago
It’s true: once a creditor gets a judgment against you it can take money out or your bank, credit union, or other financial institution account to pay that judgment. This blog post gets into what exactly a judgment creditor can do to levy your accounts, and what you can do to stop it. HOW CAN A CREDITOR JUST GRAB MONEY OUT OF MY ACCOUNTS? As my last blog post said, a “judgment give the creditor huge powers over you.” See What Happens When You Don’t Respond to a California Collection Lawsuit?  A debt is just an agreement between you and the creditor. Your compliance with that agreement is ..read more
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What Happens When You Don’t Respond to a California Collection Lawsuit?
Southern California Law Advocates | Bankruptcy Firm
by Norma Duenas
1y ago
Getting lawsuit papers can be scary. A process server, or sometimes a sheriff’s deputy, may show up at the door of your home and insist on personally handing you the papers. Or this might happen at your place of work or business. It could even happen as you’re simply walking down the street. (See Service of Court Papers from the California Courts’ website.) What the lawsuit papers say can be scary, too. There are almost two documents: a Summons and a Complaint. The Summons announces that you’re being sued and that you have 30 days to respond to the court in writing. The standard form states ..read more
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Bankruptcy Limits For California Homestead Exemption
Southern California Law Advocates | Bankruptcy Firm
by Norma Duenas
1y ago
Federal Bankruptcy Limits to the California Homestead Exemption At the beginning of this year (2021) the amount of home equity a California homeowner can protect from his or her creditors greatly increased. See our blog post, Huge Increase in California Homestead Exemption, about this. This new greater protection of home equity makes understanding the federal Bankruptcy Code’s limitations on homestead exemptions all the more important and timely. HOW CAN FEDERAL LAW LIMIT CALIFORNIA HOMEOWNERS’ RIGHTS TO THEIR HOME EQUITY? Bankruptcy is a federal procedure, as provided under the U.S. Constitut ..read more
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California’s Homestead Exemption- Are You Required to Reside in the Home?
Southern California Law Advocates | Bankruptcy Firm
by Norma Duenas
1y ago
Protecting Your Home in Bankruptcy The California Homestead Exemption’s Requirements of Residing in the Home and Intending to Continue Doing So The California homestead exemption amount’s huge increase at the beginning of 2021 has made it all the more important to understand when the exemption does apply to a home and when it does not. A number of practical issues about the homestead exemption deserve a closer look. For example, four plus years ago I wrote a blog post titled Can You Claim a Homestead Exemption If Not Living in Home? There have been a number of important court cases since then ..read more
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The Truth about Bankruptcy and Your Credit Report
Southern California Law Advocates | Bankruptcy Firm
by Norma Duenas
1y ago
How does filing bankruptcy affect your credit report? To answer this we need to understand 1) some facts and 2) how those facts apply to your life. To give you an idea where this is going, the truth is that it depends on your situation. But if you’re like many people with challenging finances, filing bankruptcy can be the very best thing you can do to improve your credit report. FIRST, WHAT ARE THE FACTS? Of course bankruptcy is a significant adverse event on your credit report. Fact #1: However, a bankruptcy filing does NOT stay on your credit report forever. That it does is a commonly held m ..read more
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Protecting California Workers’ Compensation in Bankruptcy
Southern California Law Advocates | Bankruptcy Firm
by Norma Duenas
1y ago
How can you protect your California Workers’ Compensation in bankruptcy? You’re hurting financially and thinking about filing bankruptcy. Let’s assume a big part of the reason you’re in financial trouble is that you were hurt at work. You either have a workers’ compensation claim pending or it’s been resolved and you’re getting benefits. You want to know whether that claim or those benefits are going to be a problem if you file bankruptcy. ARE MY WORKERS’ COMP BENEFITS PROTECTED IN CALIFORNIA? The short answer is yes. But there are some important conditions or exceptions. Let’s first focus on ..read more
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New Huge Increase in California Homestead Exemption
Southern California Law Advocates | Bankruptcy Firm
by Norma Duenas
1y ago
Huge Increase in California Homestead Exemption The homestead exemption protects a specific dollar amount of a homeowner’s home equity from his or her creditors. In California, the California homestead exemption amount of protection is substantially increasing as of January 1, 2021. This increase in protection makes it much more likely that homeowners in financial difficulty can keep their homes. HOW DOES THE HOMESTEAD EXEMPTION WORK? If you owe a debt the creditor can usually sue you, get a judgment against you, and then act to collect the judgment. Ways of collecting on a judgment include ga ..read more
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Does Filing Bankruptcy Stop a Rental Eviction?
Southern California Law Advocates | Bankruptcy Firm
by Norma Duenas
1y ago
Does Filing Bankruptcy Stop a Rental Eviction? Yes, it can, under many circumstances. When you file a bankruptcy case you get immediate protection from most collection actions by creditors. This protection is called the “automatic stay.” A landlord to whom you owe rent is covered by this automatic stay. That’s because the law stops “any act to obtain possession of [your] property” or “to exercise control over [your] property.” See Section 362(a)(3) of the United States Bankruptcy Code. The word “property” here doesn’t just include the physical objects that you own. The automatic stay ..read more
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