Resolve Law Firm

Downey Office
10727 Paramount Blvd.
Downey, CA 90241

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(818) 697-9699

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(818) 538-9144

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Resolve Law Firm

General Bankruptcy Questions

A: Not necessarily. Some debt like alimony, child support, divorce property settlement agreements, income tax liabilities, Department of Revenue sales tax liability, Internal Revenue Service pay roll tax liability or trust fund liability, and most student loans are exempt. Also, many debts created by fraud, embezzlement, or conversion cannot be discharged. For example, receiving a large cash advance just before filing could be considered fraud.
A: You must list all debts that have a balance, because all creditors must be treated equally.
A:Although we cannot speak for creditor policies, in our experience, if you pay off your card in anticipation of keeping it, the likelihood is the creditor will still cancel your account. Since creditors have to be treated equally, paying more than $600 within 90 days of filing for bankruptcy, the Trustee can and may make them give it back—dispersing it to all creditors who file claims in your case.
A: One great benefit of declaring personal bankruptcy is that from the moment your Chapter 7 or 13 case is filed with the court, foreclosure actions against you must stop! Foreclosure can be held off while you catch up the payments in a Chapter 13. However, you must be able to show the court that you can make regular payments moving forward, plus an alloted amount to catch up on behind payments to make it work. If you can not make the payments, lenders will get relief from the bankruptcy fairly quickly.
A: This is never a good idea. Transferring property to avoid it from being discovered by creditors, can be considered fraud! Under Bankruptcy Law, transferred property can be reversed for 2 years and for 4 years Under California’s Fraudulent Transfer Act. You could lose your discharge of the debt since the transfer could be considered a crime.
A: Usually the debt will be discharged. However, bouncing checks is considered a crime and bankruptcy does not keep you from being prosecuted if a criminal complaint is filed by the District Attorney.
A: Yes. For example, it’s sometimes possible to get rid of a second mortgage in Chapter 13, but not Chapter 7, depending on the facts specific to your case. If you want to know specifics, please call for your free consultation today!
A: If a credit union loses money because of the Bankruptcy, they will likely cancel your membership. Some other banks, if owed money, will clean out or freeze your account when they become aware you filed. We recommend that if you owe them money, to open an account somewhere else.
A: Yes. A co-signer guarantees the debt would be paid by them in the event you do not pay. If they do not file their own bankruptcy, the creditor can and will likely go after them. Sometimes a Chapter 13 can protect them. Please call for more information specific to your case.
A: No. Federal law's anti-discrimination section of the Bankruptcy Code (11 U.S.C. § 525) precludes a public or private employer from discriminating against any employee solely because he or she filed for bankruptcy. Employers almost always honor this section and there are normally remedies if they try to violate it.
Le’Roy Roberson

Call For Free Initial Consultation
(818) 697-9699

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