Federal Student Loan Collections Resume May 5 — What Borrowers Need to Know Now
Student loan collections resume May 5, 2025, after a five-year pause. Millions of borrowers in default could face wage garnishment, tax refund seizure, and credit damage. Learn how to protect yourself and whether bankruptcy can help stop collections and provide long-term financial relief.Continue reading→
Rudy Giuliani’s Bankruptcy and the Importance of Transparency in Bankruptcy Disclosure
In the wake of Rudy Giuliani's tumultuous bankruptcy case, the importance of transparency in financial disclosures has never been clearer. Allegations of misreported assets and income have highlighted the critical role of bankruptcy trustees and the severe consequences of incomplete or false information. This article delves into the necessity of full disclosure in bankruptcy proceedings and underscores the potential legal repercussions for those who fail to comply.Continue reading→
Assemblymember Juan Alanis’ Financial Literacy Bill: A Crucial Step Toward Financial Empowerment
Empowering Financial Futures: The Importance of Assemblymember Juan Alanis’ Financial Literacy Bill Financial literacy is more than just a buzzword; it’s the cornerstone of financial stability and success. Understanding how to manage money, budget effectively, and make informed financial decisions can drastically alter the course of one’s life. Unfortunately, many adults struggle with these basic...Continue reading→
Can Bankruptcy Take Your Social Security?
Federal law protects Social Security funds in bankruptcy. Social Security benefits are “exempt” or protected in bankruptcy, so you can keep your Social Security benefits if you file for bankruptcy, regardless of where you live. However, once commingled with other funds, it can be challenging to prove that the money came from Social Security benefits...Continue reading→
Purchasing and Financing a House After Filing Bankruptcy: The Process for Chapters 7 and 13
Here is an excerpt of the content: --- If you had a bankruptcy discharged in the past, you might be thinking about buying a house. The good news is that it’s possible to purchase a home following a Chapter 7 or Chapter 13 bankruptcy. However, there’s usually a waiting period of 2-4 years before you can take out a mortgage. Lenders will closely examine your credit score, credit reports, bankruptcy discharge details, and other factors to ensure you qualify. It's important to tread carefully after bankruptcy and take steps to improve your credit. With hard work and patience, you can eventually secure a home loan and become a homeowner once again.Continue reading→
How Long Does It Take for a Creditor to Sue Me?
In the most simple terms, a creditor may file a lawsuit once a default has occurred. That means, if you default on a loan, thereafter the creditor may seek a legal remedy. In reality, it’s a bit more nuanced. First, consider the statute of limitations in California, which is four (4) years. That means, a...Continue reading→
Do I lose all my stuff if I file bankruptcy?
NO! The vast majority of my clients keep one hundred percent of their assets. The property a debtor keeps after bankruptcy is called “exempt” property. Anything that is not “exempt” is considered “non-exempt” property. In bankruptcy, the debtor is allowed to keep a certain amount of value of “exempt” property. It it is not about...Continue reading→
How Long Does Bankruptcy Stay on My Credit Report?
Per the people at Experian (one of the big three credit reporting agencies) the bankruptcy public record is deleted from the credit report either seven years or 10 years from the filing date of the bankruptcy, depending on the chapter you filed. Chapter 13 bankruptcy is deleted seven years from the filing date. Chapter 7 bankruptcy is...Continue reading→
How soon can I buy a house after bankruptcy?
Buying a home after bankruptcy may seem like an impossible feat, but it’s actually not out of the question. Even if you have a Chapter 7 or Chapter 13 bankruptcy on your credit report, you can still buy a home after a certain period of time. The exact length depends on several factors, including the type...Continue reading→
What happens to my co-signer after bankruptcy?
A cosigner is someone who has signed up to guarantee payment of a debt if the primary debtor fails to make payments. A cosigner is also called a codebtor in bankruptcy. Co-signers are usually friends or family members with good credit who are added to a loan to provide added assurance to the lender that...Continue reading→
