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 […]

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 […]

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 […]

No Relief from Foreclosures on the Horizon

Notices of defaults have spiked in the Central Valley. The chart to the right is only for Modesto but it represents a similar trend throughout the worst hit counties in the Central Valley. The increase is partly due to the end of the year-long “freeze” in foreclosures because of the “robo-signer” scandal. As you may […]

Will I go to jail (in California) if I don’t pay my debts? What about if I file bankruptcy?

NO!  You will not go to jail if you do not pay your debts.  And you will not go to jail if you file bankruptcy. Prior to the mid 19th century debtors’ prisons were a common way to deal with unpaid debt. In 1833 the United States abolished Federal imprisonment for unpaid debts, and most states outlawed […]

Bank of America Signs onto Principal Reduction Program

Bank of America announces in this press release that it has signed on to the principal reduction component of the Keep Your Home California program, which uses federal funds reserved for the 2008 rescue of the financial system to help homeowners behind on their mortgages. According to the press release, Keep Your Home California’s Principal Reduction Program […]