A largely forgotten form of consumer bankruptcy is Chapter 12. Although geared for a family farmer or fisherman, it is designed to be filed by consumers rather than companies. A Chapter 12 can be filed by a family farmer or fisherman. To qualify, more than 50% of your income must be derived from a farming [...]
Douglas Jacobs, California Bankruptcy Attorney
Bankruptcy helps individuals with debt problems. It can also reorganize a business such as a corporation or partnership. And it can protect a sole proprietorship! A Chapter 13 bankruptcy is designed to help reorganize one’s debts. It allows a debtor to “catch up” on secured or priority obligations (like house payments or taxes) and to [...]
The bankruptcy trustee, at last week’s meeting of creditors, came up with a new way of making money for the bankruptcy estate and annoying debtors. Here’s what happened: The debtor owns a house and a rental property that she would like to keep. Both properties are completely up-side down (she owes more than they are [...]
When a bankruptcy is filed, the debtor can keep anything that is “exempt.” That always includes household goods and personal effects, and, most of the time, provides a homestead exemption that protects the debtor’s home. But why? Actually, bankruptcy exemptions are absolutely necessary to a fair and forgiving economic system. If filing bankruptcy meant losing [...]
Exactly when a Bankruptcy petition is filed can make a big difference in your case. There’s an old Vaudeville bit that has one comedian talking to another. The first asks: “What is the most important thing about com…” and before he can finish his question, the other comedian answers “Timing.” Ok, not very funny; but [...]
You can file for bankruptcy protection even if are not technically insolvent. The common definition of insolvency is the inability to pay one’s debts as they fall due. So, if you can pay some or most of your bills, you don’t fit the definition. But you still might need the help that filing a bankruptcy [...]
