Sacramento Bankruptcy Blog

Chapter 7 bankruptcy enables individuals to eliminate credit card debt, judgments, medical bills and other types of debt and move forward with their lives without the loss of their exempt assets. It also allows owners of failed businesses to close down their operations quickly and efficiently.

Filing Chapter 7 Bankruptcy in Placerville requires a debtor to place all of his or her debts and assets under the control of the Bankruptcy Estate Trustee, typically a Chapter 7 Trustee. The Trustee’s function is to acquire money from the debtor’s estate for the benefit of unsecured creditors. However, in most cases, the Trustee cannot touch the property which is stipulated as “exempt property” under bankruptcy laws. Exempt property is property a debtor can keep during and after filing bankruptcy. If you resided in California continuously for the last 2 full years, there are two sets of “exemptions” to choose from to protect your property. The exemptions establish the amount of equity in your property that is protected from liquidation by the trustee. After reviewing your case thoroughly, we will identify the set that best protects your property. Read More »

At some point or another in their life, the majority of Americans will need an attorney. In many situations it is something positive, for protection, such as buying a home or starting a business. In other unfortunate cases, it is to defend yourself from losing everything. If you are filing for bankruptcy, an experienced bankruptcy attorney is one of the most important elements for success. The complicated laws, courthouses, and processes are daunting to the average person. Choosing the right attorney to provide legal assistance is an important decision that you will have to make at some point in your life.

At The Law Offices of Bowman & Associates, you can depend on our high-quality legal representation that is designed to meet your needs. Every case is unique, and every individual deserves dedicated representation in their time of need. Our offices in Sacramento and Folsom can assist you with Chapter 7 and 13 bankruptcy, as well as foreclosure defense and debt collection relief. In the event that you are being sued by a debt collection agency, we will defend you aggressively in court. Read More »

The bankruptcy attorneys at Bowman & Associates have extensive experience serving individuals like you with the intimidating task of filing for bankruptcy. When you hire a bankruptcy attorney, you can rest assured that you will receive the highest quality services and legal advice we can offer. Rather than running in circles trying to pay back uncontrollable debts, you can file for bankruptcy and start a new financial life.

For many people, bankruptcy becomes the only solution after some misfortune or bad luck causes them to fall behind on payments. Losing a job, falling ill, divorce, and medical expenses can lead to bills piling up and becoming impossible to pay. As soon as you see yourself falling behind or further into debt, you may want to consider bankruptcy.

There are two types of bankruptcy that you will want to learn about before deciding to file. Not everyone has the same circumstances, and the different types are meant to assist people in removing debt in different ways. Chapter 7 bankruptcy will help you remove most unsecured debts in exchange for “non-exempt property,” such as an extra car or expensive musical instruments that you purchased but have not paid off. If you have no non-exempt property, you can remove unsecured debt without giving up your property, since it is protected by exemption laws. Read More »

Filing for bankruptcy may be the last thing you want to do, but in many cases it is the only option. There are upsides to filing for bankruptcy, such as avoiding foreclosure and debt collection, as well as having a fresh financial start. If you think bankruptcy is the option for you, let an experienced attorney help you. Handling the process on your own could result in mistakes that make the process take longer, and a lawyer can help avoid those errors.

The lawyers at Bowman & Associates can help you with any bankruptcy questions and issues you have. Our lawyers are experienced with both chapter 7 and chapter 13 bankruptcy, and have worked with many clients to help prevent foreclosure. Contacting an attorney for help is the first step toward becoming financially sound. Read More »

The term “bankruptcy” itself is defined as being financially unable to pay one’s debts as they become due, or to have more debts than assets. The vast majority of cases are filed voluntarily by the debtor.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy, also called liquidation, is the most common type of bankruptcy and completely eliminates your dischargeable debt forever.

In Chapter 7 bankruptcy, the debtor files a petition with the court, which includes detailed financial information about his assets, debts, and income, and a list of the assets claimed as exempt. The debtor attends a meeting of creditors which is usually quite brief, and often limited to the debtor simply confirming that the bankruptcy papers contain a true and accurate listing of all of his assets and debts. If there are no objections to the debtor’s discharge, then the debtor receives a written notice from the court, stating that he has been discharged of all of his dischargeable debts.

Chapter 13 Bankruptcy

While Chapter 7 bankruptcy can result in a fresh start for most debtors, it cannot eliminate certain types of debt. Student loans, child support, and most taxes cannot be removed.

One purpose of a chapter 13, as opposed to a chapter 7, is to enable a debtor to retain certain assets (for example, your home) that might otherwise be liquidated by a chapter 7 Trustee.

The debtor files a bankruptcy petition with schedule of assets and liabilities and statement of financial affairs, along with a Chapter 13 plan. The plan provides for repayment of the debtor’s debts over a 3-5 year period, from the future earnings of the debtor. Upon completion of payments under the plan, the debtor typically receives a discharge, even if he has paid less than 100% of the debt. The payments vary in size depending on your disposable monthly income. It is wise to have an attorney help you assess the payment amount.

The same types of debt are excluded from being eliminated in Chapter 13 and Chapter 7 – including child support, student loans, and taxes.

If you are struggling with mortgage payments and debt and are going to file for bankruptcy, make sure you have an experienced attorney. Our attorneys can help you remove your debt and start fresh with your financial life. Contact an experienced bankruptcy attorney at the Law Offices of Bowman and Associates, APC. today for a free consultation.

Newport Beach-based luxury real estate agent John McMonigle has filed for Chapter 7 bankruptcy protection, according to court records.

McMonigle, whose McMonigle Group Inc. is one of the country’s top-selling brokerages for high-end homes, listed debts of between $50 million and $100 million on the individual petition, which was filed Friday in Santa Ana’s bankruptcy court.

The petition lists McMonigle having between $1 million and $10 million in assets.

The bankruptcy filing comes a little more than a week after McMonigle’s wife, Robin McMonigle, filed for divorce, according to Orange County Superior Court records. Read More »

The Federal Trade Commission has issued a new report outlining the numerous complaints made by citizens concerning abusive debt collection calls. No other industry generated as much complaint, not even telemarketing. The FTC also shows in their report that current laws do little protect consumers from harassment or abuse over unsubstantiated debt.

Repeated, continuous calls throughout the day and night was the most common form of harassment consumers reported from debt collectors. False claims inflating the amount of debt, misinformation about the status of debt amounts and the withholding of federally required explanations of consumer rights were all common as well.

As consumer debt rises and debt buyers are suing consumers, debt collection abuse has risen drastically says the Consumers Union. The non-profit organization who publishes the popular Consumer Reports is calling for legislation that protects consumers from debt harassment and abuse. The Consumer Financial Protection Bureau was formed to help protect U.S. Consumers from financial scams, and it should take action against unlawful debt collection practices asserts the group. Read More »

Sherron L. Lewis Jr., who recently was sued by Colorado Attorney General for allegedly charging fees for advising people to file frivolous lawsuits to stop foreclosure actions, has filed for Chapter 13 bankruptcy in Illinois, InsideRealEstateNews.com has learned.

Suthers has filed an objection to Lewis’s confirmation of his bankruptcy, according to court documents.

“The Debtor (Lewis) is the subject of an investigation by the Colorado Attorney General as a result of his alleged deceptive schemes targeting vulnerable homeowners in foreclosure with the offers to stop the foreclosure process in courts,” Suthers wrote on June 28 in the objection filed with the Northern District of Illinois bankruptcy court. A month later, Suthers filed a separate lawsuit against the 53-year-old Lewis, which, among other things, said that one of his alleged victims is a quadriplegic in Jefferson County. Read More »

HONOLULU — At the University of Hawaii’s Manoa campus Thursday Ampco workers were picking up the slack for Freeman Guards.

The University depends on about 16 workers from Freeman to help take care of security around campus. University of Hawaii officials had very little lead time to put contingency plans in place.

“We were affected last night. We had some Freeman Guards at the libraries and they didn’t show up for work,” said Wayne Ogino, chief of security at the University of Hawaii. Read More »

The U.S. Bankruptcy Code applies in pretty much the same way across the country, with one important exception – the ability to protect assets through property exemptions. Each state has the choice of applying the federal exemptions schedule or using its own list of property values that will be protected from creditors in bankruptcy.

Bankruptcy is a product of federal statute. But the laws that govern bankruptcy use state exemptions to determine which assets you can and cannot protect. These state law exemptions allow every resident to protect assets from the reach of creditors. When you consult with the attorneys of Bowman & Associates, we apply your facts to the law and tell you if any of your property is at risk.

Federal bankruptcy law gives certain personal assets protection from being sold off (liquidated) in Chapter 7 bankruptcy to repay creditors. The exemptions include but are not limited to the following:

• IRA, 401(k) and other retirement accounts
• Household goods and furnishings
• Ordinary wearing apparel, including uniforms and other work apparel
• Tools required for your job
• Equity in a vehicle, up to a limit
• Home equity, up to a limit
• Some cash and valuables like jewelry or art

The most important exemption available to California debtors involves equity in the homestead. An individual can claim up to $50,000 of equity in a primary residence as exempt from creditors’ claims, while a couple filing a joint petition can exempt up to $75,000 of homestead equity. The California Homestead Exemption is $150,000 if the debtor is a senior, disabled or is 55 years old with limited income. Read More »