Has the pandemic piled so much debt on you that you're wondering whether you ought to file for bankruptcy? If so, that's not surprising. In the wake of coronavirus-related business shutdowns and job losses, personal bankruptcy filings spiked this year, with nearly 80,000 Americans hoping to erase some or all of their debts.
Most consumers wonder what is the effect of a bankruptcy case for them personally and for their creditors. The best place to start is to consult with a bankruptcy attorney. A bankruptcy case is designed in the law to provide debtors with relief from oppressive creditors.
Effective January 1, 2021: Gov. Newsom signed SB 1079, Homes for Homeowners, Not Corporations by Sen. Nancy Skinner, D-Berkeley. SB 1079 is designed to prevent the scenario California experienced during the Great Recession when large corporations bulk-purchased foreclosed homes, causing owner-occupied home ownership to drop to the lowest level in decades.
Bankruptcy is a commonly discussed subject that impacts the lives of many people and businesses every year. During the bankruptcy process, you are likely to hear a handful of words and terms you in which you may not be familiar.
Industry experts are keeping a close eye on delinquency rates, as the U.S. economy gradually emerges from a pandemic-caused recession and an end to forbearance programs loom on a not-too-distant horizon.
If you've considered filing for bankruptcy, there is a high chance you'll be debating on whether or not to hire a bankruptcy attorney. Bankruptcy laws are highly intricate and a small error could have a big impact on the determination of the outcome.
If you plan to file bankruptcy, there are several things you should or must do prior to filing—or even before retaining an attorney.
The consequences of bankruptcy can have long-lasting effects and should not be taken lightly, but it can help people and businesses in debt. It can eliminate all or a portion of their debts and help them repay part of what they owe to creditors.
Charles W. Daff, acclaimed bankruptcy attorney, was awarded a Best of Los Angeles Award. He earned the “Best Bankruptcy Attorney – 2020” award. The “Best of Los Angeles Award” community consists of over 7,000 professionals living and working in Southern California.
Most tax debt cannot be discharged in bankruptcy, and you are still required to pay the IRS if you file for bankruptcy. Declaring bankruptcy can offer individuals who are drowning in a magnitude of debt a sense of financial relief. However, if part of your debt includes taxes, you may not get the relief for which you are searching.