by Geoffrey Purkis | Oct 20, 2022 | Chapter 7 Bankruptcy, Wage Garnishment
Wage garnishment is a legal procedure in which a portion of a debtor’s earnings are withheld by his or her employer to repay creditors. Garnishment is a fairly severe consequence and is usually used only when an employee is seriously behind on his or her debts....
by Geoffrey Purkis | Sep 8, 2022 | Chapter 7 Bankruptcy, Credit Card Debt
Yes, declaring certain forms of bankruptcy can clear most of your credit card debt. It can also help you form a repayment plan and stop a credit card company from harassing you. You can file a Chapter 7 bankruptcy to clear credit card debt. It is the Bankruptcy...
by Geoffrey Purkis | Nov 14, 2019 | Chapter 7 Bankruptcy
Yes, but only with proper bankruptcy planning and counseling. All transfers/gifts of property, refinances of property, and sales of property within 2-4 years of the bankruptcy filing must be disclosed on the bankruptcy schedules. Sales of businesses and shares of...
by Geoffrey Purkis | Oct 31, 2019 | Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Credit Card Debt
A “secured” debt is a debt where you have pledged property (also known as “collateral”) to ensure your payment of the debt. In other words, if you are unable to pay the debt, the lender can take the collateral and have the collateral sold to generate funds to pay the...
by Geoffrey Purkis | Oct 17, 2019 | Chapter 7 Bankruptcy
Exempt assets are assets the person filing for bankruptcy can shield from creditors and the bankruptcy estate. In other words, they are untouchable assets and yours to keep post-bankruptcy. In California, individuals are allowed to claim their home or a portion of...
by Geoffrey Purkis | Oct 3, 2019 | Chapter 7 Bankruptcy
The Chapter 7 Means Test is a qualifying test that a debtor must pass to be eligible to file a Chapter 7 bankruptcy. Most Chapter 7 debtors pass and are eligible for Chapter 7 relief. Note that there is a similar test for Chapter 13 bankruptcy. Also note that debtors...
