Mark J. Markus Los Angeles Bankruptcy Blog

March 13, 2019

Can Bankruptcy Stop A Wage Garnishment?

By |2019-03-13T17:50:08-07:00March 13th, 2019|Categories: Bankruptcy Law|

Garnishment is a collection remedy used by creditors. State law governs to what extent wages, for example, may be garnished. In California, a creditor with a valid judgment can garnish up to 25% of a debtor's net wages (after-tax income). Yes, Filing Bankruptcy Will Stop Garnishments When you file a bankruptcy case, a temporary "stay" goes into effect stopping all collections efforts by creditors, including garnishment while the bankruptcy case is pending. If you complete your bankruptcy case and receive [...]

January 22, 2019

Government Shutdown Can Lead To Bankruptcy

By |2019-01-22T21:31:10-07:00January 22nd, 2019|Categories: Bankruptcy Law, chapter 13, chapter 7|

The recent government shutdown of the United States Government has highlighted a scary reality affecting millions in America: Many  people live from paycheck to paycheck. It is a sad truth of living today.  It is really hard to save money; people scrape by as long as they have their jobs. Disappearance of The Middle Class:  Living Paycheck To Paycheck The cost of living has vastly outpaced income growth over the past several decades, resulting in a near disappearance of the [...]

November 24, 2018

Getting Divorced? Tips For Future Bankruptcy Filings

By |2018-11-24T11:49:03-07:00November 24th, 2018|Categories: Bankruptcy Law, divorce/child support|

Many people try to get divorced amicably. They prefer not to get a court involved and drive up fees. And that makes sense. But there are benefits to getting a court ruling on property distribution and clarity on any post divorce obligations. Get A Court Order Approving The Property Distribution It is important to get a ruling from a judge in any dissolution case where property is being divided. I frequently see cases where an amicable spouse gives up their [...]

October 31, 2018

At What Age Should You File Bankruptcy? Is It Different at 21 than 50?

By |2018-11-01T15:19:51-07:00October 31st, 2018|Categories: Bankruptcy Law, chapter 13, chapter 7, debts in bankruptcy, Seniors and Bankruptcy|

To determine when or if to file a bankruptcy case it requires one to examine multiple factors. Age is not really a critical factor--as explained more fully below--but it is one to consider.  More on Bankruptcy Issues Unique To Elderly/Seniors A 23 year old is going to have different goals than someone who is, say,  75. Older people do not own exclusive rights to financial problems.  It happens to those more junior in years as well. Factors To Consider Before [...]

August 23, 2018

Bankruptcy for Senior Citizens and Elderly

By |2018-11-19T15:28:34-07:00August 23rd, 2018|Categories: chapter 13, chapter 7, Elder Issues, Seniors and Bankruptcy|

Are you a senior citizen?  Do you have debts?  Have you ever considered bankruptcy as an option to resolve those financial problems? A recent article by Tara Siegel Bernard published in the New York Times has caused a lot of discussion in the bankruptcy community and elsewhere. The article relies on a study done by several law professors and concluded that an increasing number of senior citizens are filing for bankruptcy these days. The reasons are varied and there are [...]

July 10, 2018

What Happens If I Forget To List A Debt In My Bankruptcy Case?

By |2018-07-10T20:40:34-07:00July 10th, 2018|Categories: Bankruptcy Law, bankruptcy procedure, chapter 13, chapter 7, debts in bankruptcy|

It is hard to remember everything. In a bankruptcy case you are supposed to list all the people, or entities, to whom you owe money. Even if you do not yet owe the money, but the underlying cause of the possible debt already occurred, it should be listed. The reason for this is the ever popular "due process" concept we hold dear in this country. Creditors (parties owed money by someone filing a bankruptcy) deserve to know that a case [...]

March 18, 2018

Foreclosure Defense And Bankruptcy

By |2018-03-18T17:51:43-07:00March 18th, 2018|Categories: Bankruptcy Law, chapter 13, foreclosures, etc., Loan Modification|

When facing foreclosure on your home, you may be willing to do just about anything to keep it. A google search for "foreclosure defense attorney" will yield pages of results of lawyers. They all promise to give you the best chance of stopping a foreclosure sale on your property. Why Non-Bankruptcy Foreclosure Defense May Not Be Your Best Option There are different ways to stop a foreclosure sale, at least temporarily,  and these attorneys will accept your money to do [...]

December 14, 2017

What Happens When You Ignore Debt Collectors

By |2017-12-18T11:43:55-07:00December 14th, 2017|Categories: Bankruptcy Law, debt collection, debts in bankruptcy|

Do not ignore your debts--even if you think they are gone or "charged off". This article shows a prime reason why you should explore all options to resolve your debts.   Whether through bankruptcy or otherwise, it is important to do so even if you think the debts are gone. Judgment Creditors Can Seize Your Bank Account Without Further Notice Most know when a debt is being pursued by a collector. The constant phone calls, bills, threatening letters, and eventually getting [...]

September 22, 2017

Beware Of Bankruptcy Loan Modification Advice

By |2017-11-03T13:43:58-07:00September 22nd, 2017|Categories: chapter 13, Loan Modification|

I just heard a sad story from a lady who took some really bad advice. The advice came from a loan modification agent. And, as a result of that advice, she is now going to lose her home to foreclosure. Her facts are similar to those of many of my clients, so I share it with you here so you may avoid her fate. People often seek loan modifications when they are  facing foreclosure due to missed mortgage payments. A [...]

July 19, 2017

Bankruptcy Discharge, Dismissal, And Case Closing

By |2018-07-03T12:49:14-07:00July 19th, 2017|Categories: Bankruptcy Law, Discharge Issues|

Ever wonder what happens after you file bankruptcy? Do you just telephone an attorney and with the push of a button your debts disappear? No, that's not quite how it works (although many who call me seem to think it is). The different bankruptcy chapters have different requirements to get a discharge of your debts. What Is A Bankruptcy Discharge? The ultimate goal of most bankruptcy cases is to obtain a discharge of debts. A discharge is the removal of [...]