Law Office of Mark J. Markus Bankruptcy Law Logo

THE LAW OFFICE OF MARK J. MARKUS

Los Angeles California Bankruptcy Lawyer*
Practicing exclusively bankruptcy law since 1991
Free phone consults.  Office in Burbank.
*Board Certified Specialist in Bankruptcy Law

Contact Mark

Phone: 1-818-509-1173

SCHEDULE APPOINTMENT

April 16, 2020

Bankruptcy Can Protect CARES ACT Stimulus Check Payments From Creditors

2021-07-25T18:15:39-07:00April 16th, 2020|

Stimulus Check  Payments Are Not Protected From Creditors We all anxiously await the first round of Stimulus Check payments from the government. But Congress did not protect these funds from collections by Creditors. Therefore, if a creditor (someone to whom you owe money) has the right to collect from you, they can take your CARES ACT stimulus payment from your bank account (and garnish your wages and place liens on other assets). For most creditors, the ability to take money [...]

Read More

March 15, 2020

How To Avoid Bankruptcy And Prevent Effects of Coronavirus Covid-19

2021-07-25T18:19:39-07:00March 15th, 2020|

Debt Caused By The Coronavirus We are living through some truly bizarre times. The latest Coronavirus, named "Covid-19" has halted businesses, entertainment, social events, and caused the stock market to tumble. The medical impact of this virus is being debated daily (and every minute), but the economic impact will undoubtedly be devastating and could last for years. The inability of certain businesses to operate at full capacity (such as restaurants) and those relying on international commerce will suffer greatly, and [...]

Read More

February 17, 2020

Can Bankruptcy Remove Medical Bills And Debt?

2021-07-25T18:21:25-07:00February 17th, 2020|

According to recent studies, medical bills are the major cause of individual bankruptcy filings in America. In an article written by Lorie Konish for CNBC.COM summarizing recent studies, two-thirds of people who file for bankruptcy cite medical issues as a key contributor to their financial downfall. I am not sure how accurate that is, but as long as the insurance industry controls medical care in this country, people will have medical bills that they cannot pay. Medical Debt Can Be [...]

Read More

January 5, 2020

How Does Bankruptcy Work?

2021-07-25T18:23:15-07:00January 5th, 2020|

What exactly is bankruptcy? People often refer to having no money as "being bankrupt". But that is not bankruptcy. Bankruptcy is a set of laws designed for individuals and businesses (and also railroads and cities) who are unable to pay all their debts when due. What Do Bankruptcy Laws Do? The big picture:  Bankruptcy law is designed to alleviate obligations of debtors (those who owe money) balanced with the rights of creditors (those to whom money is owed) to maximize [...]

Read More

June 28, 2019

Will Bankruptcy Affect A Cosigner Guarantor On My Debt?

2021-07-25T18:28:43-07:00June 28th, 2019|

Cosigning on loans is very common. Friends and family members often agree to guarantee / cosign on debts.   This includes vehicle loans, student loans, mortgages, and other debts in order to enable someone with less than perfect credit or income to qualify for the loan. Cosigning or guaranteeing a debt has the same level of liability as being the primary borrower:  You are liable for all the payments due under the contract. Therefore, filing a bankruptcy neither increases not decreases [...]

Read More

March 13, 2019

Can Bankruptcy Stop A Wage Garnishment?

2021-07-25T18:33:25-07:00March 13th, 2019|

Will Filing Bankruptcy Stop Wage Garnishment? 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 [...]

Read More

January 22, 2019

Government Shutdown Can Lead To Bankruptcy

2021-07-25T18:34:39-07:00January 22nd, 2019|

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 [...]

Read More

November 24, 2018

How Does Bankruptcy Affect Divorce Actions And Settlements

2021-07-25T18:37:43-07:00November 24th, 2018|

How To Avoid Future Bankruptcy Problems In Your Divorce Case Bankruptcy does not prevent people from getting divorced. But it can affect how property is divided. A bankruptcy trustee can recover unequal divisions of property. For example, wife gets the million dollar house and husband gets the 18 year old Toyota Tercel.  If husband later files a Chapter 7 bankruptcy, the Trustee can sue the wife for what should have been husband's 50% interest in the property. Many people try [...]

Read More

October 31, 2018

Filing Bankruptcy At Age 21, 25, 30, 35, 40, 45 – When Should You File?

2021-09-05T11:44:18-07:00October 31st, 2018|

To determine when or if to file a bankruptcy case 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,  60 or 75. Older people do not own exclusive rights to financial problems.  It happens to those more junior in years as well. Factors To Consider [...]

Read More

August 23, 2018

Bankruptcy for Senior Citizens and Elderly

2021-07-25T18:42:40-07:00August 23rd, 2018|

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 [...]

Read More
Go to Top