Most properties of the debtor are protected in Chapter 7 bankruptcy. Properties include homestead in the residence, 401 (k) or other pension plans, cars, bank accounts, and other personal properties. The protection is availed of by using exemptions under the California code of Civil Procedure Sec. 704 and Sec. 703. California does not use the Federal bankruptcy exemptions.If you are a residence of California you can only choose Sec. 703 or Sec. 704 exemptions. Sec. 704 is used to protect your homestead or the equity in your house. Sec. 703 is used if you have no equity in your house but you have many personal properties such as bank accounts, high value cars that can be exempted up to a maximum of $21,825. If you are married but the other spouse is not filing, you can only use Sec. 703 if your spouse will execute a Spousal Waiver that waives his or her right to use the same Sec. 703 exemptions during the time the bankruptcy is pending.
Question: What is the residency requirement to avail of the exemptions?
Answer: The debtor must be a residence of the state where he or she is filing bankruptcy for the two years before filing in order to avail of the state exemption.
Question: What debts are discharged in Chapter 7 bankruptcy?
Answer: The debts that are discharged include credit card debts, medical bills, utility bills, unpaid balance after foreclosure of home or repossession of a car, personal loans and other unsecured debts. While personal liability for secured debts like a home can be discharged in Chapter 7, so long as the debtor remains in possession of the house, the lender can exercise their rights on the security by foreclosure if the payments are not current.
Question: What debts are not discharged in Chapter 7?
Answer: Debts that are not discharged include student loans, domestic support obligations, debts incurred while driving under the influence, debts ordered to be repaid by the court because they were incurred by fraud, restitution, criminal fines and penalties, and parking tickets.
Immigration News
The U.S. Supreme Court upheld the Arizona Immigration Law requiring mandatory use of E-verify (internet based system) by checking legal work authorization of all employees and using sanctions for employers who intentionally hire illegal aliens by suspending or revoking their state license.
On March 1, 2011, we received an approval of adjustment of status by an Immigration Judge for an alien who was originally denied adjustment of status based on petition by employer.
On January 25, 2011, we received an approval of a self-petition by a battered spouse. Her entry with a different name was forgiven.
On December 23, 2010, we received an approval from the Immigration Court for a waiver of misrepresentation for an alien who entered as single but actually married.
On January 5, 2010, we received an approval in Immigration Court of an adjustment of status based on good faith marriage despite an age difference of 18 years.
Abused spouse of U.S. citizen or permanent residents can self petition even if there is a problem with the entry documents such as C or D visa or entry without inspection or assumed name.
Individual Tax Identification Number (ITIN) can be used for filing tax returns and is required before bank accounts can be opened.
Chapter 7 will eliminate all unsecured debts. If you are near retirement age, you must eliminate most of your debts.
Bankruptcy will stop foreclosure actions. If your trustee sale date is 10 days before, you can still file for bankruptcy.
If your salary is being garnished, you have a court case about debts or you are being harassed by creditors, bankruptcy can stop garnishment, court cases, harassing creditors and eliminate the debt.
Bankruptcy is cheaper, faster and safer than debt settlement which has no guaranteed success.
Preserve your health, eliminate stress and live a happy life by eliminating your debts which is the root of all problems.
Crispin Caday Lozano was born in the Philippines and a naturalized U.S. citizen. He is an active member of the State Bar of California, the American Immigration Lawyers Association and the National Association of Consumers Bankruptcy Attorneys. He specializes in immigration law and bankruptcy law. He earned his Juris Doctor at Western State University College of Law in Fullerton, California. He is also a Certified Public Accountant, a Real Estate Broker and a Bachelor of Business Administration Cum Laude graduate. He has four offices which are located in Hayward, San Jose, and Cerritos, California. You can contact him at telephone number 1-877-456-9266.
Question: What is the residency requirement to avail of the exemptions?
Answer: The debtor must be a residence of the state where he or she is filing bankruptcy for the two years before filing in order to avail of the state exemption.
Question: What debts are discharged in Chapter 7 bankruptcy?
Answer: The debts that are discharged include credit card debts, medical bills, utility bills, unpaid balance after foreclosure of home or repossession of a car, personal loans and other unsecured debts. While personal liability for secured debts like a home can be discharged in Chapter 7, so long as the debtor remains in possession of the house, the lender can exercise their rights on the security by foreclosure if the payments are not current.
Question: What debts are not discharged in Chapter 7?
Answer: Debts that are not discharged include student loans, domestic support obligations, debts incurred while driving under the influence, debts ordered to be repaid by the court because they were incurred by fraud, restitution, criminal fines and penalties, and parking tickets.
Immigration News
The U.S. Supreme Court upheld the Arizona Immigration Law requiring mandatory use of E-verify (internet based system) by checking legal work authorization of all employees and using sanctions for employers who intentionally hire illegal aliens by suspending or revoking their state license.
On March 1, 2011, we received an approval of adjustment of status by an Immigration Judge for an alien who was originally denied adjustment of status based on petition by employer.
On January 25, 2011, we received an approval of a self-petition by a battered spouse. Her entry with a different name was forgiven.
On December 23, 2010, we received an approval from the Immigration Court for a waiver of misrepresentation for an alien who entered as single but actually married.
On January 5, 2010, we received an approval in Immigration Court of an adjustment of status based on good faith marriage despite an age difference of 18 years.
Abused spouse of U.S. citizen or permanent residents can self petition even if there is a problem with the entry documents such as C or D visa or entry without inspection or assumed name.
Individual Tax Identification Number (ITIN) can be used for filing tax returns and is required before bank accounts can be opened.
Bankruptcy News
Collection actions continue and you can be sued if you are in debt settlement.Chapter 7 will eliminate all unsecured debts. If you are near retirement age, you must eliminate most of your debts.
Bankruptcy will stop foreclosure actions. If your trustee sale date is 10 days before, you can still file for bankruptcy.
If your salary is being garnished, you have a court case about debts or you are being harassed by creditors, bankruptcy can stop garnishment, court cases, harassing creditors and eliminate the debt.
Bankruptcy is cheaper, faster and safer than debt settlement which has no guaranteed success.
Preserve your health, eliminate stress and live a happy life by eliminating your debts which is the root of all problems.
Crispin Caday Lozano was born in the Philippines and a naturalized U.S. citizen. He is an active member of the State Bar of California, the American Immigration Lawyers Association and the National Association of Consumers Bankruptcy Attorneys. He specializes in immigration law and bankruptcy law. He earned his Juris Doctor at Western State University College of Law in Fullerton, California. He is also a Certified Public Accountant, a Real Estate Broker and a Bachelor of Business Administration Cum Laude graduate. He has four offices which are located in Hayward, San Jose, and Cerritos, California. You can contact him at telephone number 1-877-456-9266.
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