If you are facing debt problems, bankruptcy may be a viable solution. The experienced Sacramento metropolitan area/Northern California defense attorneys at the Montefalcon Law Offices are here to help you if your financial position necessitates the consideration of a bankruptcy case filing under Chapter 7, 11, or 13. Contact us online or schedule a consultation at any of our three conveniently located offices. Federal law, specifically chapters 7, 11, and 13 of Title 11, detail...
Chapter 13 of the Bankruptcy Code provides for the adjustment of debts of an individual with regular income permitting a debtor to retain property and pay debts over a time period defined by federal law. By filing a chapter 13 bankruptcy case, debtors propose a repayment plan allowing them to make installment payments to creditors over a period of time lasting no less than three years and no longer than five years. A chapter bankruptcy...
Federal law, specifically Title 11 of the United States Code, sets forth the statutes governing the various types of bankruptcy relief. Different chapters of Title 11, specifically chapters 7, 11, and 13, detail the most common types of bankruptcy relief. Today's blog summarizes the type of relief provided by Chapter 13. What is a Chapter 13 bankruptcy? Chapter 13 of the Bankruptcy Code provides for the adjustment of debts of an individual with regular income allowing...
Congress, through its enactment of The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), created what is known as "The Means Test" to determine potential bankruptcy debtors' ability to repay any of their general unsecured debt. Debtors compute their income as defined by federal law and, if it exceeds a certain median threshold based on the size of their household, may not file a Chapter 7 case, but must instead file a Chapter...
Alberto Montefalcon serves individuals who need to file bankruptcy. Many are consumers, some married, some single, who need to address and solve their problems related to financial hardship. At times, some of these individuals operate their own businesses as sole proprietors. How does this affect a bankruptcy case? What if a sole proprietor's business debts are the primary reason necessitating a bankruptcy filing? Because a sole proprietorship is not a separate legal entity like a corporation,...
A bankruptcy attorney's fees for the representation of a debtor are typically a flat fee in Chapter 13 bankruptcies. While these fees are not determined by the bankruptcy court, in some situations, court-approval may be required. Debtors and attorneys may freely negotiate a fee for representation in a bankruptcy case. When the payment of attorneys' fees is due largely depends on whether a debtor files a Chapter 7 or Chapter 13 case. In Chapter 13 cases,...
An experienced and knowledgeable bankruptcy attorney such as Alberto Montefalcon may assist anyone whose financial situation necessitates the filing of a bankruptcy case. Prospective bankruptcy debtors need someone to provide them with information about their rights, including whether to file a bankruptcy case. Many prospective bankruptcy debtors want to know how an attorney is paid in a bankruptcy case. After all, individuals filing bankruptcy typically have limited financial resources available to pay competent legal counsel. Alberto...
Unfortunately, bankruptcy debtors, especially those that represent themselves, often make errors on their bankruptcy petition, schedules, or statement of financial affairs. However, while they may correct any mistakes with the necessary amendments, retaining an experienced bankruptcy attorney like Alberto Montefalcon at the very inception of financial problems and the need to file bankruptcy may forego any such difficulties with filing complete and accurate bankruptcy documentation. Bankruptcy Rules of Procedure 1009 allows debtors the right to amend...
§ 1322(b)(1) of Title 11 provides that a Chapter 13 plan of repayment “ may modify the right of holders of secured claims, other than a claim secured only by a security interest in real property that is the debtor’s principal residence…” "Cramming down" a secured claim modifies the original agreement regarding repayment of the debt creating new payment terms typically related to the interest rate and loan's term. In a Chapter 13 bankruptcy case, a...
To learn about bankruptcy, contact Alberto Montefalcon, an experienced Sacramento metropolitan area/Northern California bankruptcy attorney. Contact his office online or schedule a consultation at any of our three conveniently located offices. Telephone our downtown Sacramento office at (916) 444-0440, our South Sacramento office at (916) 399-9944, or our Concord office at (925) 222-5929 for an appointment today. Title 11 (the Bankruptcy Code) requires that bankruptcy debtors file schedules of their assets and liabilities, as well as...