Monthly Archives: April 2024
Buying a House After Bankruptcy: A Brief Guide
According to standard guidelines, the waiting period for obtaining a mortgage after bankruptcy ranges from two to four years. This duration varies based on the type of bankruptcy filed, the loan in question, and other contributing factors. However, it’s important to note that completing this waiting period does not guarantee mortgage qualification for former… Read More »
A Chapter 7 Bankruptcy Overview
The Chapter 7 bankruptcy process offers honest yet unfortunate debtors a fresh financial start, typically within six months. Most debtors won’t need to appear in a courtroom; instead, the process is administratively handled, with the bankruptcy trustee playing a key role in evaluating the case. Most unsecured debts, such as medical bills and credit… Read More »
Expanding the Property Exemptions in a Chapter 7 Bankruptcy
California’s bankruptcy property exemptions, which are found in Chapter 700 of the Code of Civil Procedure, are unusually complex. The Golden State has two sets of property exemptions. Typically, property renters and recent buyers use Section 703 exemptions. Others generally use Section 704 exemptions. The listed exemptions, though detailed, are by no means complete…. Read More »
Breaking Down the Innocent Spouse Rule
Back in his heyday, left-wing folk singer Pete Seeger didn’t like to know how much money he made, and he certainly didn’t like to know how much income tax he paid. So, his wife, who was also his business manager, covered the completed tax forms with a blank sheet of paper. When he picked… Read More »