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Author Archives: Jay Butchko

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Buying a House After Bankruptcy: A Brief Guide

By The Law Office of Charles A. May |

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 »

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A Chapter 7 Bankruptcy Overview

By The Law Office of Charles A. May |

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 »

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Expanding the Property Exemptions in a Chapter 7 Bankruptcy

By The Law Office of Charles A. May |

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 »

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Breaking Down the Innocent Spouse Rule

By The Law Office of Charles A. May |

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 »

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How to Have Student Loans Discharged in Chapter 7 Bankruptcy

By The Law Office of Charles A. May |

Are you struggling with student loans and wondering about your options for relief from that debt? It is a particularly good time to talk with an Orange County bankruptcy lawyer about how you might be able to have your student loans discharged in a Chapter 7 bankruptcy case in California. While you might have… Read More »

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What Property Can I Keep If I File for Chapter 7 Bankruptcy?

By The Law Office of Charles A. May |

Many people in California mistakenly assume that they will have to give up all of their assets if they file for Chapter 7 bankruptcy. While Chapter 7 bankruptcy is a type of liquidation bankruptcy, it is critical for debtors to know that there are various types of property that are not liquidated in a… Read More »

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How to Know If You Should File for Chapter 7 Bankruptcy

By The Law Office of Charles A. May |

When you are struggling with debt, it can be difficult to know if you should start thinking about the possibility of a Chapter 7 bankruptcy filing. You might only know a little bit about how bankruptcy works, and you might not be sure if you are eligible, or if it is even an option… Read More »

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Steps in a Chapter 7 Bankruptcy Case

By The Law Office of Charles A. May |

If you are considering the possibility of filing for Chapter 7 bankruptcy as an individual or a married couple in Irvine or elsewhere in Orange County, you likely want to know more about what to expect. How long, for example, should you anticipate that your Chapter 7 case will take? How much time, for… Read More »

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How Does Non-Bankruptcy Debt Negotiation Work?

By The Law Office of Charles A. May |

Non-bankruptcy debt negotiation could significantly decrease household debt. Nationwide, this figure has continually increased in recent years, all the way to over $17 trillion by the end of 2023. Therefore, most families can barely pay monthly bills. An unexpected expense, like a medical bill or family emergency expense, could mean financial disaster. Usually, bankruptcy… Read More »

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Is Chapter 7 Better Than Chapter 13?

By The Law Office of Charles A. May |

In most cases, yes. The long and difficult Chapter 13 process usually takes at least five years to complete. In contrast, judges usually issue Chapter 7 discharge orders in less than nine months. Therefore, these debtors quickly put their financial problems behind them and move on with their lives. Furthermore, as outlined below, Chapter… Read More »

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