Archive for the ‘Bankruptcy Help Articles’ Category
Exemptions In Bankruptcy
Dependent upon which exemption scheme is selected and your circumstances, you may exempt up to $100,000 in equity. for real estate in your jurisdiction. When calculating your equity you should use a value that is based upon a forced liquidation as opposed to the best selling conditions to arrive at a value for your home. Once you determine this value, subtract the amount owed plus selling and transfer costs from the value to calculate the equity.
As for personal property, in California, you are permitted exemptions for a variety of personal property. These include:
* automobiles,
* household furnishings and personal effects,
* jewelry,
* tools of the trade,
* retirement plans,
* unmatured life insurance,
* personal injury awards,
* earnings,
* animals and
* other miscellaneous property
The value of each exemption and which exemptions can be used are determined by the statutory exemption scheme is selected.
Higher Risk of Divorce = Your Job?
A new study from Radford University claims there is a trend between occupation and divorce. While this seems like a “no brainer” you might be intrigued to find what types of occupations have the highest divorce rate.
Balancing Work & Childcare – A High Wire Act
Pursuing a career while raising a family is as difficult as establishing bipartisanship in the U.S. Congress. With today’s tough economy, it is common for both parents to hold full-time jobs. The stress of managing school, daycare and after-school activities, once the worry of only single parents, has become the new normal in America.Although some companies take exception to an employee who must leave the workplace for child-related responsibilities, others try to compromise with working parents. In a Chicago Tribune article by Jenniffer Weigel, president of the Chicago-based Human Resources Management Association, Bernadette Patton states, “’In today’s environment, companies are trying to attract and retain the best talent.’”Many working mothers (apparently moms have the lioness’s share of childcare obligations) are turning to their laptops for online empowerment networking. Kelli Thompson, founder of 500-member-strong NapervilleMomsNetwork.com, states, “’I was having concerns about balancing my home life with work and I figured out the one thing that would make it easier was having connection and support with other moms going through the same thing.’”One mom realized that in order to make things run more smoothly she needed to make a career change. Even when employers g Read more…
Bankruptcy – How Long Will Bankruptcy Affect Me?
Bankruptcy – How Long Will Bankruptcy Affect Me?
The most common deterrent for someone filing bankruptcy is the negative effect it will have on their credit. Many of my clients assume that, since your credit report will list a bankruptcy for ten years, they’ll be unable to obtain any kind of credit at all.
It is true that your bankruptcy will be on your credit for ten years but be rest assured it is not as bad as you think. The older your bankruptcy becomes, especially after the first two (2) years since you have filed bankruptcy, the less important and damaging the bankruptcy will be to potential lenders.
However, you can take active steps to immediately repair your credit. The months and years that follow the filing and discharge of your bankruptcy are very important to re-establishing your credit. You have two options on improving your credit:
(1) Do nothing and hope your credit returns over a 3 to 4 year period; or
(2) Take active steps to improving your credit.
By taking active steps to improve your credit, and by being responsible with any new credit you receive, you will see significant increases in your credit score.
There are two important reasons to rebuild your credit score. First, a bankruptcy hammers your credit score which reduces your chances of availing credit in the future. Hence, unles
California State Bankruptcy Exemptions Set # 1
Real or personal Property you occupy including a mobile home, boat, stock cooperative, community apartment, planned development or condo to $75,000.00 if single and not disabled; $100,000.00 for families if no other member has a homestead; $150,000 if age 65 or older, or physically or mentally disabled; $100,000 if 55 or older, single and earn under $15,000 or married and earn under $20,000 and creditors seek to force the sale of your home; sale proceeds exempt for 6 months after received (husband and wife may not double the amount and may file a homestead declaration.
New Federal Mortgage Rules Help Protect Buyers
Much of today’s financial woes, including home foreclosures and personal bankruptcies, came about due to unregulated and unfair mortgage practices, as well as enough greed to go around several times.However, the Federal Reserve has enacted new rules to help protect consumers against abusive mortgage practices, including clearer cost disclosures and a ban on payments to mortgage brokers for steering borrowers into mortgages with higher interest rates. The final ruling, which takes effect on April 1, 2011, will end the so-called yield-spread premium payments blamed for pushing millions of borrowers into unaffordable home loans. I Read more…
What is an irrevocable trust?
An irrevocable trust is a trust that cannot be terminated or whose terms cannot be changed without the permission of the beneficiaries. By transferring one’s assets into an irrevocable trust, the grantor essentially removes all of his or her ownership rights to that property. Irrevocable trusts are generally created to decrease the size of a person’s estate and minimize their estate tax liabilities. It is also removes that person’s tax liabilities for any income generated by those assets. It is advisable to consult an estate planning attorney if you plan to establish an irrevocable trust.
Bankruptcy Options
U.S. legislation directs all bankruptcy cases within the Bankruptcy Code utilizing aspects of bankruptcy regarding procedures maintained in line with Bankruptcy Rules; nonetheless, individual judicial districts often have their unique local requirements. It is actually very well worth observing there presently exists no less than ninety separate judicial districts, potentially several in some states, thus there can be various procedures specific towards the districts.
Chapter 7, utilized by both individuals and firms, is definitely an method that can help with immediate relief for the debtor, allowing for a stop to just about any approach in order to pursue debt payable to the lender, right after pertinent info, a means test plus a petition are actually recorded. Through the action of a legal court, filing fees and also normally expected costs might be ameliorated, in some instances over time, up to 180 days. However the structure of Chapter 7 is used to obtain help for a consumer, for his or her increasing bills, they need to note that it additionally supplies the lender a greater return of monies owed, by way of liquidation on the debtors estate assets, not really shielded by Chapter 7 exemptions.
Upland Unified School District cuts 4 days of school this year
Upland Unified Board of Trustees approved with teachers to cut the school year by an additional 4 days to budget. The days that Upland Unified cut are December 17th, March 18th, April 22nd and May 27th.
The Upland school district decided to cut these days due to attendance numbers; for instance the day before winter break and the first day before Memorial Day.
The four days a year might seem low, but keep in mind it costs the Upland school district $250,000 dollars a day to pay its employee’s salaries.
If you have a child that is not receiving the special education needs he/her deserves contact the Law Offices of Marc Grossman to speak with a California special education attorney.
Source: Daily Bulletin