Bankruptcy often evokes fear, especially when it comes to the impact on your credit score and your ability to purchase a home in the future. But understanding the real effects of bankruptcy on your credit can help you make smarter
Latest from Financial Freedom & Debt Resolution Blog
Advantages and Disadvantages of Chapter 7 Bankruptcy
Bankruptcy Chapter 7 is often seen as the answer for individuals struggling with overwhelming debt. However, there’s a lot more to it than you might realize at first. Yes, this type of bankruptcy can serve as a fresh start. After
The 2025 Homestead Exemption Amounts for Orange County, Riverside, Los Angeles, and San Bernardino
The homestead exemption serves as a critical financial protection for homeowners facing bankruptcy by shielding a portion of their home equity from creditors. Each year, this exemption amount is adjusted based on the countywide median sale price of a single-family
Homeowners Association Fees and Costs Not Listed in Recorded Notice are Dischargeable Debts
If you are dealing with past due homeowner’s association fees and costs, bankruptcy may be able to help you reduce the amount that is required to be paid back to the homeowner’s association.
In bankruptcy, when the homeowner’s association has
California Authorizes Retain And Pay For Automobiles In Bankruptcy
NEW PROTECTION FOR DEBTORS WITH VEHICLE LOANS
Recent California law changes have given all Debtors who file bankruptcy in California the option to retain and pay on their vehicle loans in a Chapter 7 bankruptcy. Prior to the changes in
Increased Car Exemption of $7500 Allows You to Protect More Equity in Your Vehicle
Increased Protection for Your Car in Bankruptcy.
Changes that went into effect at the beginning of 2023 increase the vehicle exemption amount available in California. Both Section 703.140 and Section 704.010 were amended to increase the exemptions available for motor
In California, Filing Bankruptcy May Allow You to Regain Your Home After the Foreclosure Sale
California’s New Foreclosure Law
On January 1, 2021 new foreclosure laws went into effect that altered the foreclosure process in California. Under Senate Bill 1079 signed into law on September 28, 2020, a property that is a one-to-four-unit residential dwellings
New Guidelines Make It Easier To Discharge Student Loan Debt in Bankruptcy
The Biden Administration recently announced new guidance for the Department of Justice for handling Federal Student Loans in Bankruptcy. This guidance will likely make it easier for Debtors in bankruptcy to discharge federal student loans.
Prior to this guidance being
Can My Bank Take My Money Without Permission?
The short answer is YES under the right of setoff if you owe that same bank or credit union on a credit card or loan.
When you have a savings or checking account with a bank or credit union it
How Can a Creditor Levy Your Bank Account in California
It’s true: once a creditor gets a judgment against you it can take money out or your bank, credit union, or other financial institution account to pay that judgment. This blog post gets into what exactly a judgment creditor can