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How to Use California’s Wildcard Exemption in Bankruptcy

By Rounds & Sutter LLP |

When you file for bankruptcy in California, many of your assets become subject to the bankruptcy. Chapter 7 bankruptcies, in particular, could involve the liquidation of many of your non-exempt assets in order to pay off your creditors. But not all property must be liquidated, and not all of your assets are within the reach of… Read More »

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How Long Must Bankruptcy Stay On Your Credit Report in California?

By Rounds & Sutter LLP |

Bankruptcy is an important and viable option for many Americans struggling with debt. Clients often fear that bankruptcy means the end of their financial lives. At some point down the line after recovering financially, you may need a loan for a car or home, or even to rent an apartment with a landlord who checks… Read More »

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Is a Judgment Dischargeable in Bankruptcy?

By Rounds & Sutter LLP |

Clients facing a judgment from a lawsuit often ask if those judgments are considered debts that are dischargeable in bankruptcies. Clients generally fear that if they do not file for bankruptcy before a judgment is entered, then that judgment automatically becomes a lien, which eliminates their chances in bankruptcy court. The truth is not so… Read More »

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Federal Court Determines Bankruptcy Unavailable for Marijuana Businesses

By Rounds & Sutter LLP |

The slow but steady legalization of medical and recreational marijuana in states like California has created a host of complications in the interactions between federal and state law. Despite California, Colorado, and other states fully decriminalizing marijuana, marijuana remains a Schedule I controlled substance under federal law, illegal even for medicinal usage. Federally-insured banks, for… Read More »

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Failure to List a Creditor on Bankruptcy – What Will Happen?

By Rounds & Sutter LLP |

Filing for bankruptcy is a complicated process and requires precision in filing. It is extremely important to list all known debts on the appropriate schedules accompanying your Chapter 7 or Chapter 13 filing. Your creditors have a legal right to know about the proceeding and to participate or object with regards to their claim. Your… Read More »

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15,000 Student Loans to be Discharged Under Delayed Obama-Era Rule

By Rounds & Sutter LLP |

Around 15,000 former students received a wonderful holiday gift this season, as their extant student loans were discharged under a newly-implemented regulation from the Department of Education. The rule applies to certain students whose schools closed while they were in attendance, allowing them to cancel loans automatically without having to resort to debt settlement, bankruptcy,… Read More »

Businessman is adding up all debt on balance sheets while holding stack of coins

Unfair Debt Collection Practices – What is Overbiffing?

By Rounds & Sutter LLP |

Are you familiar with “overbiffing?” It’s a type of unfair debt collection practice in the news recently, and for good reason—debtors are being taken advantage of and should be on notice. In a recent case, regulators from the Federal Trade Commission (FTC) allege debt collectors may have tricked thousands of people into paying far more… Read More »

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California Strengthens Debt and Credit Protections for Military Service Members

By Rounds & Sutter LLP |

California lawmakers recently enacted a law that expands protections for servicemembers facing debt and credit issues. The new provisions go into effect next year. Continue reading for details about the changes in the new law, and contact a knowledgeable Southern California fair debt collection attorney for help. California enacts additional debt protections for military service… Read More »

Student loan debt concept - Woman with heavy box debt carrying it up education ladder

U.S. Department of Education Seeks to Define “Undue Hardship” Regarding the Discharge of Student Loan Debt in Bankruptcy

By Rounds & Sutter LLP |

Currently, the U.S. Bankruptcy Code provides that student loans can only be discharged in bankruptcy if excepting the debt from discharge would impose an “undue hardship” on the borrower and the borrower’s dependents. But the Code doesn’t offer a definition or test for determining undue hardship. It’s left to bankruptcy courts to decide undue hardship… Read More »

Senior Couple Concerned About Debt Going Through Bills Together

More Older Americans Filing for Bankruptcy to Deal with Debt

By Rounds & Sutter LLP |

A new study by the Consumer Bankruptcy Project says there’s been a fivefold increase in the number of older Americans filing for bankruptcy in recent years, with job loss, wage decreases, overwhelming health care costs, and reductions in safety net programs all contributing to the escalation. Seniors have reported going without food, prescriptions, and other… Read More »