Gumm & Green, LLP, Attorneys at Law
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personal bankruptcy Archives

Saving for retirement after filing for Chapter 13

When people living in California find themselves overwhelmed by debt, they may decide to file for bankruptcy. If they opt for Chapter 13 bankruptcy, they will be in a court-supervised debt payment plan for the next three to five years. During this time, much of the debtor's income gets earmarked for creditor repayment.

Equifax changes Chapter 13 policy

Many people living in California struggle with debt and may seek a financial fresh start in the form of bankruptcy. One area that may give debtors some pause, however, is that of one's personal credit history. Many consumers believe that a bankruptcy can seriously damage their credit score and may scare off potential employers, landlords and insurance companies.

Bankruptcy attorneys oppose trustee information request

When people in California file for Chapter 7 bankruptcy, a trustee is assigned to oversee the case. Neither the Justice Department branch in charge of overseeing bankruptcies nor bankruptcy attorneys support the efforts of two trustees in Maryland to collect debtors' passwords for Amazon Prime, eBay and PayPal. The paperwork also says that the debtors will keep the same passwords for a minimum of 10 days and will not close the accounts.

Some savings and investments vulnerable during bankruptcy

When there's a bankruptcy filing in California, the court's trustee will scrutinize the financial assets of the debtor. Although federal and state laws build in some protections for certain retirement accounts, real estate and college savings for children, exceptions to the rules could provide creditors with access to investment funds.

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