Legal Articles and Posts
What is a Quitclaim Deed (California)? The Basics A quitclaim is simply a form of transferring interest (in real estate) from one party to another. It is important to note that the Grantor is merely releasing any claims to the property in question. The Grantee/Buyer/(or receiver of interest) is therefore not guaranteed much, other than the grantor releasing all claims.…Read More
What are Contributions and Their Impact on Bankruptcy? What is a “contribution” in relation to bankruptcy? “Contribution” consists of many other ways that you can receive “income” that is not immediately obvious. Thus, contributions from other persons are treated as income. 3 Common Types of Contribution 1)Gifts Gifts and support from others are also considered income. 2) Large Deposits During…Read More
Everything you need to know about Prenuptial Agreements “I’m scared to bring up the notion of prenuptials.” “Why should I be thinking of divorce already?” “Won’t she/he take this as an insult?” These thoughts commonly rush to the minds of people considering prenuptial agreements. Don’t worry, it’s natural to think this way. But, you should instead be thinking like this:…Read More
Getting Married? Why Should I file Bankruptcy Before Getting Married? A lot of people can survive indefinitely while putting bankruptcy on hold. Filing for BK (bankruptcy) is not a “life threatening” matter in the traditional sense: in other words, it’s not an emergency. This is why we often see people putting it off for years. If this is you, don’t…Read More
Types of Dischargeable Debts: Personal Liability vs. Liens Chapter 7 Dischargeable Debts Chapter 13 Dischargeable Debts Dischargeable Tax Debts Other Situations Where Debts Will Not Be Discharged Personal Liability vs. Liens Filing for bankruptcy discharges and extinguishes the personal liability to pay debts. This is very important when considering one’s liability with secured debts in a bankruptcy proceeding. A secured…Read More
General Rule: The general rule is tax returns that were properly filed and older than three years may be discharged to the extent of personal liability. (See Personal Liability vs. Liens). Penalties: The dischargeability of tax penalties depend on whether the underlying tax liability may be discharged. (See Above). Tax Liens: Alternatives When Not DischargeableRead More