Tag Archives: California bankruptcy

Reverse Mortgages and California Bankruptcy

By Jon G. Brooks | Published: March 26, 2013

As many of our clients filing personal bankruptcy get older, we often see clients who have taken reverse mortgages on their homes. Either because they needed income to live on or to deal with a spouse’s end-of-life care, I meet with a growing number of bankruptcy clients who have turned to these types of loans […]

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Why a Strategic Short Sale Should Never Be Characterized as “Mortgage Fraud”

By Jon G. Brooks | Published: March 5, 2013

Today’s post isn’t really about bankruptcy per se, but as a bankruptcy attorney in California, as you might imagine, I have had an up front and personal perspective on the mortgage crisis over the last several years. I was listening to the California Report on my San Francisco Bay Area NPR affiliate, KQED, last week […]

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California Bankruptcy Exemptions Given Modest Increase

By Jon G. Brooks | Published: January 14, 2013

Those filing personal bankruptcy in California in 2013 can now protect a little more of their assets in a Chapter 7 bankruptcy, and potentially pay a little less into a Chapter 13 plan. That’s because the California bankruptcy exemptions have been increased modestly as of January 1, 2013. I’m not complaining as this is the […]

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How to Place a Value on Your Assets in Chapter 7 Bankruptcy (or in Chapter 13 for That Matter)

By Jon G. Brooks | Published: May 22, 2012

Often prospective clients come to our San Jose offices for a free bankruptcy consultation armed with legal “expertise” they have garnered from sites pertaining to bankruptcy all over the internet. One of the principle fears that these folks convey to me is the idea that if they file Chapter 7 bankruptcy, they will lose everything […]

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What Is the Difference Between Avoiding a Junior Mortgage Lien and Discharging a Mortgage Loan in California Bankruptcy?

By Jon G. Brooks | Published: May 13, 2012

Depending on whether they are eligible for Chapter 7 bankruptcy or Chapter 13, homeowners who file bankruptcy in California with more than one loan secured by a deed of trust (which include home equity lines) may get very different types of debt relief when it comes to their second mortgage. Upon obtaining a bankruptcy discharge […]

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The Bankruptcy Code’s (and the Courts’) Treatment of Student Loans Is the Gift to Lenders That Keeps on Giving

By Jon G. Brooks | Published: April 29, 2012

In 1976, Congress amended the Bankruptcy Code to make government backed student loans nondischargeable in bankruptcy unless the debtor could prove that being forced to repay her student loans would impose an “undue hardship.” This exceptional treatment of student loan debt ran counter to the general principle of bankruptcy law to favor a fresh start […]

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Why You Should Never Give Away Assets Before Filing Bankruptcy

By Jon G. Brooks | Published: April 7, 2012

My firm offers hundreds of free bankruptcy consultations in San Jose every year, and in doing so, we’ve seen just about everything. When I review a potential bankruptcy case and the topic turns to what assets the debtor has, I’ve lost count how many times I’ve been asked, “can’t I just give this car to […]

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Do I Need to Answer a Lawsuit if I’ve Decided to File Bankruptcy in California?

By Jon G. Brooks | Published: March 4, 2012

As with so many other questions pertaining to bankruptcy law, the best answer to the question of whether a person intending to file bankruptcy must file an Answer to a new civil suit is: “it depends.” I am often asked by the prospective client considering filing personal bankruptcy whether he should first go ahead and […]

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California’s “Wild Card” Exemption Protects Miscellaneous Assets in Chapter 7 Bankruptcy

By Jon G. Brooks | Published: February 20, 2012

UPDATE: Good news! As of January 1, 2013, the California bankruptcy exemptions have been increased, allowing debtors to protect more of their assets in Chapter 7 bankruptcy. Myths and misunderstandings about bankruptcy abound among the general public. In fact, misinformation about bankruptcy law is so prevalent that it often seems that I spend much of […]

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