Category: Bankruptcy Information

Information about bankruptcy, the process, and some of the basics one should to be aware of

social security income bankruptcy keep out

Social Security Income and Bankruptcy: What You Need to Know

Posted by Hale Andrew Antico on

Social Security Income and Bankruptcy: What You Need to Know

Does Social Security income count in a bankruptcy?  It may make the difference between a Chapter 7 “straight” bankruptcy where you don’t pay the debt, and Chapter 13, where you do.

In Chapter 7 bankruptcy, income is used to determine whether someone qualifies in two different places. The first is the Form B22, or “means test.” The second is the actual budget. So let’s look at whether Social Security factors in those one at a time.

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Family giving and transferring to one another, which may be an bankruptcy insider transfer

Bankruptcy Insider for Preferences: Key Things to Know

Posted by Hale Andrew Antico on

Bankruptcy Insider for Preferences: Key Things to Know

What is an insider in bankruptcy, and why should I care? What is a statutory insider, and is there such a thing as a non-statutory insider? The issue with insiders is fraudulent transfers, which would give a Chapter 7 trustee the right to go claw back money used to repay the debt of an insider just prior to filing.

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when officially separation in California for bankruptcy

When’s a Married Couple Separated in CA to end Community Property

Posted by Hale Andrew Antico on

When’s a Married Couple Separated in CA to end Community Property

When is a married couple separated, ending community property in California? Is it at divorce, or separation? When exactly are two spouses (or future exes) separated?

It’s usually clear when a marriage and community property begin in California. That’s when people say, “I do.”  But it can be much harder to tell when it ends.

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401k retirement contributions and loans in bankruptcy

401(k) Retirement Loans & Contributions in Bankruptcy: Explained

Posted by Hale Andrew Antico on

401(k) Retirement Loans & Contributions in Bankruptcy: Explained

Are 401(k) contributions allowed in a bankruptcy? What about retirement loans? We all know it’s wise to save for our future, but can you contribute to retirement plan like 401k or 403b if you’re filing bankruptcy? In the Ninth Circuit, it depends.

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Welsh is a gift from the 9th Circuit for every bankruptcy attorney

Chapter 13, Social Security, & Luxury Debt: A Case you Must Know

Posted by Hale Andrew Antico on

Chapter 13, Social Security, & Luxury Debt: A Case you Must Know

Why Welsh is the greatest Chapter 13 case ever

Every now and then, courts pass down a ruling on a subject that is so practical and a decision so favorable to consumer debtors that it’s as if the heavens opened, angels sang, and cherubim hand-delivered a gift to attorneys far and wide on the wings of a unicorn. The Ninth Circuit’s In re Welsh is such a case.

Introduction

On this, the ten-year anniversary of In re Welsh, 711 F.3d 1120 (9th Cir, 2013), it seems relatively few attorneys know about this ruling, and how it can benefit debtors. Or at least, far fewer bankruptcy lawyers know about this than should. Yet we all should have it tattooed on the inside of our eyelids.

So, with the goal of getting the word out there, and celebrating a decade of relative anonymity, here’s a loud and triumphant commemoration as a monument to one of the greatest debtor cases in bankruptcy jurisprudence, and all of its varied folklore.

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last will and testament receive inheritance bankruptcy

Inheritance, Bankruptcy and Chapter 13

Posted by Hale Andrew Antico on

Inheritance, Bankruptcy and Chapter 13

The mysterious interplay between Sections 541 and 1306 of the Bankruptcy Code

In bankruptcy, do inheritances go to the debts, or can the debtor keep them?  Does timing matter? What about Chapter 7 vs 13? What happens when someone in a Chapter 13 bankruptcy receives an inheritance after confirmation?

It all depends on the chapter, and when the debtor got the interest. Not the money interest, but the property interest.

Let’s break it down.

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time years often between bankruptcy

Definitive Guide on How Often You Can Do Bankruptcy & Years to Wait

Posted by Hale Andrew Antico on

Definitive Guide on How Often You Can Do Bankruptcy & Years to Wait

How often can you file bankruptcy? How many years do you have to wait between filing bankruptcy cases? Is there a limit? It’s not straightforward, and it depends on a couple of factors. Here we take a look at how often you can file bankruptcy, and if you have to wait before filing again.

And what makes this different from all the other “how often can you file bankruptcy” websites is that we’ll include cites to the Bankruptcy Code so you can go check them out for yourself.

Let’s get started.

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steps to filing bankruptcy in California

Essential 11 Steps to Filing Bankruptcy in California

Posted by Hale Andrew Antico on

Essential 11 Steps to Filing Bankruptcy in California

Step-by-Step Guide for filing bankruptcy in California, from a trusted Los Angeles bankruptcy lawyer

Here are 11 steps to filing bankruptcy in California. I’m Hale Andrew Antico, an established Los Angeles bankruptcy attorney, and I have helped thousands of people in Southern California get a fresh start by filing bankruptcy for the past twenty years.  You really should at least meet with an attorney for a once-in-a-lifetime process with serious consequences. As an introduction to how all this works, here is a step-by-step guide to file bankruptcy in California in 2023, with 11 steps from filing to discharge.

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reset the 1215 days for the homestead

Can a Home Transfer to a Trust in 1215 days Blow the Homestead?

Posted by Hale Andrew Antico on

Transfer but Keeping Equitable Interest, 1215 days, and Homestead

A look whether a refinance or transfer to a LLC, will, or trust restarts the 1,215 days for a homestead exemption in California

The maximum California homestead exemption now protects over $600,000 of home equity. However, there are conditions for a debtor to protect this amount in a bankruptcy. One of these is that the homeowner must have acquired the interest over 1,215 days ago. Does a refinance or transfer to a will, trust, or LLC restart this crucial timer? Let’s take a look.

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unvested stock options subject to liquidation in Chapter 7 bankruptcy

Keeping Stock Options in Bankruptcy Depends on This Key Factor

Posted by Hale Andrew Antico on

Keeping Stock Options in Bankruptcy Depends on This Key Factor

Are Unvested Stock Options subject to a Chapter 7 Bankruptcy liquidation? Ninth Circuit case law clarifies.

Unvested stock options aren’t very common, but if someone gets compensated with contingent stocks, they can be worth a lot of money.  Keeping the unvested stock options in a Chapter 7 bankruptcy liquidation, then, becomes critical.

Stock Options and Property of the Estate

Stocks and the Bankruptcy Code: Section 541

The first place to start is determining whether stocks or stock options are property of the estate.  Looking at 11 USC 541(a)(1), we see that “Except as provided in subsections (b) and (c)(2) of this section, all legal or equitable interests of the debtor in property as of the commencement of the case.”

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