Bankruptcy, Foreclosures, and Financial Restructuring
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Our Experienced Attorney Is Here To Help.
As a former investment analyst and accountant in the securities industry, our attorney has multidisciplinary experience advising onfinancial reorganization.
As an attorney, we have represented both creditors and debtors in bankruptcy proceedings. We have successfullydefended corporate officers against "fraudulent transfer" claims by the U.S. Bankruptcy Trustee, represented petitioners from filingthrough discharge of their debts, and defended against contests of secured creditors rights to bankruptcy estate property.
"I have long experience in foreclosures, financial restructuring, asset protection, collections, lawsuits against debt collectors (FDCPA), and bankruptcy."
Litigating in bankruptcy, however, is not always necessary. We also perform judgment enforcement, asset protection, collections defense, and foreclosure services to our clients. We represent plaintiffs and defendants in lawsuits against creditors for violations of the FairDebt Collections Practices Act and wrongful foreclosure lawsuits.
Call me at (916) 877-7780 for a free case evaluation and schedule a free 30 minute in-person consultation.

Frequently Asked Questions

What is the bankruptcy process?

Whether you qualify largely depends upon 1) whether you have previously filed for bankruptcy and 2) whether your income-to-debt ratio exceeds the “means test.”

          1)    If this is your first time filing for bankruptcy, there will be no time limitations on when you may file for bankruptcy. However, if you have previously filed for bankruptcy, several limitations apply. You may not refile for bankruptcy if a prior petition has been dismissed within the last 180 days. You may not refile for bankruptcy if you have received a bankruptcy discharge within the prior six or eight years (depending upon the chapter type filed).

          2)    If your income is below the California state median income (currently $47,798 for single person household, $62,009 for two person, $66,618 for three person, $75,111 for four or more person), you may qualify to file a bankruptcy. If your income is above the California state median income, the court will undertake a second calculation to determine whether you qualify. If you have a certain amount of income after deducting certain "allowed" monthly expenses, the court will dismiss your petition because you are presumed to have enough “disposable income” to repay your debts. Whether a monthly expense is “allowed” or not is a tricky analysis, but, generally speaking, courts only allow very barebones monthly expenses that most people would find difficult to live within.

The “stay” is actually an injunction issued by the bankruptcy court upon filing the petition. The stay is issued automatically, with no motion or hearing required and without regard for whether the bankruptcy case should or will be dismissed. All creditor collection efforts must immediately stop while the bankruptcy proceedings continue and the stay is in effect. Each of your creditors will receive notice of the bankruptcy when the petition is filed. This will apply to any type of collection activity, including phone calls, court cases, demand letters, foreclosures, divorces, garnishments, and bank levies.

A meeting of the creditors is an initial hearing held by the bankruptcy trustee where creditors are allowed to ask any questions they have from the debtor. Typically, the trustee also asks questions of the debtor regarding the petition and debts.

Not all types or classifications of debt are dischargeable. Generally speaking, bankruptcy will discharge any debt that originates from credit cards, bank loans, medical bills, mortgages, business failure, auto loans, personal lines of credit, and other types. Student loans, tax debt, and family support orders are usually not dischargeable except in extreme circumstances.

Chapter 7: Often called the liquidation chapter, chapter 7 is used by individuals, partnerships, or corporations who have no hope for repairing their financial situation. In chapter 7 asset cases, the debtor's estate is liquidated under the rules of the bankruptcy code. Liquidation is the process through which the debtor's non-exempt property is sold for cash by a trustee and the proceeds are distributed to creditors.

Chapter 11: Often called the reorganization chapter, chapter 11 allows corporations, partnerships, and some individuals to reorganize, without having to liquidate all assets. In filing a chapter 11, the debtor presents a plan to creditors which, if accepted by the creditors and approved by the court, will allow the debtor to reorganize personal, financial or business affairs and again become a financially productive individual or business.

Chapter 13: An individual with a regular income who is overcome by debts, but believes such debt can be repaid within a reasonable period of time, may file under chapter 13 of the bankruptcy code. Chapter 13 permits the debtor to file a plan in which the debtor agrees to pay a certain percentage of future income to the bankruptcy court trustee for payment to creditors. If the court approves the plan, the debtor will be under the court's protection while repaying such debts.

Bankruptcies are a special Federal Court proceeding intended to help debtors get a fresh start on life by relieving them of some or all of their debts. The process begins with filing a petition to the court for a discharge of certain debts. There is a rather extensive paperwork and documentation process involved in filing a petition. The petition lists all of the debts to be discharged and the assets belonging to the “estate” (the estate is just the collection of all of the debtor’s property). Soon after filing the petition, a meeting of creditors will be held. The debtor will undergo a counseling program some time before final discharge. Motions from creditors and the debtor will be heard by the court to determine whether certain actions should be taken with respect to certain property, or to determine the relative rights of creditors, or to continue collecting property into the estate (for example, continuing a lawsuit filed by the debtor). The court will distribute the estate property to the listed creditors and then a final discharge will be entered. After this, no creditor who has had their debt discharged may continue to collect from you.

This depends on the type of bankruptcy you file and whether it is exempt. California law protects a certain amount of a debtor’s property to enable them to get a fresh start after bankruptcy. The law allows you to “exempt” your property from distribution to creditors. Whether you can keep the property or not will largely depend on whether your property is worth less than the amount you are allowed to exempt.

Yes, but only if you reaffirm any debts created by your mortgage or a debt secured with a lien on your home. This is true even in Chapter 7 bankruptcy. Reaffirming the debt simply means that either you leave the debt off the list of debts to be discharged on your petition, or, after filing your petition, you sign an agreement to continue repaying the mortgage company after your bankruptcy is granted. You will need to reaffirm not only with your mortgage company but any creditor that has a lien on your property. Otherwise, the trustee will sell your house to raise funds to pay your creditors.

The cost of a bankruptcy will depend upon how much and what type of property you own and the nature of the debts to be discharged. For a basic “no asset” (usually meaning, no house) bankruptcy we usually charge only $950. However, if you own a home or business, or you are currently a defendant in a divorce or lawsuit, or your debts are of a special nature (for example, tax debt) then the cost will rise depending upon the complexity and work required.

Do I qualify for bankruptcy?

What is a bankruptcy “stay”?

What are the differences between a
Chapter 7, 11, 12, or 13 bankruptcy?

How much will a bankruptcy cost?

What is a 341 Creditor's Meeting?

Can I keep my house?

Can I keep my property?

Will all of my debts be wiped out?

Law Office of
Ronald R. Roundy
1123 Olive Drive
Davis, CA 95616

Multidisciplinary expertise.
Multidimensional service.
Phone: (916) 282-9628