Sacramento Bankruptcy Lawyer Attorney Michael Johnson http://www.michaeljohnsonlaw.com bankruptcy lawyer attorney sacramento elk grove roseville Wed, 05 Oct 2016 18:57:20 +0000 en-US hourly 1 https://wordpress.org/?v=4.6.6 Owner’s of Penthouse Magazine File Bankruptcy http://www.michaeljohnsonlaw.com/owners-of-penthouse-magazine-file-bankruptcy/ Fri, 27 Sep 2013 19:20:52 +0000 http://www.michaeljohnsonlaw.com/?p=2137 In a recent announcement and article in the Los Angeles Times the owners of Penthouse magazine reported that they are filing bankruptcy.  The company also owns adult websites.  Different reasons drive companies into bankruptcy, according to the article it states that there prior customers are finding free no cost options elsewhere.

You can read the article about the bankruptcy on the Los Angeles Times = here.

The information on this website is not intended as legal advice, does not imply an attorney client relationship, and you should consult with a professional or attorney regarding the details of your own personal facts and financial situation. Further the information is not warranted to be complete, accurate, or current and may contain personal opinion.

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Detroit Files Bankruptcy http://www.michaeljohnsonlaw.com/detroit-files-bankruptcy/ Thu, 18 Jul 2013 22:58:22 +0000 http://www.michaeljohnsonlaw.com/?p=2129 7/18/2013.  Foxnewsinsider.com reported that the City of Detroit has filed for a Chapter 9 bankruptcy.    Apparently, not just individuals and businesses run into financial hardships, also cities can have similar challenges making ends meet.   So, if you are struggling with debt you're not alone.   Contact our office today for a free case review.

http://foxnewsinsider.com/2013/07/18/detroit-files-bankruptcy

 

The information on this website is not intended as legal advice, does not imply an attorney client relationship, and you should consult with a professional or attorney regarding the details of your own personal facts and financial situation. Further the information is not warranted to be complete, accurate, or current and may contain personal opinion.

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Credit Reporting and Marriage http://www.michaeljohnsonlaw.com/credit-reporting-and-marriage/ Mon, 01 Jul 2013 06:00:13 +0000 http://www.michaeljohnsonlaw.com/?p=2120 What happens to your credit when you get married?  

When you marry, there is no change to your credit report and it stays the same. The only information that would show up on your credit report from your spouse would be joint accounts or those accounts where you or your spouse is authorized user.

If you have questions about debt please contact our office for a free case review.

The information on this website is not intended as legal advice, does not imply an attorney client relationship, and you should consult with a professional or attorney regarding the details of your own personal facts and financial situation. Further the information is not warranted to be complete, accurate, or current and may contain personal opinion.

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Updated – Bankruptcy Exemptions Judicial Council of California http://www.michaeljohnsonlaw.com/updated-bankruptcy-exemptions-judicial-council-of-california/ Mon, 06 May 2013 15:56:05 +0000 http://www.michaeljohnsonlaw.com/?p=1727 Exemptions in bankruptcy that are dollar amounts exempt of judgment change.  As of April 1, 2013, the Judicial Council of California has corrected 3 exemption amounts effective April 1, 2013. These amounts have been posted here.

Exemption

Old Amount

New Amount

Homestead (703.140(b)(1))

$25,075

$25,575

Tools of the Trade (703.140(b)(6))

$7,575

$7,625

Life Insurance (704.100)

$12,225

$12,200

The information on this website is not intended as legal advice, does not imply an attorney client relationship, and you should consult with a professional or attorney regarding the details of your own personal facts and financial situation. Further the information is not warranted to be complete, accurate, or current and may contain personal opinion.

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IRS Bankruptcy Tax Guide http://www.michaeljohnsonlaw.com/irs-bankruptcy-tax-guide/ Sat, 06 Apr 2013 23:19:36 +0000 http://www.michaeljohnsonlaw.com/?p=1420 The Internal Revenue Service (IRS) has a specific publication, Publication 908, called the Bankruptcy Tax Guide.  The free publication has answers to frequently asked questions.  The publication can be found on the IRS' website by clicking here

If you have additional questions about filing bankruptcy contact Folsom bankruptcy lawyer Michael Johnson for a free telephone or in person case review.  Click here for the contact form.

The information on this website is not intended as legal advice, does not imply an attorney client relationship, and you should consult with a professional or attorney regarding the details of your own personal facts and financial situation. Further the information is not warranted to be complete, accurate, or current and may contain personal opinion.

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Dischargeable vs. Nondischargeable Debts http://www.michaeljohnsonlaw.com/dischargeable-vs-nondischargeable-debts/ Wed, 03 Apr 2013 22:12:48 +0000 http://www.michaeljohnsonlaw.com/?p=1309 The goal in filing bankruptcy is to wipe out or "discharge" debt.  Many debts are eligible for a discharge such as:

  • medical bills
  • credit card debt (where fraud & current usage is not involved)
  • pay day loans
  • car repossessions
  • foreclosures
  • business debt
  • personal loans
  • old personal taxes under certain conditions (requires review of tax transcript/account)

However, some debts are "nondischargeable" and can't be wiped out (certain exceptions may apply).  Bankruptcy Code 11 USC 523(a) lists several debts and situations when a debt can't be discharged in a bankruptcy case.   A non-inclusive list and examples of such types of debts and situations are:

  • recent taxes / payroll taxes
  • fraud and false pretenses
  • consumer debt within 90 days exceeding more than $650 (Section 523(a)(2)(C))
  • domestic support obligations
  • willful and malicious injury
  • student loans (unless extreme hardship is established, requires separate court motion/hearing)

Yet, the discharge exception may not happen automatically for each type of debt and different procedures may apply depending on the type of debt. 

To learn more about bankruptcy contact Sacramento bankruptcy lawyer Michael Johnson for a free case review.

The information on this website is not intended as legal advice, does not imply an attorney client relationship, and you should consult with a professional or attorney regarding the details of your own personal facts and financial situation. Further the information is not warranted to be complete, accurate, or current and may contain personal personal opinioins.

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April is Financial Literacy Month http://www.michaeljohnsonlaw.com/april-is-financial-literacy-month/ Tue, 02 Apr 2013 22:09:41 +0000 http://www.michaeljohnsonlaw.com/?p=1395 Let's face it debt is part of life. Most of us have it and it is almost impossible to live without if you want to buy a house, a car, or something small like plane tickets.  Also, the bulk of Americans are living paycheck to paycheck. 

April is National Financial Literacy Month which is designed to help individuals learn more about finances and how to make better decisions relating to the way they spend and manage money.

One of the keys to becoming financially stable is to get out of debt.  If you have debt and feel like you just can't get ahead, then you should talk with a bankruptcy attorney to learn more about your options.

The information on this website is not intended as legal advice, does not imply an attorney client relationship, and you should consult with a professional or attorney regarding the details of your own personal facts and financial situation. Further the information is not warranted to be complete, accurate, or current and may contain personal opinion.

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Find Missing Money – Bankruptcy http://www.michaeljohnsonlaw.com/find-missing-money-bankruptcy/ Tue, 29 Jan 2013 18:24:23 +0000 http://www.michaeljohnsonlaw.com/?p=1292 There is a third party website (not endorsed or affiliated with) named MissingMoney that says, "State and provincial governments working together to safeguard and return your lost funds."  No one wants to think that they have lost money sitting out there that they are entitled to receive.  Thus, there are third party companies like MissingMoney that help people search for any loose ends.

When you file bankruptcy, it is important not to "miss" disclosing any of your property.   When a "debtor" files bankruptcy they have a duty to disclose all of their property.  Debtors cannot hide or be selective in the property that they disclose and list on their bankruptcy schedules.  Thus, if you are planning on filing bankruptcy, do it right and be sure to do a comprehensive review of your financial situation to ensure that you are listing all of your property.

To learn more about bankruptcy help and understanding bankruptcy contact Attorney Michael Johnson for a free case review. 

The information on this website is not intended as legal advice, does not imply an attorney client relationship, and you should consult with a professional or attorney regarding the details of your own personal facts and financial situation. Further the information is not warranted to be complete, accurate, or current.

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Unclaimed Savings Bonds – Find your forgotten savings bonds http://www.michaeljohnsonlaw.com/unclaimed-savings-bonds-find-your-forgotten-savings-bonds/ Sat, 19 Jan 2013 18:10:04 +0000 http://www.michaeljohnsonlaw.com/?p=1290 The government has a simple and easy to use website to help you track down whether you have a savings bond floating out there that you have forgotten about it.  The website is called Treasury Direct.  

The thought of finding forgotten money is exciting.  However, if you plan on filing bankruptcy it is critical that you don't forget anything.   As a "debtor" filing bankruptcy you have a duty to list all of your assets.  Then, as a debtor, in many cases, you can keep your property by "exempting" it.   However, if you don't disclose and list your property then you risk losing your property to the bankruptcy court who may sell the property to get money to pay your creditors.  Thus, be sure to look under every stone so you can properly list your property on your schedules and to protect it.   To learn more about bankruptcy contact  Sacramento area bankruptcy lawyer Michael Johnson for a free case review. 

The information on this website is not intended as legal advice, does not imply an attorney client relationship, and you should consult with a professional or attorney regarding the details of your own personal facts and financial situation. Further the information is not warranted to be complete, accurate, or current.

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Bankruptcy – Individual Bankruptcy http://www.michaeljohnsonlaw.com/bankruptcy-individual-bankruptcy/ Thu, 17 Jan 2013 18:04:09 +0000 http://www.michaeljohnsonlaw.com/?p=793 Often people hear about bankruptcy and numbers like "7", "13", "12" and "11", but don't know what the numbers mean.   The numbers are the type of "chapters" of different bankruptcies available depending on a person's situation.  

The most common type of bankruptcy is a Chapter 7 consumer bankruptcy and known as a "liquidation" bankruptcy.  A Chapter 7 bankruptcy is designed for individuals (aka "debtors") who are struggling financially and do not have the assets or disposable income to pay their existing debts owed to creditors.  A Chapter 7 bankruptcy takes about 3-4 months to complete and typically allows debtors to keep ("exempt") their property and are not expected to make monthly payments to the court towards their debts (each person's situation is different).  However, individuals who pursue this type of a bankruptcy are subject to a "means test" to determine whether they qualify or are eligible for this type of bankruptcy.   The means test is a form that is filed with the court as part of the debtor's petition.   If a debtor does not pass the means test, then the individual may need to file a different type of bankruptcy such as a Chapter 13.  Also, the court can dismiss or convert a Chapter 7 case to a chapter 11 or 13 [see 11 U.S.C. § 707(b)(1)].  

Thus, if you are interested in learning more about bankruptcy and the different chapters of bankruptcy it is prudent to meet with an experienced bankruptcy attorney.   To learn more about properly filing bankruptcy feel free to contact Attorney Michael Johnson a Sacramento and Elk Grove bankruptcy attorney for a free and confidential consultation

The information on this website is not intended as legal advice, does not imply an attorney client relationship, and you should consult with a professional or attorney regarding the details of your own personal facts and financial situation. Further the information is not warranted to be complete, accurate, or current.

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