<![CDATA[ - Blog]]>Wed, 27 Mar 2024 17:26:24 -0700Weebly<![CDATA[Worried about COVID-19?]]>Mon, 20 Apr 2020 22:01:22 GMThttp://centralcoastbankruptcy.com/blog/worried-about-covid-19Worry, stress, uncertainty, depression: These are just some of the words that describe how we can feel in the era of COVID-19.  Because of COVID-19 and the financial devastation that is has brought upon us, we worry about whether we will be able to pay our rent or mortgage, feed our family, or whether the next telephone call is going to be from another bill collector. We stress about whether we are going to keep our jobs or ever find a new job. We stress about whether we can keep up with our bills or not, or even buy food to feed our families. We feel uncertain about how the world will look next week, next month, or next year. Will COVID-19 infect me, my family, my friends, my neighbors? We become depressed and tired from the sleepless nights as a result of the worry, the stress, and the uncertainty.
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You might be in a position where you are paying your credit cards each month, but the balance doesn’t seem to go down. You might have fallen behind on your car payments and are fearing repossession: “Now how am I going to get to work?” You might have fallen behind on mortgage payments and are fearing losing your home: “Now where is my family going to live?”.
All of these feelings can take a serious toll on our emotional and physical wellbeing. It is important to remember that the finances can be worked out.  Taking care of ourselves, so we can care of others, is what is most important. This is where I can help you.
I’m not here to “sell” you a bankruptcy. I’m here to help you rise above the fear and eliminate your financial burdens so that you can move forward with your life. If all you can think about are your financial problems, how can you concentrate on your own wellbeing, your family, your friends, or your community?

Bankruptcy is the most powerful legal means to financial freedom. Bankruptcy does not mean you have “failed” in any way. It means you have taken control of things, and are doing something to remedy your financial situation so you can focus on what’s important in life.

Today we also need to focus on helping each other through these trying times. Each day, we need to renew our efforts, our faith, and our commitment to helping one another. It is through helping others that we can gain purpose in life. I feel so blessed that that in my profession I am able to really help people in need…it is my purpose, it is my joy, and it is my privilege.

Please take good care, and stay safe out there…
-Jason
]]><![CDATA[What not to do before filing for bankruptcy...]]>Wed, 08 Feb 2017 01:02:17 GMThttp://centralcoastbankruptcy.com/blog/what-not-to-do-before-filing-for-bankruptcy
Perhaps you've found yourself in a difficult financial situation caused by high medical bills and loss of income, or a recent divorce. Your debts are piling up, and there's simply not enough money to pay your creditors what you owe them. If you have come to the conclusion that your only option is filing for bankruptcy to eliminate your debts, be very careful. There are some detrimental financial moves that can hurt your bankruptcy case. It's important that you avoid these mistakes so that your bankruptcy filing is a smoother process, rather than one fraught with challenges from your creditors, or the bankruptcy trustee.
Transferring Property or MoneyPeople often believe that if they transfer assets, such as houses, cars and cash to relatives or others that those assets will be safe from the bankruptcy proceedings. This is a complete fallacy, and in fact, transferring assets does little to protect your assets. Worse yet, these attempts can be construed as fraudulent by the court, even if you had no intention of concealing the assets.
Remember that just because you have assets, it doesn't mean that you can't file a bankruptcy. Also, just because you file, does not mean that you will necessarily lose your assets. The reality is that most people are able to keep their personal assets when they file for bankruptcy, so hiding them is completely unnecessary.
Paying Off Certain CreditorsYou might think that you'll improve your chances of obtaining a bankruptcy if you attempt to pay off some of your debts before you file. This, however, is misguided, and potentially damaging to your case. If you make an out-of-the-ordinary payment to completely pay off a creditor, it is called a preferential transfer. What that means is the creditor received payment in preference over other creditors that hold the same weight. Oftentimes, the bankruptcy trustee will sue the creditor, called a claw back lawsuit, to get the money you've paid them back so that it can be distributed equally and fairly. This process will delay your filing and ultimate discharge.
Using Your Credit CardsPerhaps the first thing that you should do if you're having financial problems that are leading to bankruptcy is to stop using your credit cards immediately. That means no shopping, for clothing, electronics or other luxuries. It also means not taking out any cash advances against your credit cards. You can, however, continue to use a debit card that is connected to your bank account to pay for the things you buy.
Depositing Extra Money Into Your Bank AccountThe only money that should be deposited into any of your bank accounts should come from sources of income. That can be from your job, but it can also be from work that you do for others outside your job. Never deposit anything else, like a check for a friend, or money that belongs to someone else that you're just holding on to. Likewise, don't accept checks or cash to deposit from friends and relatives that are trying to help you overcome your financial shortfalls. If you own your own business don't run your business transactions through your personal accounts, keep everything separate to avoid confusion and the appearance of fraud.
Filing LawsuitsThe moment you file for bankruptcy, all of your assets, including current and future payments awarded from a lawsuits, are transferred to the bankruptcy court. That means that you may not receive any of the money awarded to you, even if your legal case has not been resolved, or if the amount of the settlement hasn't been determined. Furthermore, legal claims that you haven't yet filed in court are also transferred to the court. There are, however, state exemptions as to how much, if any, of a settlement or other award can be taken from you. In some states, it may be the entire amount, in others in may be a fraction of the total, based upon what you need to live. Still other states allow no exemptions whatsoever.
Accepting Future PaymentsRemember that all of the payments that you expect to receive in the future, are part of your bankruptcy estate, the same as the funds that you currently have. In other words, your bankruptcy trustee can, and most likely will, seize future money and use it to repay your creditors. Future payments include such things as tax refunds, or and potentially an inheritance, depending upon when you receive it. While you may not be able to stop those payments from coming to you, be very aware that they effectively become the property of the bankruptcy court until such a time as your creditors are satisfied.

​(Fresh Start Today Bankruptcy Blog, 1.24.17)
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