How Long Does A Chapter 7 Bankruptcy Take in Thousand Oaks?

Asset Protection, Bankruptcy, Bankruptcy Procedure, Pre-Bankruptcy Planning
How Long Does A Chapter 7 Bankruptcy Take in Thousand Oaks?

My clients often ask: how long does a Chapter 7 bankruptcy take? The short answer: it depends. It depends on how quickly the client organizes their information and documents; it depends on whether it makes sense to postpone filing to protect some assets that would be otherwise taken; and it depends on the Bankruptcy Trustee. I rarely have a bankruptcy take less than 4 months or longer than 8 months. The average is 5-6 months. Read more »
April 5, 2023

Bankruptcy Didn’t Make Sense: Nothing Left to Lose & Loving It

Asset Protection, Bankruptcy, Bankruptcy Aftermath
Bankruptcy Didn’t Make Sense: Nothing Left to Lose & Loving It

I had a bankruptcy client a few years ago. He owned two office buildings with mortgages totaling more than the buildings’ values. They were going to be foreclosed, triggering personal guarantees, and the client would owe millions of dollars to the lender. If he somehow got out of the personal guarantees, he would owe hundreds of thousands of dollars of tax on the imputed income from canceling his debt. Read more »
September 12, 2013