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June 2018 Archives

Will Chapter 7 discharge my recent credit card debt?

If you are a Californian whose credit card debt has gotten out of control, you may have heard that Chapter 7 bankruptcy discharges your credit card and other consumer debt. This is generally true, but you should be aware that this may not include credit card debt you take on shortly before filing bankruptcy.

Breaking the debt-depression cycle

Financial problems can ensnare those who lack clarity on how to handle money properly. Most Americans find themselves in thousands of dollars of debt stemming from credit cards to student loans. Despite where the debt came from, the awareness of owing money to other people, creditors, or agencies can weigh heavily on a person’s mind and emotions.

How can I find a good contractor?

California homeowners who want to make home improvements and save money doing them may toy with the idea of hiring unlicensed workers. If you are one of them, make sure you weigh that decision carefully before taking that risk. If the work is shoddy, your property is damaged or someone gets hurt, you could be on the hook for some significant expenses that cost more than what you are hoping to save.

When construction delays lead to a dispute

If you run a construction company, there may be a number of legal hurdles you encounter at some point, from problems involving wages and those who work for your company to issues with a developer. However, construction disputes that lead to litigation can be particularly hard to manage. Construction disputes appear for many different reasons, but in this post we will look into construction delays, one of the more common reasons for a dispute. if you are in the middle of a dispute over delays, it is essential to know what your rights are and identify any strategies to move forward with the project properly.

How does medical debt affect people?

Despite the Affordable Care Act providing an estimated 15 million people health insurance, they did not previously have, insurance itself does not mean you will not have medical bills. For many Americans, even those with health insurance, living paycheck-to-paycheck is a way of life that is made even more difficult with an illness or accident.

Understanding the bankruptcy means test

If you, like many California residents, find yourself stressing over increasingly overwhelming debt, you may be thinking about whether filing for bankruptcy may help you get back on your feet. Depending on circumstances, filing for bankruptcy may help you get that fresh financial start you need to begin rebuilding, but you may not know exactly what type of bankruptcy filing might be right for you. While the majority of modern bankruptcy filings involve the Chapter 7 format, you must first pass the bankruptcy means test if you wish to proceed with this method. At Tsao-Wu & Yee LLP, we understand how the bankruptcy means test works, and we have helped many clients rebuild financially through Chapter 7, Chapter 13 and other means.

What causes your debt?

Let’s face it, no one ever wants to be in debt but unfortunately it happens every day. You are not alone; many Americans are also in debt. According to Experian’s annual study on the state of credit and debt in America, the average American has a credit card balance of more than $6,000. That is up nearly 3% from last year. According to an isolated report by the Federal Reserve, the amount of credit card debt has reached its highest point ever, surpassing $1 trillion in 2017.

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