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west covina california bankruptcy lawyer

West Covina attorney talks about how credit card debt is handled after death

West Covina attorney talks about how credit card debt is handled after deathAs long as the deceased is the sole person responsible for the credit card, the credit card debt falls on the estate to be paid through assets after going through probate. The remainder of the assets are then distributed according to the deceased’s will or state law if no will was written.

If there is a co-signer on the credit card, however, responsibility for the debt falls to the co-signer–in addition to or in place of the estate. Fortunately, a second cardholder who is not a co-signer and merely an authorized user is not liable for the credit card debt. But due to community property laws, a spouse may still be held responsible for debt even if they are not a co-signer on the credit card.

Another thing to keep in mind is that not all assets go through probate. As CreditCard.com puts it…

Some items, such as IRAs, 401(k)s, brokerage accounts, and insurance, typically pass to whomever you’ve named as a beneficiary, which is one good reason to keep those designations up to date. In many cases, those assets aren’t considered part of the estate.

Since these assets don’t go through probate, the executor can’t use them to pay estate bills.

The loss of a loved one is hard enough without having to worry about debt. Make sure your loved ones finances and will are in order. Contact me or visit our West Covina office for a free consultation! David Lozano is dedicated to making things as easy as possible for you and your loved ones!

David Lozano, Attorney at Law
Contact me today for a free consultation
800-974-5680/Se habla español

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Southern California bankruptcy attorney relates the story of the character played by Ben Affleck in the film, The Company Men, to average men and women facing the loss of a job

Southern California bankruptcy attorney can help Californians cope with the loss of a job! Ben Affleck, a native of our own California, recently starred in The Company Men, alongside Tommy Lee Jones, Chris Cooper, and Kevin Costner. The film tells the stories of three men named Bobby Walker (Ben Affleck), Gene McClary (Tommy Lee Jones), and Phil Woodward (Chris Cooper) who are businessmen at the GTX Corporation but lose their jobs due to corporate downsizing. The drama is meant to reflect the economical state the US was going through in the late 2000s.

In the film, Bobby Walker discovers the hardships of losing his six-figure job. Walker’s golf club membership is canceled, and he is forced to sell his house–located in the beautiful suburbs–and his new Porsche. Unable to find work anywhere else, Walker reluctantly turns to the house building job his brother-in-law, Jack (Kevin Costner), offers him. The film accurately portrays the struggle that many Americans go through when they find themselves unexpectedly unemployed.

Walker, fortunately, was able to get back on his feet in the end thanks to help from his family. For people who cannot catch a break as Walker did, bankruptcy attorney David Lozano offers his services! The Law Offices of David Lozano can help you cope with the  loss of a job and prevent foreclosure! Had Walker gone to a bankruptcy lawyer, he may have been able to keep his home and Porsche! Contact me or visit one of our Lancaster, West Covina, or Ontario locations for a free consultation!

David Lozano, Attorney at Law
Contact me today for a free consultation
800-974-5680/Se habla español

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Wondering what to do about the home when going through divorce and bankruptcy? (Los Angeles attorney David Lozano offers his help to divorced couples!)

Not too long ago I wrote about how divorce is one of the three leading causes of bankruptcy–along with medical bills and the loss of a job–in Wondering what you should do when dealing with divorce as well as bankruptcy? (Los Angeles attorney David Lozano offers his advice!) And earlier in the year I wrote a blog entitled, Does filing bankruptcy lead to divorce? Today I’d like to discuss situations that may arise when going through divorce and bankruptcy.

Los Angeles attorney David Lozano offers his help to divorced couples dealing with bankruptcy!Married couples who are considering or have already gotten a divorce sometimes find themselves in a fix when it comes to what to do about the home. Oftentimes neither spouse can afford to keep the house or apartment on their own. In cases like this, couples may end up living together out of necessity, staying at opposite corners of the house or on separate floors as much as possible. Couples will even try to avoid filing bankruptcy by putting their home up for sale, hoping to make enough money to pay off the mortgage, so that they can buy new homes. Many times the couple is forced to dramatically lower the price of the home to avoid foreclosure, even settling for a price far below the retail value.

In a situation like this, I urge couples to contact me or visit one of our Lancaster, Ontario, or West Covina office locations for a free consultation! With the help of a bankruptcy attorney, the couple may have better luck getting the house sold at a fair price or keeping the house, if they so desire!

David Lozano, Attorney at Law
Contact me today for a free consultation
800-974-5680/Se habla español

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Is it true that married couples must file bankruptcy together? (Bankruptcy attorney David Lozano says, “this is not the case!”)

David Lozano advises married couples about filing bankruptcy!A question many married couples have when they come for a free consultation is whether they both have to file bankruptcy. I am happy to say that spouses are not required to file joint bankruptcy! That misconception is just another common bankruptcy myth!

There are many reasons why a couple might choose to file separately. One example is if there is an inheritance involved. In order to protect the rights to the inheritance, it is better for that person’s partner be the only one to file bankruptcy. Another factor of filing bankruptcy separately is if one spouse owns a business that has its own separate financial plan. To preserve the business, the couple would need to file separately.

One more instance where a couple would want to file separately is if they kept their financial affairs separate throughout their marriage. If this is the case, one spouse may wish to maintain his or her credit score by not filing bankruptcy with his or her partner.

Depending on the situation, it may be beneficial that only one spouse files bankruptcy and the other does not. The thing to keep in mind is that everyone has different and unique circumstances. Deciding what course is best for you is all in a day’s work for me. So contact me for a free consultation today!

David Lozano, Attorney at Law
Contact me today for a free consultation
800-974-5680/Se habla español

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