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Mark J. Markus Los Angeles Bankruptcy Blog

/BK Blog/

August 23, 2018

Bankruptcy for Senior Citizens and Elderly

By |2018-08-23T18:16:58+00:00August 23rd, 2018|Categories: chapter 13, chapter 7, Elder Issues, Seniors and Bankruptcy|

Are you a senior citizen?  Do you have debts?  Have you ever considered bankruptcy as an option to resolve those financial problems? A recent article by Tara Siegel Bernard published in the New York Times has caused a lot of discussion in the bankruptcy community and elsewhere. The article relies on a study done by several law professors and concluded that an increasing number of senior citizens are filing for bankruptcy these days. The reasons are varied and there are [...]

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July 10, 2018

What Happens If I Forget To List A Debt In My Bankruptcy Case?

By |2018-07-10T20:40:34+00:00July 10th, 2018|Categories: Bankruptcy Law, bankruptcy procedure, chapter 13, chapter 7, debts in bankruptcy|

It is hard to remember everything. In a bankruptcy case you are supposed to list all the people, or entities, to whom you owe money. Even if you do not yet owe the money, but the underlying cause of the possible debt already occurred, it should be listed. The reason for this is the ever popular "due process" concept we hold dear in this country. Creditors (parties owed money by someone filing a bankruptcy) deserve to know that a case [...]

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March 18, 2018

Foreclosure Defense And Bankruptcy

By |2018-03-18T17:51:43+00:00March 18th, 2018|Categories: Bankruptcy Law, chapter 13, foreclosures, etc., Loan Modification|

When facing foreclosure on your home, you may be willing to do just about anything to keep it. A google search for "foreclosure defense attorney" will yield pages of results of lawyers. They all promise to give you the best chance of stopping a foreclosure sale on your property. Why Non-Bankruptcy Foreclosure Defense May Not Be Your Best Option There are different ways to stop a foreclosure sale, at least temporarily,  and these attorneys will accept your money to do [...]

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December 14, 2017

What Happens When You Ignore Debt Collectors

By |2017-12-18T11:43:55+00:00December 14th, 2017|Categories: Bankruptcy Law, debt collection, debts in bankruptcy|

Do not ignore your debts--even if you think they are gone or "charged off". This article shows a prime reason why you should explore all options to resolve your debts.   Whether through bankruptcy or otherwise, it is important to do so even if you think the debts are gone. Judgment Creditors Can Seize Your Bank Account Without Further Notice Most know when a debt is being pursued by a collector. The constant phone calls, bills, threatening letters, and eventually getting [...]

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September 22, 2017

Beware Of Bankruptcy Loan Modification Advice

By |2017-11-03T13:43:58+00:00September 22nd, 2017|Categories: chapter 13, Loan Modification|

I just heard a sad story from a lady who took some really bad advice. The advice came from a loan modification agent. And, as a result of that advice, she is now going to lose her home to foreclosure. Her facts are similar to those of many of my clients, so I share it with you here so you may avoid her fate. People often seek loan modifications when they are  facing foreclosure due to missed mortgage payments. A [...]

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July 19, 2017

Bankruptcy Discharge, Dismissal, And Case Closing

By |2018-07-03T12:49:14+00:00July 19th, 2017|Categories: Bankruptcy Law, Discharge Issues|

Ever wonder what happens after you file bankruptcy? Do you just telephone an attorney and with the push of a button your debts disappear? No, that's not quite how it works (although many who call me seem to think it is). The different bankruptcy chapters have different requirements to get a discharge of your debts. What Is A Bankruptcy Discharge? The ultimate goal of most bankruptcy cases is to obtain a discharge of debts. A discharge is the removal of [...]

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Bankruptcy: Freedom and Relief From Debts?

By |2017-08-14T21:54:12+00:00July 14th, 2017|Categories: Bankruptcy Law|

Bankruptcy is not always the best solution for your financial problems. But often it is. Yet it is usually (and unnecessarily) the absolute last resort for people with debt problems. Most of my clients come to me after they have spent thousands of dollars on debt consolidation programs that did not deliver on what they promised and/or unnecessarily borrowing money to pay on existing debts (including taking high interest payday loans). They do this in a good faith attempt to [...]

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May 21, 2017

How Can I Be Responsible For Ex-Spouse Debts After Divorce?

By |2017-05-21T17:12:07+00:00May 21st, 2017|Categories: Bankruptcy Law, divorce/child support|

How Divorce Judgments and Equalization Payments Work When going through a divorce, you can be left with different types of obligations. The most common is a domestic support obligation, such as child support or alimony. But you can also be made responsible for your spouse's separate debts, usually as part of the property division. For example, the wife gets to keep the dog and the house, and husband gets to keep the car. Wife, let's say, then agrees (or is [...]

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April 6, 2017

Should I Use A Credit Card To Pay Taxes To IRS?

By |2017-08-14T21:54:13+00:00April 6th, 2017|Categories: tax issues, taxes|

It is tax season. My clients (and myself) are trying to find ways to pay the taxes that they owe to the IRS and State Franchise Tax Board. Paying your taxes with a credit card may seem like a good idea.  And in some cases it may indeed be a clever way to deal with the tax debt. But it does not always accomplish what you may think, at least not from a bankruptcy perspective. Before I get into that, [...]

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February 13, 2017

Can I File Bankruptcy If Current And Not In Default On Payments?

By |2018-07-03T12:43:13+00:00February 13th, 2017|Categories: Bankruptcy Law, credit card debt, Filing Bankruptcy|

Status Of Payments Does Not Affect Bankruptcy Eligibility I get asked this question often.  People think the gateway to bankruptcy relief requires being delinquent on payments. There is no such requirement. You can file bankruptcy if your credit score is 900 and never missed a payment in your life. The truth is:  If you wait until you are missing payments, you are probably waiting too long to file bankruptcy. Why do I say that? Because if you are eligible for [...]

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