Ever wonder how to determine the amount of your monthly plan payment in a Chapter 13 bankruptcy case? Chapter 13 is a repayment plan that your creditors have to accept, as long as certain requirements are met. That means they do not get to vote for, or against, your proposed payment as they can in a Chapter 11 case. But there are rules for how your plan is structured, how much gets paid out, and for how long. HOW IS THE [...]
You file a bankruptcy case and receive your discharge of debts. You are keeping your house and cars and continue making the payments on time. You assume this will help you rebuild your credit. But none of those payments shows up on your credit report. Why not? The most common reason given is that since the debt was discharged in bankruptcy, they cannot report voluntary payments being made on the loan. Let me explain this issue a bit further before getting [...]
When you file a bankruptcy case, the main goal is usually to eliminate the obligation to repay debts. But what if you don't know everybody you owe money to? This is very typical and can result in different ways, such as: You had recent medical treatments, but have not yet received all your bills; Your debts are old and haven't opened your mail for several years and you don't know who you owe. What happens in cases like these? Do [...]
You did what you were supposed to do in life. You went to school. Got a job. Earned decent wages. Worked hard. Started a family. Maybe you've even managed to put a child through college. You paid your bills on time, one way or another. But now you owe a lot of money that there's just no way you can pay back and you simply cannot afford to keep making payments. It Was Easier Before... In the "old" days (about [...]
A potential client canceled her appointment with me today. That's nothing new; happens all the time. I'm just happy she actually told me. But what floored me was her reason for canceling: She didn't know if bankruptcy was the path she wanted to go, and therefore did not want to have a consultation to learn about her options until she was fully committed to doing so. This sure seemed like twisted logic to me. Especially since she sought me out and [...]
It is very inexpensive (less than $20) to record a homestead declaration in California, but it can be very expensive if you fail to do so prior to filing a bankruptcy case. What is a homestead declaration? A homestead declaration is a document which is filed with the county recorder's office. It states (declares) that that the property listed is your primary residence and that you physically live in the dwelling. The main purpose of the homestead declaration is to protect [...]
2015 saw many rare or unusual events outside of the bankruptcy world. Donald Trump surged to the top of the polls as the Republican candidate for president. Secret Service Agents crashed their car at the White House. Kansas City won the World Series. Justin Bieber didn't get arrested for something. And amidst all this were my blog posts on the Los Angeles Bankruptcy Blog site. If you didn't read them, here's your chance now. The following are my ten most [...]
The New Bankruptcy Forms Are Longer and More Confusing The scariest phrase in the English language is "I'm from the Government and I'm here to help!" Well, the government decided in its infinite (and by infinite, I mean infinitesimal) wisdom to completely revise the forms needed to commence a bankruptcy case. The stated goal was to make them easier and more understandable for non-attorneys to complete. They are not. And I promise I'm not just saying that because I'm a [...]
Trying To Do Loan Modifications With A Pending Foreclosure Is Risky Tell me if any of this sounds familiar. You attempt to refinance or modify your home loans in order to obtain a more affordable interest rate or payment and avoid foreclosure. But the bank has recorded its Notice of Default and is proceeding to foreclose. Your application has already been denied or sent back for "more information" several times and you have to keep starting over. A friendly voice [...]
Everyone likes to make fun of Donald Trump. Myself included*. He's an easy target. Especially his hair. One of the "jabs" detractors repeatedly throw at him is that he filed bankruptcy. They intend to imply that since he filed bankruptcy, he's therefore unfit to lead, or run a business, or pretty much do anything. This is wrong for a number of reasons: Donald Trump never personally filed bankruptcy; and Even if he did (and some of his corporations have), it's [...]
This firm is a federally qualified debt relief agency and, among other things, helps people file for bankruptcy relief under the Bankruptcy Code.
