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QE... Forever

James Doan - Wednesday, September 18, 2013

The Fed announced today that it will continue its quantative easing program of purchasing $85 billion in bonds per month, in order to continue supporting the fledgling economy.  The Great Recession, which was declared officially over in the first quarter of 2009, seems to have left in it's wake 4 years of economic strife that most Americans wouldn't call "recovery."  Most Americans have seen their medical insurance rates rise (thanks to Obamacare), the unemployment rate has remained high, and as of today, the Fed announced that it will not taper QE because it wants to see more evidence that the so called "recovery" will be sustained.   With the continued economic strains, many Americans would like to see some economic recovery in their personal lives.  If you are one of them, call Doan Law Firm today for a free consultation.  

Living Paycheck to Paycheck

James Doan - Wednesday, September 19, 2012
A survey by the America Payroll Association released today (http://news.yahoo.com/more-two-thirds-u-live-paycheck-paycheck-survey-202040328--business.html) shows that more than two thirds of Americans are living paycheck to paycheck.  A whopping 68% of Americans cannot save any money because their expenses meet or exceed their pay.  What then happens when an emergency arises, be it medical, car, home, repairs, etc?  Many of you reading know the answer, the unwelcome expenses have to be charged with the hope of paying it off later.  The problem of course is, that later never comes.  Often one credit card, let's say "Peter" is used to pay another called "Paul."   Here the web of debt is laid, which quickly ensnares a family.

It is not uncommon to have more than one emergency expense, and because a household living paycheck to paycheck cannot save, this can be the straw that breaks the camel's back.  Credit cards may be maxed out.  It is then that one accrues late fees, falls behind on mortgage and car payments, and the snowball quickly becomes overwhelming.  Before you know it, you can be trying to stop foreclosure, car repossession, and harassing phone calls.  Adding insult to injury, a judgement, lien or tax delinquency may lead to the need to stop wage garnishment, simply to purchase food for the family.  Is it any wonder so many Americans suffer from anxiety and depression?

If you are one of the 68% of Americans living paycheck to paycheck, find a way to cut expenses.  If you are spending a good chunk of your paycheck attempting to pay down credit card debt, you might want to address the situation before an emergency expense arises.  Whether you are struggling to manage debt, (even if you still have a good credit rating) or you are struggling to save your home, Doan Law Group can help.

Contact Doan Law Group at 888-363-6529 and learn how to get out of debt.  Sometimes, getting out of debt can be as simple as filing chapter 7 bankruptcy, thereby eliminating 100% of your dischargeable debt.  

Chapter 13 bankruptcy allows wage earners to repay a portion of the their debt over three to five years. Some Chapter 13 debtors are able to strip their second lien, or eliminate it entirely, if the value of the home is less than the amount owed on the first trust deed.

If you woke up and smelled the coffee, and realized that your upside down house has turned into an anchor around your ankle as you struggle to keep your head above the choppy stormy waters of the sea of this economic uncertainty, then maybe you ought to consider unloading your house with a short sale.  Attorney Steve Doan is also a real estate broker who runs Doan Real Estate, and with integrity and ingenuity, Steve Doan has been able to work magic where other less experienced real estate people have failed.

The five Doan brothers, and their dad, have been helping those in financial need for nearly 20 years.

Contact Doan Law Group today to see if you are qualified for bankruptcy.  888-DOAN-LAW | 888-362-6529.  And remember, don't vote for Obama, or your financial situation will likely be much worse than it is today. 

Cost of Living and Bankruptcy

James Doan - Monday, September 17, 2012

The cost of living just seems to be going up and up, doesn't it?  Well, in fact, it is!  The US Consumer Price Index increased in August by the greatest percentage since June 2009.  This of course means that we are paying more for everything.  

The CPI jump is fueled at the gas pump.  Rising fuel prices increase the cost of production and the expense of delivery.  Add to this the worst drought in the Midwest in 70 years, soaring energy bills during the 3rd hottest summer since 1880, and the price of goods rises even more.  While companies are trying to pass on the increase in commodities expense to consumers, if you haven't noticed, your paycheck is not keeping up with the rise in costs.  

All of this is a continued burden on the economy and leads more families into greater debt when they have to charge filling up the gas tank and paying for groceries at the store.

For those struggling with toxic debt, filing bankruptcy is actually a responsible move in an economy that continues to be tied down by rising prices.  Instead of spending an astronomical percentage of your paycheck on old debt and unreasonable interest rates, you can eliminate those expenses and put your money to work for you.  

You can stop foreclosure on your home, and make it affordable again by stripping a second mortgage.  The money you save can then be used to meet the rising cost of living.  You eliminate credit card debt and start paying cash at the gas pump. You can stop wage garnishment and use that money to meet your family's needs, not a creditor's.   

Of course there are many options available to manage debt.  If you are noticing that your paycheck isn't keeping up with your expenses, talk to an experienced attorney in a free consultation and make a plan.

Doan Law Group is California's Largest Family of Bankruptcy Attorneys.  We know bankruptcy, and we can tell you how it can work for you.  Call us at 88-362-6529, or visit us on the web, at www.doanlaw.net.  

And don't let bills ruin your life.

QE3 & You

James Doan - Friday, September 14, 2012

Federal Reserve chairman, Ben Bernanke announced the launch of QE3 yesterday.  For information on what quantitative easing is watch the videos at the end of this blog.

According to Mr. Bernanke, the rationale behind the third round of QE, is help an economy that is "facing headwinds" by supporting the housing market through making home loans and refinancing more available, as well as to boost employment.  If you are like millions of other Americans who are unemployed, facing foreclosure, wage garnishment, or otherwise being crushed under surmounting debt, this sounds like good news.  However, the problems here are many.  First, we are not in an economy that is merely facing headwinds.  We are in an economy that is continuing to suffer repercussions of unsound financial policies.  If you watched either of the above videos, you will see that quantitative easing cannot help a suffering economy.  

Regarding the housing market, the fact is that banks are not being stringent with home loans because they do not have the money to give them.  Interest rates are already artificially low, and low interest rates haven't been keeping people out of the housing market.  According to Richard Green, director of the University of Southern California Lusk Center for Real Estate, in a statement “The constraint that is keeping people out of the housing market is absence of equity. The drop in house prices means that many borrowers are underwater on their houses, and high unemployment has prevented potential first-time buyers from accumulating down payments.“  This is common sense, that all of us know.  This is the reason so many good and honest people are trying to stop foreclosure on their homes when they wish they could simply refinance.

The creation of job opportunities would solve the financial problems that so many families are dealing with. However, just to get back to 2008 employment levels, 4.7 million jobs would need to be created.  Bernanke himself said "I want to be clear -- While I think we can make a meaningful and significant contribution to reducing this problem, we can't solve it. We don't have tools that are strong enough to solve the unemployment problem."  While the Fed may be well intended, economists think QE3 will do very little to help the job market.

So what does this mean for you?  The straight answer is that QE3 is not likely to help you improve your financial situation.  If anything, the cost of basic goods from food to gas will likely go up.  In order to forge ahead in an uncertain economy, you need to free yourself from financial constraints that may prevent you from having the money you need available to provide for your family.  These constraints may be in the form of credit card debt with skyrocketing late fees and interest rates, a second mortgage forcing your home upside down in equity, a lien, unsurmountable medical bills, a wage garnishment, unpaid taxes, foreclosure, etc. The burden of debt has touched all of our lives in one way or another, so think ahead.  

Doan Law Group, California’s Largest Family of Bankruptcy Attorneys, offers a free consultation to come up with a plan with you to free you from unnecessary financial burdens, protect your assets, and give you the best opportunity to turn your personal economy around...because Ben Bernanke isn't going to.

The bankruptcy attorneys at Doan Law Group have assisted thousands of clients obtain relief from toxic debt for well over the last fifteen years.  

Call Doan Law Group at 888-DOAN-LAW.  888-362-6529.  Visit us at www.doanlaw.net.  If you are in need of real estate services (short sales, equity sales, purchases, etc) visit www.doanre.com


Facing Foreclosure? You are not alone.

James Doan - Monday, September 10, 2012

In fact, another wave of home foreclosures may well be on it's way.  

Wait a minute!  The subprime fiasco has long since passed, right?  Why then are so many Americans struggling to maintain the dream of owning a home?  

Of course, the answers are very convoluted and cannot be fully addressed in a simple blog.  But the new foreclosure wave is directly linked to the wavering job market.  The new face of the housing crisis is the average, middle class American with a conventional home loan they could readily afford at the time of purchase.  There was no underhand dealing, or creative financing involved in the purchase of the home.  What is propelling this new wave of foreclosures is the reality of job loss and layoffs. 

 Americans are encountering endemic unemployment, underemployment, expiration of unemployment benefits, and "low wage bias" by corporations who are adopting China's wage model.  The economy is unrecognizable from what it was a decade ago, and many Americans who have been in their homes for a substantial time are now experiencing first hand the economic realities surrounding them.

Is there any hope of keeping my home?

Yes!  If you are struggling with unsecured debt, NOW is the time to consult an attorney in order to determine your options!  Regaining financial control before falling behind on mortgage payments is the best way to keep your home.  You may have several different paths available to you, so find out what they are in a free bankruptcy consultation.

What if you are already behind on payments, weighed down under late fees, have received notice of default or have a home scheduled for foreclosure?  Is there anything you can do to stay in your home?  Those questions of course can only be answered on an individual basis, but the law is in place to protect you, and you can always have recourse to it.  The Doan bankruptcy attorneys have been able to keep thousands of families in their homes, and chances are they can keep you in your home too.  

Call us at 888-362-6529 or visit us at www.doanlaw.net to schedule your free bankruptcy consultation.  And if bankruptcy is not a feasible alternative, we may be able to help you short sale your home, as many of the Doan attorneys are also real estate brokers.  Visit www.doanre.com for more details.

The Debt Monster

James Doan - Monday, September 10, 2012

Debt can easily turn into a monster that spirals out of control.  Sometimes this happens so quickly that we feel a helpless victim to this monster and don't even know where to begin to slay it.  Sound familiar?  

If we have turned our back to the monster, hoping it would go away or resolve itself on its own, one of the things we may now be facing is a wage garnishment.  A wage or bank account garnishment truly feels like a cruel and painful blow when one is already down on their luck.  Having one's personal income attached and seized in order to force payment of a debt - when one is already struggling to make ends meet, seems entirely unjust.

If you are facing having your wages garnished, a bank account garnishment, facing a judgment, lien or having your income attached in any way, it is still not too late to take control of your finances.  It IS important to talk to an attorney right away in order to know your rights and options, because debt does not resolve itself, especially if it is empowered by legal action.  

At Doan Law Group, the Doan lawyers know all the ropes, because helping people get out of debt is what we do.  You may be able to stop that garnishment, and put your money back into your pocket.

Doan Law Group is California's Largest Family of Bankruptcy Attorneys.  We have filed tens of thousands of bankruptcy cases over the last fifteen years, and chances are, we can help you as well.

Call 888-362-6529 for a free consultation, or visit us a www.doanlaw.net to schedule your appointment today.

Gotta Love Change

James Doan - Monday, August 27, 2012
I usually delete most of the mass emails that somehow end up in my inbox every day (all day).  But this one caught my eye.  I look at the numbers below and think about the "change" platform from Obama's last election.  Now his motto is "forward." 

I doubt this was the type of change any one was thinking about when they voted for and elected Obama as president.  I am thoroughly perplexed as to how anyone can continue to vote for him.  

Take a look at the change below and think about how you have personally benefited therefrom:

  JANUARY '09 TODAY CHANGE SOURCE
Avg. Retail price/gallon gas in U.S. $1.83 $3.44 84% 1
Crude oil, European Brent (barrel) $43.48 $99.02 128% 2
Crude oil, West TX Inter. (barrel) $38.74 $91.38 136% 2
Corn, No.2 yellow, Central IL $3.56 $6.33 78% 2
Soybeans, No. 1 yellow, IL $9.66 $13.75 42% 2
Sugar, cane, raw, world, lb. Fob $13.37 $35.39 165% 2
Unemployment rate, non-farm, overall 8% 0.094 24% 3
Unemployment rate, blacks 13% 0.158 25% 3
Number of unemployed 11,616,000.00 14,485,000.00 25% 3
Number of fed. Employees 2,779,000.00 2,840,000.00 2% 3
Real median household income 50,112.00 49,777.00 -1% 4
Number of food stamp recipients 31,983,716.00 43,200,878.00 35% 5
Number of unemployment benefit recipients 7,526,598.00 9,193,838.00 22% 6
Number of long-term unemployed 2,600,000.00 6,400,000.00 146% 3
Poverty rate, individuals 13% 14% 8% 4
People in poverty in U.S.  39,800,000.00   43,600,000.00 10% 4
U.S. Rank in Economic Freedom World Rankings 5 9 n/a 10
Present Situation Index 29.9 23.5 -21% 11
Failed banks 140 164 17% 12
U.S. Dollar versus Japanese yen exchange rate 89.76 82.03 -9% 2
U.S. Money supply, M1, in billions 1,575.10 1,865.70 18% 13
U.S. Money supply, M2, in billions 8,310.90 8,852.30 7% 13
National debt, in trillions 10.627 14.052 32% 14

We used to think that this "change" would be good for the bankruptcy business.  At first, it was.  But now, many of our clients are too broke to file bankruptcy, and have lost just about everything.  As such, there remains little motivation for many to file bankruptcy.  After all, if you don't have anything to lose, why drop $2,000 on a bankruptcy?

Sometimes we have to decline representation for bankruptcy clients who are "insolvent."  This means that even if a creditor sues them for non-payment of a credit-card or other debt, the creditor won't be able to collect anything since the debtor has nothing to take. 

For a free consultation to see if bankruptcy is right for you, call 888-362-6529.  Doan Law Group, California's Largest Family of Attorneys, helps Californian's get out of debt.  Visit us at www.doanlaw.net.  

Sources:

(1) U.S. Energy Information Administration; (2) Wall Street Journal; (3) Bureau of Labor Statistics; (4) Census Bureau; (5) USDA; (6) U.S. Dept. Of Labor; (7) FHFA; (8) Standard & Poor's/Case-Shiller; (9) RealtyTrac; (10) Heritage Foundation and WSJ; (11) The Conference Board; (12) FDIC; (13) Federal Reserve; (14) U.S. Treasury 



Is it wrong to file bankruptcy?

James Doan - Monday, August 20, 2012

During the last fifteen years of practicing bankruptcy law in Southern California, I have had hundreds of clients ask me if filing bankruptcy is wrong.  After all, you incurred the debt and spent someone else's money, and now you're using the Federal Courts to step between you and your lender and tell them they don't get paid.  

So is filing bankruptcy wrong?  When I'm asked this question, like a good lawyer, I counter it with another question... Did you intend to wipe this debt out in bankruptcy when you incurred it?

In fifteen years of bankruptcy, I have come across very few individuals who were purposefully abusing the system for pure economic gain.  I sent those guys packing.  Bankruptcy is often the last resort of honest debtors who intended to and had the ability or reasonable expectation of being able to repay a debt when it was incurred.

So, did you intend to stick it to your creditor, or did something else beyond your control cause you to be unable to fulfill your obligations?  Unemployment, divorce, work injury, illness, and other unforeseeable events are usually the superseding intervening causes of most bankruptcy cases filed today.

Our Founding Fathers knew from the Old World that locking someone in jail was not an effective way to deal with their inability to repay debt.  So they came up with Bankruptcy - Chapter 7 debt elimination, and Chapter 13 Bankruptcy - Debt Repayment.  Wipe out your debt forever, or create a reasonable repayment plan according to what you can actually afford.

Ultimately, it is not my job, thank God, to judge the hearts of mankind.  I can usually tell when someone has been negligent or sloppy about managing their finances.  I can often tell when someone struggles with envy or greed by their comments, behavior, and the reasons behind their indebtedness.  I can observe their spending habits by looking at bank statements and check registers.  While we are all called to make judgments every day about actions and things, we must remember to never judge another's heart. Thank God that's His job!

If you are thinking about filing bankruptcy, call Doan Law Group at 888-362-6529.  We'll schedule you a free bankruptcy consultation.  We have several convenient office locations.

Don't let wage garnishments, foreclosures, lawsuits, and nasty creditors ruin your life.

Too Broke to File Bankruptcy

James Doan - Friday, August 17, 2012

The Los Angeles Times tells us this morning that the economy is improving.  Apparently, the U.S. economy rose .4% in July, "providing further evidence of an economy that is regaining some momentum" (emphasis added).  

Further evidence?  I just got off the phone with a sobbing client who couldn't afford to make a payment toward their chapter 7 bankruptcy case.  She was afraid we would close her bankruptcy file.  "I can send you $50.00 this month, or I can buy milk and eggs for my kids."  

"Feed your kids," I told her.  Her husband isn't making the commissions like he used to, and she got laid off from her part-time employment.  She is not alone.  At Doan Law Group, we offer our clients reasonable monthly payment plans for their bankruptcy cases.  Not many are able to spring for all the fees at once, so they can make payments.  Usually, payments are $200 per month.  We have reduced that payment to $100 per month for many of our clients due to their lack of ability to pay even the meager fees involved with a bankruptcy case.

Instead of getting $100 payments, we're getting $20 payments.  We even got a $5 payment this month with a very sad note concerning that particular client's state of economic, and spiritual, affairs.

Is this the further evidence of economic recovery that the Associated Press is referring to?

I used to think that since I am a bankruptcy attorney, and have been for over 15 years, that naturally my paradigm of the world has been influenced by the type of work I do.  I deal with people flat broke, whose last resort is bankruptcy.  I deal with people who were at the top of their game, and are now picking up pennies off the street and taking cans to the recycler.

Outside of the people I meet at work, I hear the same tune; layoffs, unemployment, staff reductions and people looking for work.  Many are leaving the state and moving east, in hopes of reducing their exorbitant Orange County cost of living.

The Associated Press can look at statistics all day long, but at the end of the day, the real measure of the economy can be found in the desperation of dads and moms who are struggling to feed their children, and single folks who are facing foreclosure, wage garnishment, or eviction, and are too broke to file bankruptcy.

Even if you are too broke to file now, Doan Law Group can help you set up a plan to file for bankruptcy relief in the future with reasonable payment plans.  We understand tough times, and we're here to help.

In addition to bankruptcy relief in Orange County and the Inland Empire, Doan Law Group also assists clients with real estate needs, including loan modifications and short sale services.  We are successful in stopping foreclosures and creating workout plans in and out of bankruptcy.

Contact Doan Law Group at 888.DOAN.LAW (888-362-6529) for a free bankruptcy consultation.


NEWS RELEASE: Free Will Takes on New Meaning

James Doan - Thursday, October 13, 2011

Doan Law Firm Offers No-Cost Will with Bankruptcy

In recognition of National Estate Planning Awareness Week (October 17 – 23, 2011) Doan Law Firm is offering a no-cost will to all new bankruptcy clients. FREE WILL promotion terms can be found at www.doanlawfirm.com/freewillpromo.  Also, until the end of 2011, Doan Law Firm is offering 50% off all simple wills, making the most basic estate planning tool available to most everyone. 

According to NAEPC, the National Association of Estate Planners & Councils, estate planning is one of the most overlooked areas of personal financial management. It is estimated that over 120,000,000 Americans do not have up-to-date estate plans to protect themselves and their families in the event of sickness, accidents, or untimely death. The cost in wasted dollars and hours of emotional hardship each year is enormous. All of that can be minimized with proper advanced planning and action.

Estate planning is a very important component of everyone's financial plans, regardless of the size of the estate. It's the only way to control what happens to your assets when you become disabled or pass away.

You can't just talk about estate planning because verbal agreements aren't legal. With the help of an attorney, you need to put your wishes in writing and follow the proper formalities or your documents may not be accepted.

Below are a few tips on how to save time and get your estate planning house in order now and keep it there over your lifetime.

GATHER YOUR PERSONAL & FINANCIAL INFORMATION

List full names, addresses and Social Security numbers for you and your family members. List your assets & liabilities at current values. Gather retirement plans beneficiaries' statements. Identify how you hold title to each asset. Summarize your cash flow. Gather employment benefits statements, life insurance policies, deeds to real property, partnership and business agreements and the last two years of income tax returns. Include divorce papers, premarital agreements, existing estate plan documents & any other such documents. List any questions, concerns and ideas.

WRITE OUT YOUR PERSONAL GOALS

Identify beneficiaries who you want to inherit something from you when you die. Specify how much, what percentage or which specific assets go to each person or charity. Take note of the special needs of any beneficiary, such as a disability preventing work or an inability to manage money, and identify backup beneficiaries in case your first choices do not survive you.  If you don't have strong feelings about individuals, consider selecting a favorite charity or "cause" to be your primary or secondary beneficiary.

Identify guardians of the person to raise your minor children should both you and your spouse die or become incapacitated.  

Identify executor(s) and trustee(s) to carry out your wishes after death. You'll need an executor to administer your will, and if you have trusts, you need to name trustees to manage them.

MEET WITH AN ESTATE PLANNING ATTORNEY

Bring your notes and the information from above when you meet with an attorney. This could save considerable time. Discuss your overall goals and see how they can be met. Your needs may require a simple will, or perhaps a living trust and a durable power of attorney for asset management. Your attorney can help you decide upon what is best to suite your needs.  

AVOID THESE COMMON MISTAKES IN ESTATE PLANNING

ü  Lack of planning.

ü  Unorganized finances.

ü  Not having a will, trusts and durable powers of attorney or advanced health care directive.

ü  Having out-of-date estate plan documents.

ü  Not coordinating life insurance and retirement plan beneficiaries with estate plans.

ü  Not coordinating property title holdings with estate plans.

ü  Not having enough life insurance.

ü  Procrastination.

 

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Doan Law Firm is California’s largest family of attorneys and is dedicated to providing superior legal representation by exercising the highest standards of professionalism while achieving optimal results in resolving our clients' legal issues.  The firm has helped more than 30,000 people regain their financial footing. For more information, contact James P. Doan, Senior Partner at 949-334-5611.

 

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For additional information about Estate Planning, or to schedule an appointment to discuss your estate planning requirements, visit our website at http://www.doanlawfirm.com/estate-planning.html  or call us at 888-DOAN-LAW. That’s 888-362-6529

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