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Posts Tagged ‘Los Angeles Bankruptcy Law’

Second Mortgage Shuffle

Wednesday, November 17th, 2010

Bankruptcy contains a little bit of magic in the form of a second mortgage lien strip.  If you qualify, the bankruptcy laws allow you to keep your home with just the first mortgage.  The second mortgage payment hits the garbage bin.  We have seen seconds of over $250,000 stripped away inside a Chapter 13.  The simple criteria are that (i) your house is upside down taking into account just the first mortgage; and (ii) you have steady sufficient income.

Contact Doan Law Firm to see if a mortgage lien strip is in your future.

Colonoscopy Without Anesthesia

Wednesday, August 11th, 2010

A woman walked into my office today and told me she’d would rather get a colonoscopy without anesthesia than come see me.  With a different client last week it was a mammogram, the week before a root canal.  I try not to be insulted; after all, I’ve told my dentist much the same thing.  I’m happy to see him at church over a donut, but much less glad to see him in his white jacket and giant light-up headgear on a Tuesday afternoon.

Part of my job as a bankruptcy attorney is to take my clients from where they are now – scared, angry, frustrated and out of options – and to shed light on the situation.  Most of the time, reality is much better than they believed.  Sometimes it’s worse, but there’s nothing worse than not knowing.  Waiting for the other shoe to drop is paralyzing when you don’t know if it’s a satin slipper or a steel-toed work boot.

Every meeting ends with a go-forward plan.  Each person to walk out of my office has clarity on their particular situation with all its variables, the next step and, most importantly, the big picture.  It’s always –I say always without hesitation – always, better than a colonoscopy without anesthesia.

Credit Card WHYs

Thursday, August 5th, 2010

I’ve been asked more than once WHY credit cards do what they do.

  • Why do they raise interest rates on clients that have been paying faithfully for years?
  • Why won’t they work with me?
  • Why do they call me every 3 minutes when I’ve paid all I can?
  • Why do they send my dead dog credit card offers?
  • Why are they sending me new card offers in the mail when they know I can’t pay?

After meeting with literally tens of thousands of clients as a bankruptcy law firm, putting together our over 200 years of bankruptcy law experience and reading voraciously on the subject, our answer to WHY is:  We have no idea.

If the credit card companies asked our opinion, we’d tell them that many people would eat cat food to be able to pay them if only they’d stop raising the rate and minimum payment.  Every one of our bankruptcy attorneys would tell them  if they worked with their customers in these tough economic times it would be a win-win .  We’d tell them that the multi-million dollar bailout of our tax money means they have a moral obligation to work toward a solution for customers that have lost jobs, suffered a medical or family crisis.  Our pleas fall on deaf corporate ears.

If credit card companies acted responsibly and not like 3-year-olds in a sand box with only one shovel, we could perhaps guess the answer to WHY.  Until then, bankruptcy remains a very viable and wise response to out of control credit card companies.

You Should Consider Bankruptcy if… (Part 1 of 2)

Wednesday, July 14th, 2010

-  You’re receiving harassing phone calls from creditors. Your creditors will be the first to tip you off that you’re heading down a financial slippery slope.  In the good old days, you never heard from a credit card company unless they wanted to sell you life insurance that covers you in the event you are eaten by a great white (for a low $3.99 a month).  If your creditors are calling for purposes other than offering shark bite insurance, you know things are getting out of control.  If you know them by name, that’s an extra tip off.

-  You are served a summons. A lawsuit is the next step after telephone calls and a lawsuit starts with service of a summons to an Orange County bankruptcy or Los Angeles bankruptcy court.  The creditor will receive a judgment since you owe the money and use it as the foundation of a myriad of collection actions like wage garnishments, bank levies, and liens.  Take a summons very seriously because it’s a large, unmistakable sign that your creditors are very serious about pursuing you; it’s the glint of the shark’s teeth.

-  Your car’s been repossessed or your home foreclosed. For most people, the two most important items are shelter and wheels.  When you lose your home or your car, you know it’s time to take action and call an Orange County bankruptcy attorney.   In addition to losing the car and house, your creditor can receive a judgment against you for the difference between what you owed the creditor and what they received when they sold the item.  Also, repossessions and foreclosures do not happen in a vacuum so generally there other significant financial issues that need to be addressed so you can move forward and prosper.

Straight From the Good Professor; Bankruptcy Filings Should be 15 Times Higher

Tuesday, June 29th, 2010

“A much higher fraction of U.S. households would benefit financially from bankruptcy than actually file.  While the current bankruptcy rate is about 1% of households each year, I calculate that at least 15% of households would benefit financially from filing…[emphasis added]”

This quote is the first sentence of Professor Michelle J. White’s paper, Why Don’t More Households File for Bankruptcy? published in the Journal of Law, Economics, and Organization. Professor White substantiates her claim with specific research and statistics over the next 28 pages.  Professor White’s scholarly background is impressive.  She is a Professor of Economics at University of California, San Diego and a former faculty member of the University of Pennsylvania, New York University and the University of Michigan.  She has been a visiting professor at Yale, Wisconsin, Chicago, and Tilburg and a visiting scholar at Harvard Law School, Berkeley, the Hebrew University, Copenhagen Business School, and the Universities of Bonn, Tel Aviv, Uppsala, and Munich.  Professor White was also a Fulbright Scholar at the University of Warsaw.

Are you part of the lost 14%?  Time to call an Orange County bankruptcy lawyer.

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    Laguna Hills Bankruptcy
    25401 Cabot Rd.
    Suite 113
    Laguna Hills, CA 92653
    Call 888-362-6529

    Santa Ana Bankruptcy
    930 West Seventeenth St.
    Suite C
    Santa Ana, CA 92706
    Call 714-795-3536

    Corona Bankruptcy
    1411 Rimpau Ave.
    Suite 108
    Corona, CA 92879
    Call 909-708-4597

    Moreno Valley Bankruptcy
    24490 Sunnymead Blvd.
    Suite 101
    Moreno Valley, CA 92553
    Call 951-579-4756

    Watsonville Bankruptcy
    444 Airport Blvd.
    Suite 109
    Watsonville, CA 95076
    Call 888-362-6529

    Oceanside Bankruptcy
    1930 S Coast Hwy
    Suite 206
    Oceanside, CA 92054
    Call 760-450-3333

    Chula Vista Bankruptcy
    333 H Street
    Suite 5000
    Chula Vista, CA 91910
    Call 619-500-6535

    Escondido Bankruptcy
    320 East 2nd Ave.
    Suite 108
    Escondido, CA 92025
    Call 760-746-4476

    La Mesa Bankruptcy
    4817 Palm Ave.
    Suite I
    La Mesa, CA 91942
    Call 619-462-362

    San Diego Bankruptcy
    185 West F St
    Suite 100
    San Diego, CA 92101
    Call 619-234-3626