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Posts Tagged ‘Los Angeles Bankruptcy Lawyers’

Ask Doan Law Firm: How Will Bankruptcy Affect My Credit?

Wednesday, December 15th, 2010

For the bulk of people contemplating bankruptcy, their credit has already been severely damaged.  Each creditor reporting negatively every month takes a heavy toll on a credit score.  For clients whose credit score is still standing, they’ve been engaging in expensive juggling that takes a personal toll.

Bankruptcy stops the constant negative reporting so the positive ones can take an effect.  So while it has a dramatic effect, it allows credit to recover.

Once your bankruptcy is discharged, you will immediately be offered low balance secured credit cards.  Using those cards will begin to rack up positive points on your credit.  Also helpful are payments on any house or car you keep through bankruptcy.

After bankruptcy your credit will recover and build much more quickly than when you were just starting out.  FHA regulations permit lending two years after a bankruptcy.  With very little effort, your credit will recover quickly.

Chapter 11, Not Just for Airlines Anymore

Monday, November 1st, 2010

For a business that is profitable, but cannot meet cash flow obligations, Chapter 11 is a lifesaver.  Essentially, in a Chapter 11, the business continues to operate while putting all its creditors on hold via the automatic stay.  Management proposes a plan to reorganize the company and pay its debts.  The court has the power to modify or cancel contracts and leases to make the plan work.

Some say Chapter 11 gives businesses an unfair advantage because the business continues to compete with other companies while getting a pass on debt, but the long and short is that Chapter 11 retains assets and saves jobs.

Chapter 11 isn’t only for businesses, but can work well for individuals.  Chapter 11 is more complicated and expensive than a Chapter 7 or 13, but there some creative things can be done in an 11 that aren’t available in the other 2 chapters.

If you think Chapter 11 might hold the answer for you or your business, call Doan Law Firm for a free consultation today.

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.

Use that tax refund to get rid of your debt once and for all

Wednesday, May 12th, 2010
  • Don’t waste your tax refund chipping away at debt that you’ll never pay off; an early consultation with a Los Angeles or Orange County bankruptcy lawyer could save you thousands.  I feel for my clients, because often I have to regretfully tell them that I could have saved them thousands of dollars if only they had seen me earlier.
  • Let me explain.  Most of my clients are buried under debt, barely skimming by on top of the water and some are already sinking a little.  Yet, many of them have hope that they will somehow double their income, win the lottery, inherit some money, or some other magical feat will occur throwing a bounty of cash into their laps!  But the reality is that when they wake up in the morning, they’re still making the same amount of money, if they’re part of the fortunate few who still have a job these days, and guess what?  Their debt is still there looming and growing ever larger with penalties and interest being piled on each day.
  • If this financial situation is where you find yourself right now and let’s say you’re staring at a tax refund check of $3,000 – you need to think long and hard about how to spend that money.  If you’re thinking about paying each creditor a little bit to get current and stop those harassing phone calls temporarily – ask yourself seriously if it’s going to make a difference in the long run.  Many of my clients come to me with this same exact situation and regret that they didn’t see me earlier, because that hard earned tax refund that they used to get current on their bills was for nothing after they decided that Chapter 7 or Chapter 13 bankruptcy was the best solution to their financial woes.  You see, it doesn’t matter if you have $20,000 in debt or $23,000 in debt, bankruptcy will get wipe away the entire debt.  That extra $3,000 a client used to pay down debt was, for a lack of a better word – pointless.
  • Come make an appointment with our Orange County bankruptcy law firm and we’ll discuss your overall financial situation to see if you qualify for bankruptcy and get rid of that debt once and for all.  The consultation is free and the advice is invaluable.

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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