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Doan Law Firm, LLP - California's Largest Family Of Attorneys
Doan Law Firm, LLP Newsletter
Volume 1.2- October 2010

autumn


Welcome to the Autumn Edition of the Doan Law firm Newsletter!
 

We hope you enjoy this newsletter and find the contents interesting, understandable, and relevant...especially if you are on a critical financial path and looking for help. 


If you'd like to stay a little more closely connected, you can subscribe to our Bankruptcy Blog or find us on Facebook and Twitter. We post new videos, articles and newsworthy events there as well as on our Website.

Contact Us Anytime!
1.888.DOAN.LAW
1.888.362.6529
IN THIS ISSUE
News You Can Use
Did You Know?
The Doan Difference - A True Story
The 48 Year Credit Card Hamster Wheel
Sleep Peacefully Tonight
Financial Funny Bone
Awesome Resources
QUICK LINKS
DLF @ Twitter!DLF @ Facebook!VIRTUAL ATTORNEYS
News You Can Use...
...and a New Word for Your Vocabulary: Debtpidemic


Uncle SamOn August 29, we published a full page advertorial in the Orange County Register and subsequently bought comparable space in the Press Enterprise to inform their readers and our community about the our economy in simple terms. Through a few well crafted articles, interesting data and several great YouTube and website reference points, we explained how our country got into this mess; told readers what banks don't want you to know; and made a persuasive argument that filing for bankruptcy is your patriotic duty. But above it all...literally as well as figuratively...James Doan coined a new word: Debtpidemic�. We define a debtpidemic as a rapid spread or increase in the occurrence of toxic debt, affecting individuals, corporations, as well as local, state, and national governments.

 


Debtpidemic [det-pi-dem-ik] - noun a rapid spread or increase in the occurrence of toxic debt, piggy bankaffecting individuals, corporations, as well as local, state and national governments:  Doan Law Firm has officially declared a debtpidemic.

Our collective debt load has reached such a level that we need a new word to describe it.  We propose "debtpidemic".  The pivotal concept behind this newly coined word is that an epidemic changes the lives of everyone in a society whether they are infected or not.  At this point in our history, national and personal debt is taking a heavy toll on our families, friends and loved ones.


Imagine if the bubonic plague swept our great land.  It would command our instant attention.  Each of us would ...


CLICK HERE TO READ THE FULL STORY ALONG WITH OTHER POWERFUL CONTENT ON OUR WEBSITE

The Doan Difference - A True Story

As Marketing Director, I receive considerable feedback from our clients. Nothing is more heartening than to receive an unsolicited testimonial like the following story. This exemplifies the effect of what we call the Doan Difference™, a philosophical and practical approach to treating every client as if we were one. For more information on the Doan Difference, contact me for a copy of our brochure. Hank@DoanLawFirm.com.


"I was given your name as the contact at Doan Law Firm to write a THANK YOU letter for the AMAZING legal assistance your firm gave to me during my recent Chapter 13 Bankruptcy filing proceedings. In 2005, I was a real estate millionaire. In 2010, I was in need of filing Chapter 13 due to several real estate related debts after the collapse of the real estate market.


It took me at least a year to finally make the decision to file bankruptcy...and I wish I hadn't waited so long. I was originally intending to file Chapter 7. However, one of your team members, Brian, whom I met in Santa Ana, really cared about my situation and gave me such sound advice that not only was I able to keep my existing residence, but he informed me that if I filed Chapter 13, there would be a way to remove the 2nd trust deed loan on my primary residence as well as unsecured debt. I thought it was too good to be true but everything he told me was fact.


I had a pending wage garnishment that was about to happen, so your team, Brian and Alicia, went into immediate action and filed an emergency bankruptcy action...which stopped the wage garnishment. Then Jay got involved and worked up my financial profile...represented me to the Chapter 13 trustee with finesse and style...and now all that is left is the creditor meeting, and in 5 years, I will be done making payments to the court and this whole nightmare will be behind me.

Now that you know my story, the purpose of writing this e-mail is to personally thank your firm for hiring the caliber of professionals you do. Here are the attributes I would describe Brian, Alicia and Jay:


  1. Extremely Responsive to their clients: They keep clients informed and respond back to clients at lightning speeds. I never had to worry about getting a prompt response from any of them.
  2. Precision in Communication: They listened to my questions/concerns with caring/compassion and answered all my questions to my complete satisfaction. They did NOT try to pacify me or blow me off...but answered every question I had with an answer - NOT with another question or with "smoke and mirrors". If there was a deadline I needed to meet, I knew what that deadline was in enough time to complete the task. There were no 'emergencies' that I had to handle at the last minute.
  3. Accurate Advice: I felt that I could 'trust' the advice I received from employees at Doan Law Firm. Brian and Jay had given me accurate legal advice and had gained my respect and trust (which is not an easy thing to do)."
  4. Given me my Life back: I am now able to answer my own telephone without the fear of harassment by a debt collector. I owe this privilege to the excellent work of Brian, Alicia and Jay at the Doan Law Firm and the wonderful assistance they gave to me during this entire process.

Please feel free to use me as a reference at any time for future client referrals. A job well done deserves recognition and future business through referrals."


- Leta Johnson

The 48 Year Credit Card Hamster Wheel 
Many clients come into our office exhausted. They've been running on a hamster wheel trying to keep their credit cards happy with a minimum payment each month. They've pulled money from every possible source, extra jobs, kids' college funds, their 401K, and even other credit cards.

Despite running for years, they've gained no traction. They are in fact further behind than when they started and they're saying "uncle". Only a farfetched lotto win will bring the upturn they need because it takes 48 YEARS to pay off a $15,000 credit card paying the minimum monthly payment! Imagine you're 30, part of a young family, ferrying kids to soccer practive. You will be writing the very same check as you bounce your grandchildren on your knee.

It's our desire to help people get on the upswing without years of heartache and struggle. If you haven't already, see how bankruptcy can rid you of your financial concrete boots.
Did You Know? 

The following information was broadcast by NBC Nightly News on September 16, 2010:

 

In 2009, 14.3% of our nation was below the poverty line defined as less than $22,000 for a family of four.

  • That's 43.5 million people or 1 in 7
  • 25% of African Americans; 25% of Hispanics
  • 1 in 5 or 20% of all children fall into this poverty category

According to Realty Trac, a housing research firm, foreclosures spiked in August of this year with banks seizing 95,364 homes. Foreclosures were up 25 % from August 2009 and at their highest level since the company started tracking this data in 2005.


poor directionsAnd, most incredible is the fact the recession is finally over. In fact, it has been since June of last year. At least, that's what we've been told the by National Bureau of Economic Research. The Great Recession, the longest and deepest business contraction since World War II, technically ended in June 2009. After reviewing the data above, I can only assume that many of us must have been in a coma last June. How else could we have missed such a major economic shift? It's still difficult at best to understand. Here in California, 1 in 4 homes are in foreclosure and our unemployment rate is north of 12%

Recession Note

Oh, and by the way, in 2009, the same year they claim that the Great Recession ended, more than 1.4 million Americans filed for bankruptcy, a 32% increase from 2008. As we enter the 4th quarter of 2010 it appears that we'll dwarf 2009 filings.
Sleep Peacefully Tonight... In Your Own Home

Sinking HouseA common question we often hear is, "Can I keep my house in bankruptcy?" As with most bankruptcy questions, the answer is a hearty, "it depends".  So, let's narrow it down a bit.


The day you file a Chapter 7 bankruptcy, you receive an automatic stay.  The automatic stay prevents any creditor from taking any action against you.  This means your mortgage company, cannot foreclose no matter where they were in the process.  In your bankruptcy petition (paperwork) you indicate if you plan to surrender the home or keep it.  In bankruptcy, the general rule is if you keep the asset you keep the debt.


If you are current on your mortgage payments, you can continue to make those payments and take the house through the bankruptcy, paying all the way.  If you are not current, you need a plan that will get you current.  The key is usually in the automatic stay.  As we mentioned, when you file, every one of your creditors must stop all collection action.  You won't be paying your credit cards and wage garnishments and bank levies will stop.  That can give you just the breathing room you need to catch-up your home.  Some clients borrow the back amount from a family member or friend.  If the house makes sense once you jettison all the other debt, it can be a good idea to borrow to catch up the back payments.


The reason you need a plan for bringing your house current and a time frame on the plan is that the bank can potentially file a Motion for Relief from Stay.  When you file bankruptcy, the bank has two options, (i) wait for the bankruptcy to be complete and proceed with the foreclosure; or (ii) file a Motion for Relief from Stay asking the court to allow them to proceed with the foreclosure.  There's no way to predict which path the bank will take.  On one hand, if you're not going to bring the house current, the bank wants the property.  On the other hand, it will take about 2 months for the court to hear a Motion for Relief from Stay and the bank knows the bankruptcy will be complete in about 6 months.  A Motion for Relief from Stay costs the bank attorney and filing fees, so they may decide to wait.


Another important thing to note at this juncture is that if you keep the asset (house) and keep the debt (mortgage), you keep the debt as it is.  The bankruptcy court doesn't have the power to modify a home loan.  There's been some discussion among the powers-that-be about grating the court that power, but for now they don't have it.  If you keep the house, it will be with the current mortgage.  You do still, however, have the right to continue to engage in any loan modification discussions with the bank.


Read more about this topic at our bankruptcy blog!
 
Financial Funny Bone

John Paul Getty: If you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the bank's problem.


A preacher went into his church and he was praying to God. While he was praying, he asked God, "How long is 10 million years to you?" God replied, "1 second." The next day the preacher asked God, "God, how much is 10 million dollars to you?" And God replied, "A penny." Then finally the next day the preacher asked God, "God, can I have one of your pennies?" And God replied, "Just wait a sec."

 
Awesome Resources

Virtual Attorney™ is a unique series of short videos that educate, entertain, and gently guide you through the bankruptcy process.


Virtual Attorney Logo


REAL TIME U.S. FINANCIAL STATEMENT

www.usdebtclock.org illustrates the debt and true financial condition of our country on a continuous basis. this is a most amazing clock for Americans and the world to watch.

 

US Debt Clock

 

HOUSE OF CARDS

www.crisisofcredit.com distills the core of our economic crisis into a short and simple story by transforming a complex subject into something easy to understand.


 
Here's a Bankruptcy Buck for you or a friend... good for $100 off total fees!
Bankruptcy Buck front
Terms of Use:

This coupon must be presented at time of initial consultation.

Consulting attorney will reduce total fee by $100 at the time of retainer.

Cannot be used as part of the minimum $200 retainer fee.
 
Cannot be used with any other offer.
 







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