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Archive for the ‘Bankruptcy News’ Category

Bankruptcy and the Government Shut Down

Thursday, April 7th, 2011

Open for business?

What happens if you’re ready to file Bankruptcy and the Government shuts down? Don’t worry; Bankruptcy cases are filed 24 hours a day, seven days a week, 365 days a year. Thanks to the Bankruptcy Court’s electronic case filing system, not even a shutdown would slow down the filing process. Theoretically, that is. The Bankruptcy Court system uses something called CM/ECF which stands for Case Management / Electronic Case Filing. CM/ECF is a fully computerized case filing and record management system. But in the case of a shutdown, what if the system were to go down? There is no way to say with absolute certainty, but it is very likely that the filing process would progress without a glitch.

Additionally, the Courts recently stated that If Congress is unable to agree on the continued funding of government, the Judiciary is prepared to use non-appropriated fees to keep the courts running for up to two weeks.

So, the next question may be, “What happens if the government files for bankruptcy?” Hmmm, now that’s something we hope never to have to answer.

Nicolas Cage facing foreclosure?

Friday, February 4th, 2011

Star status won’t pay the mortgage or eliminate the need for bankruptcy!

In today’s economy it shouldn’t come as much of a surprise to find celebrities facing financial problems and bankruptcy. But you have to wonder, just how does Nicolas Cage get behind on his mortgage payments? I suppose he does it the same way most Americans do it…just on a larger scale.

According to John Anderson, owner of Twin Oaks Realty in Minneapolis and a National Association of Realtors expert in foreclosures, “There are many among the rich and famous who couldn’t keep up when the rates on their adjustable rate mortgages shot up. Price drops at the high end of the market were so steep that a sale wouldn’t cover the debt. In other words, high-end homeowners face the same problems that plague the rest of us. “

And what can they do about it? They could consider short selling their home(s), and depending upon circumstances, they may consider bankruptcy. Since a Chapter 13 limits secured debt at $1,081,400, some high roller debtors need to consider a Chapter 11, which sometimes referred to as a jumbo 13. Using a Chapter 11, the debtor may be able to keep the house(s) but could conceivably eliminate second, third and even fourth mortgages which is not an option in Chapter 7 cases.

So, what is Mr. Cage’s situation? According to www.money.msn.com in November 2009, Cage lost two New Orleans homes — one in the French Quarter, the other in the Garden District — worth a combined $6.8 million, according to a CNNMoney.com report. Cage was behind $5.5 million in mortgage payments, and he owed $151,730 in property taxes to the city of New Orleans. Regions Bank paid $4.5 million for the properties.

I don’t know about you but it sure makes me feel better about spending $10 to $15 for a movie ticket knowing I can help keep these guys’ homes out of foreclosure. You think we should start a special fund for them? 

Doan Law Firm Offering Free Bankruptcy Legal Advice and Services to Local Residents in Trouble This Holiday Season

Thursday, December 9th, 2010

In the true spirit of Christmas giving, Doan Law Firm, California’s largest family of attorneys, is making a generous offer to its most financially distressed neighbors; free bankruptcy consultations to residents of Orange County, LA County, and the Inland Empire through the end of the year.

In addition to the free consultations, from today through the end of the year, Doan Law Firm will provide complete legal services on a pro-bono basis (free-of-charge) to the first 50 qualified Chapter 7 applicants. Applicants must demonstrate their need for pro-bono services by meeting the qualifications found at www.DoanLawFirm.com/bk_proBono.php.

In an open letter to the Bankruptcy Bar, the United States Bankruptcy Court conveyed that the organizations currently assisting low-income people in bankruptcy are seeing hundreds of families on the brink of foreclosure or in other economic distress. The Court underscored that the number of newly homeless families contacting these groups has also risen and that even a brief consultation with an attorney can make a big difference to a pro se (self-representation) party. It further said that attorney assistance greatly helps the court and other litigants.

For the second year in a row, Greg Doan, the family patriarch and founder of this dad-and-five-sons-firm, took the Court’s message as a call to action, saying, “There are many families in our local communities that struggle just to make ends meet. This isn’t a very ‘merry’ time for a lot of moms and dads, and especially those individuals who have been unemployed for much of 2010. Our family decided to do something special this Christmas season and give back to the community in which we grew up, raised our families, and built our business.”

Clients may request a waiver of the Court’s filing fee if they meet the Court’s qualifications. Doan Law Firm will request a fee waiver from the provider of credit counseling services.

Those interested in pursuing this legal support should visit www.DoanLawFirm.com/bk_proBono.php, complete the short intake form, and schedule a consultation between now and the end of the year. There is no limit to the number of free consultations.

“Few things in life are more rewarding than helping members of our community regain control of their lives and experience a fresh financial start,” Doan said. “We know that bad things happen to good people. In this economy, really bad things have happened to a lot of really good people. It’s our vocation and avocation to help them on a financial path to recovery.”

Number of Bankruptcy Filings Jumps

Monday, October 25th, 2010

The Orange County Register recently reported bankruptcy filings are at their highest rate since October 2005.  Some of you might recognize 2005 as the year massive changes were instituted in the bankruptcy code and the world was beating a path to the bankruptcy court.  As the economic fall-out continues, filings are now at record levels. Bankruptcy filings have increased:

Orange County                                                                 37.2%

Los Angeles County                                                        57.5%

Riverside/San Bernardino County                             32.8%

While these numbers are staggering, they do represent a large number of people taking their financial future into their own hands, gaining a fresh start and a new life without toxic debt.

Sacramento’s Band-Aid

Monday, October 18th, 2010

The state of California has been asleep at the wheel when it comes to dealing with the economic crisis.  It’s understandable since the federal government is snoring in its soup, but Sacramento made a tiny step for mankind this month with SB 931.

SB 931 provides that in a short sale situation, first mortgages cannot later pursue the homeowner for a deficiency.  Wait a minute you ask, isn’t that the whole idea behind a short sale?  Yes, you are correct, but banks have been known to include language in the short sale documents that allows them to resurrect the debt at a later date.  SB 931 lets sleeping short sales lie.

It’s truly a tiny step since the bulk of the issues we see at Doan Law Firm are second mortgages, but it will give great relief and comfort to some former homeowners.

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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