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Posts Tagged ‘los angeles bankruptcy attorneys’

The best form of Loan Modification may not be a Loan Modification at all! Part 1 of 2: Chapter 11 & 13 Bankruptcies

Thursday, May 12th, 2011

In California, consumer bankruptcies rose 25% in 2010 and were up 9% nationwide. There were 24,117 consumer bankruptcy filings here in the Santa Ana division of the Central District of California…and that was just in the first quarter of 2010! The majority of those were Chapter 7 filings to liquidate assets and eliminate unsecured debts.

What should be of great interest, especially here in South Orange County is the growth seen in Chapter 13 and consumer Chapter 11 bankruptcy filings. In both of these, the consumers typically are able to keep their homes, eliminate their junior mortgages (i.e. 2nd, 3rd, and 4th mortgages) entirely, and even reduce the amount owed on other secured debts. When an individual does not qualify for Chapter 13, they often consider a Chapter 11 bankruptcy.  For example, if a debtor’s secured debt exceeds $1,081,000 and/or combined unsecured debt exceeds $360,475, and the debtor wishes to keep delinquent assets, the only viable bankruptcy recourse would be to file for Chapter 11 bankruptcy protection.

To read the full story click here

Is There Credit After Bankruptcy?

Saturday, February 19th, 2011

The simple answer is yes. More importantly, your financial health after bankruptcy can be better than ever! If you have been shying away from bankruptcy, thinking that it would permanently destroy your credit, think again. Making late payments and missing payments will adversely affect your credit rating, pulling you into a downward spiral. All that does is extend the pain and suffering. By eliminating your toxic debt through bankruptcy, you are able to immediately begin a process of reestablishing and improving your credit. Some of our clients have seen their FICO score rise well above 700 in only two years. Since you won’t be able to have your debt discharged again for at least 8 years, you become a very good credit risk and will begin receiving credit card offers only days after your discharge.

Doan Law Firm understands your concerns and your need to get back on track rebuilding your financial health.  Our team can help you get there.

Declaring bankruptcy is often the first step and best way to begin rebuilding your credit score and improving your financial health. Your lowest score will be the day you decide to file. Your financial rehabilitation program begins the moment you file with the U.S. Bankruptcy Court.

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.

What if I don’t qualify for bankruptcy?

Wednesday, October 27th, 2010

Bankruptcy laws are very specific and there are some people in need of relief that don’t fall into the parameters.  They may have too much cash, have received an inheritance or have too much equity in a home but at the same time have overwhelming business or personal debts.

Doan Law Firm can help those clients negotiate their debt down to pennies on the dollar.  We have a team of professional negotiators able to whittle down the debt to the lowest possible amount.  In addition, our negotiators have a special inducement for the creditors – we are California’s largest family of bankruptcy attorneys and we stand ready to file a bankruptcy in which the creditor will receive nothing.  Pennies on the dollar today is much better than nothing tomorrow.  Even the most thick-headed creditor understands that new math.

The 48 Year Credit Card Hamster Wheel

Monday, August 23rd, 2010

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 practice.  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.  See how bankruptcy can rid you of your financial concrete boots.

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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 95075
    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