I frequently get asked whether a client can keep a certain credit card during their bankruptcy process. I usually recommend against it, but in some cases it might be worth it. To read more, please click my other blog here. Written by Michael G. Doan
Immediately! Yes, there is no time limit to file, only a time limit between discharges. To read more, please click my other blog article here. Written by Michael G. Doan
Presently before the Ninth Circuit Court of Appeals is whether BAPCPA has eliminated “ride-through” for personal property. In other words, can you continue to keep and maintain your vehicle so long as you maintain the payments as was the case prior to the laws changing? To read more about these new arguments, please click to my BLN blog. Written by Michael G. Doan
Believe it or not, supplying the correct date the debts were incurred is one of the most difficult parts of completing our worksheets by our clients. Yet its not really that hard and a ton of time does not need to be spent on it. For my Bankruptcy Law Network blog on this matter, please click here. Written by Michael G. Doan
Surprisingly, the Chapter 7 Trustee only gets $60 to review and monitor your case. To read more about these fees, please read my Bankruptcy Litigation Network Blog. Written by Michael G. Doan
Most my clients have NO EQUITY in their cars. So why keep the car when you can replace it in many instances with a:
1) A Newer Model
2) A Lower Interest Rate
3) A Lower Monthly Payment
4) No Money Down
5) A Lower Loan Balance
To read more about the ability to replace your vehicle after bankruptcy, please see my other blog article here.
WRitten by Michael G. Doan
Redemption is a method under the Bankruptcy Code that allows you to make a lump sum payment on the car, motorcycle, or other secured asset, and thus pay off the debt entirely. The lump sum payment is typically substantially less than what you presently owe. To read more about this process, please click here. Written by Michael G. Doan
So you provided your attorney your worksheets and documents. Your case is filed now, right? NOT! Its only just begun. You still need to sign off on the final draft. During the signing, you review, analyze, correct, critique, and affirm the 30 to 40 pages, followed by 1 to 3 inches of supporting documents, and which takes 1 to 4 hours.
And it may even get worse! Skip a day and enter the next month, and you need to DO IT ALL OVER AGAIN! :(
To read more about this frusttrating aspect of the new laws, click my blog here.
Written by Michael Doan
For an article I wrote on identity theft arising in the Bankruptcy context, click here. Recently, a local bankruptcy Judge ordered First Future and Keypoint Credit Union to pay sanctions to my client and my firm as a result of their wrongful publication of confidential information of our clients in their proof of claims. Written by Michael G. Doan
I just wrote a two part article on what to expect at your Bankruptcy Hearing in the Southern District of California. For more information, click here to BLN, the LLC I belong to. Written by Michael G. Doan
The Latin words above are confusing, but critical to establishing exactly what a bankruptcy discharge does. To read more about this, please click here to read my recent blog on the issue.
Written by Michael Doan
This is usually the toughest question to ask and answer. Please click here to read my article on why and then the Top 5 Reasons to file for Bankruptcy Protection. Written by Michael Doan
Its still a problem. Lenders trying to foreclosure must prove they have the ability to foreclose. They must have the rights to foreclose. But who really is the lender and has these rights? Read the rest of this entry »
In California, its not uncommon to stay in a home for up to a year that is being surrendured in bankruptcy. Additionally, by employing state law litigation this time period may be extended substantially longer! For more information, please see my post on the Bankruptcy Law Network.Written by Michael Doan
Central to the mortgage bailout plan is the refinance of adjustable rate mortgages to fixed rate mortgages. There is even a plan to nearly double the “conforming” loan limit to help jumbo mortgages refinance. But before you jump in, make sure you are not making the California Refinance mistake. Read the rest of this entry »
Good question. Bankruptcy eliminates your personal liability. When you surrender real estate, there is absolutely no reason for any bills or balance being reported on your credit report! You can read more about this at the Blog I posted at Bankruptcy Law Network. Written by Michael G. Doan
GMAC tried to charge my client $359.50 during his Chapter 13 Bankruptcy Case. This was a secret fee they never disclosed to the court! You can read more about this in the Blog I posted at Bankruptcy Law Network. Written by Michael G. Doan
Probably the most commonly asked question during my bankruptcy consultations is “what happens to my credit score if I file bankruptcy?” As you can probably already guess from reading my other blogs, the answer is “it depends.” Read the rest of this entry »
All the time, my clients tell me that they are receiving calls and letters from people promising them that they can save their house. Other than solicitations from attorneys specializing in this area and/or bankruptcy protection, most of these solicitations are SCAMS! Read the rest of this entry »
In another blog article, I talk about claims abuses arising from debt scavengers in Chapter 13 cases. This blog will further explain the roots of these abuses. Read the rest of this entry »
In another Blog post, I talk about the recent Supreme Court Case of Travelers. That case may well open the doors to using non-bankruptcy laws to defeat proof of claims filed in Chapter 13 cases. Read the rest of this entry »
HR 3648 is a Xmas gift. Just passed by Congress it will fix part of the mortgage tax problem, retroactive to January 1, 2007. But the part of the problem it does not fix will leave many California families and investors with the same nasty problem. Prior to this law, some homeowners and investors that had their homes foreclosed, or sold them short, were taxed on the amount of their mortgages that were not covered by sale proceeds, but where the debt had been cancelled by agreement with the lender or by operation of law (see my previous article on the California Rules.) Read the rest of this entry »
As usual, the Attorney always will say “it depends.” But yes, it is possible. It all depends on the type of debt you have. Generally speaking, debts scheduled in bankruptcy proceedings are either considered consumer debts or non-consumer debts. If you can prove more than ½ your debts are non-consumer debts, it doesn’t matter how much you make! Read the rest of this entry »
Frequently, cases in bankruptcy are converted from one chapter to another. Most commonly, is the conversion from Chapter 13 to Chapter 7. More and more chapter 13 cases are converting as a result of debtors realizing that it simply makes no economic sense to save their home in Chapter 13 in light of the deflating real estate market. Read the rest of this entry »
Probably because they are the most financially distressed auto lenders out there. They are on the brink of Bankruptcy, and unless they take agressive measures, it may be the end. Please see the following articles which just came out: Read the rest of this entry »
Maybe. It all depends on whether there is an enforceable security agreement between you and the lender concerning the collateral. In most cases, either the security agreement is not enforceable, and even if enforceable, it is simply not economically viable to repossess the assets and make a profit. Read the rest of this entry »
Before the new Bankruptcy Laws changed, most people throughout the United States were able to keep their vehicles when they filed a bankruptcy as long as they continued making their monthly car payments. A reaffirmation agreement was not necessary. But when the new Bankruptcy Laws went into effect on October 17, 2005, many car creditors took the position that they could now repossess your car if you filed a bankruptcy, even if you were up to date on the payments and wanted to keep it. Read the rest of this entry »
I give up. I throw in the Towel. I am joining the other side. After all, if you can’t beat them, join them. My new company will be called Legitimate Claim Funding LLC, or LCF LLC for short. Its sole purpose will be to submit claims in Chapter 13 bankruptcy cases. If Round Up Funding LLC can do it, then so can LCF LLC. Read the rest of this entry »
My last article laid out the framework for the bankruptcy real estate cocktail. This article will attempt to predict how that cocktail will be served and its ramifications. Remember, this recipe for disaster requires two things: a “Non-Perfected” Mortgage and a Bankruptcy.
There are many bright Real Estate Attorneys out there. Likewise, there are many bright Bankruptcy Attorneys out there. But I don’t think there are that many bright Bankruptcy Real Estate Attorneys out there. And the few that do exist…..well, I don’t think they worked for the Mortgage Companies. Why? Well if they did, the transfer of loans would not have existed the way that did for the past several years. Read the rest of this entry »
By Shawn Doan,
One of the most frequent questions I get from clients is “If I file Chapter 7 bankruptcy won’t they take my car?” Virtually everyone who asks me this question gets the same monotonous blurted out response, “Do you want to keep your car? Then you will.” When people want to keep their cars, they usually do. Only in the rarest occasions will someone lose their car involuntarily.
Yes. With the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a new filing fee waiver was instituted for certain individuals with low income. A special form needs to be filled out. If your income is less than 150% of the poverty level and you are unable to pay in installments, then the fee may be waived. But it gets even better. Your attorney fees may be totally reimbursed as well! Read the rest of this entry »
Generally, reporting a balance influences the debt to credit ratio, which typically amounts to 1/3 of what your credit score is based upon. While many creditors try to argue that they are simply reporting truthful information of what they are owed and what remains on their books, they entirely miss the boat. Read the rest of this entry »
Unfortunately, many people receive their credit reports after filing bankruptcy and obtaining a discharge, only to find that creditors continue to report a balance due, payments are late, or other false information. Such reporting has no legal basis pursuant to state law, federal law, Federal Trade Commission commentary, credit reporting industry standards, debt collector trade organization standards, or other laws. Read the rest of this entry »
This question has been bouncing around in my head for the last six months. The question stems from the problem most underwater California homeowners have: they are personally liable for their second mortgages because they are not PURCHASE MONEY LOANS. They want to let it go in foreclosure, but they will be liable to the second mortgage company for any deficiency after the foreclosure sale.
The California Rules or “So What Happens If I Let My California House Go Back To The Bank?”
I get this question a lot. The answer is, IT DEPENDS. That’s a slimy lawyer’s response (someone called me that yesterday) but the outcome in your situation could be:
1. You still owe the bank a big slug of money;
2. You have a big income tax bill with no cash to pay it;
3. You owe the bank a big slug of money and you have a big tax bill ; or
4. You owe the bank nothing and you do not have a tax bill.