DISCLOSE, DISCLOSE, DISCLOSE. These are probably the most important three words in Bankruptcy.  All too often debtors negligently, and sometimes intentionally, fail to disclose all assets and debts.  Not only does this result in a federal crime subject to fine and imprisonment and technically remove your ownership of such assets, but it may also result in the non-issuance or revocation of your discharge.  Disclosure also requires complete transparency with your finances.  As such, “due diligence” documents are required in the Southern District of California Bankruptcy Courts.  Failure to supply all documents will result in your case not being filed, continuances, and/or denial of discharge as well.  To read more about disclosures and due diligence documents, please click my National Blog Here.

Written by Michael G. Doan

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In a disappointing decision, the Ninth Circuit has ruled against “Ride Thru” for debtors that do not execute reaffirmation agreements.  While the Doan Law Firm is generally opposed to reaffirmation agreements in most cases, the following exceptions will generally apply:

1) There is equity in the vehicle

2) Creditor agrees to reduce principal, interest, and/or payments

3) There are no other means of transportation

If you feel you qualify for a reaffirmation agreement, please contact your filing attorney for further discussion. To read more about this recent Ninth Circuit decision, please click my National Blog Here.

Written by Michael G. Doan

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Often times, client are unaware that their car is secured not only by the vehicle debt, but also credit cards and other personal loans.  This is very frequent with credit unions.  To read more about such clauses and what you can do about them, please click my National Blog Here.

Written by Michael G. Doan

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So you received a motion for relief of stay in your chapter 13 case.  What next?  Can you get current in a reasonable amount of time and was the setback only temporary?  If so, the negotiation of an Adequate Protection Order (”APO”) might be just what you need.  To read more about APO’s, please click my National Blog Here.

Written by Michael G. Doan 

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So you got divorced and the property distribution was less than fair.  Will this be a problem in the bankruptcy?  Probably not!  Unless there is “extrinsic fraud,” the bankruptcy trustee will be unable to undue the inequitable divorce settlement.  To read more, please click my National Blog Here.

Written by Michael G. Doan 

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Despite the Trustees, Creditors, and Courts making it very difficult to seek chapter 13 relief, Congress seems to have provided one more reason to seek chapter 7 relief instead of chapter 13 relief: Debt Limits.  Thats right. Unless you qualify within the debt limits, you are prohibited from filing for chapter 13 relief to save your home and should seek chapter 7 relief instead. Ironically, Bankruptcy Laws are now promoting foreclosure rather than saving homes like they use to.  To read more, please click my National Blog Here.

Written by Michael G. Doan 

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Recently, the San Diego Bankruptcy Court allowed debtors with income of $14,500 per month and over $8000.00 in housing expenses related to their “McMansion” to receive a chapter 7 discharge. To read more about this amazing result and see if you qualify, please visit my National Blog here.

Written by Michael G. Doan 

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The new bankruptcy laws that passed in October, 2005, have created an exception to discharge of HOA fees that accrue after the bankruptcy case is filed until the title and possession of the property transfers.  While its tough to escape this liability, there are ways to minimize its effects.  To read more, please click my National Blog here.

Written by Michael G. Doan 

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If you are a client of one of the San Diego Offices of Doan Law, please take note that the Firm will help in the surrender of your vehicle, but only if the Lender refuses to pick up the same.  As a general rule and when you no longer desire possession of the vehicle, simply contact the lender and request they immediatley pick up the vehicle. (more…)

In a crushing blow, the Cramdown legislation advocated by the Obama administration which would allow Bankruptcy Judges to modify mortgages in Bankruptcy has been voted against.  This legislation would have reduced principal balances to fair market value, lowered interest rates, amortized the loan over 40 years, and reduced payments.  Despite the measure failing, the Obama administration has been silent.  Indeed, it was also silent and stopped advocating for bankruptcy legislation in the days leading up to the vote when it appeared likely of not passing.  To read more about the failed legislation, click here. Debtors from here on out will either need to walk from their homes or obtain modification of their loans at their lenders’ discretion.  Alternatively, they might try to sue their lenders, but California Courts have been very hostile to most lawsuits in this regard.

Written by Michael G. Doan 

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If you are filing for bankruptcy protection, it generally never makes any sense to proceed with a short sale on your real estate for at least 5 reason. To read more, please click my National Blog here.

Written by Michael G. Doan 

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New Bankruptcy Laws may soon go into effect to provide much needed and over due relief for San Diegan’s upside down on their residences.  Last week, legislation cleared the House and is on its way to the Senate. To read more about this and how it may play out for a typical homeowner in San Diego, please click my National Blog here.

Written by Michael G. Doan 

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While most foreclosures result in the inability to pursue the borrower due to the creation of a non-recourse debt, there are some exceptions and issues that arise. For more information on whether you can be sued for any deficiency, please click my National Blog here. (more…)

It looks like the “Cram Down” Bankruptcy Reform will not be part of the economic stimulas package presently before Congress.  But good news, is that President Obama will push for the Cram Down soon thereafter.  Per a recent email I just received:

I wanted to keep you in the loop on judicial modification, one of our legislative priorities.  As some of you may already know, the judicial modification of mortgages legislation (S. 61 by Durbin, HR 200 by Conyers et al, and HR 225 by Brad Miller et al.) will NOT be part of the economic recovery package now under consideration in the House and Senate.  My understanding, confirmed by  reporting on the same, is that President Obama in a meeting on Friday specifically asked Democratic leaders not to include it in the package as he seeks to build Republican support for the recovery package.  The good news is that in the same meeting President Obama reaffirmed his support for the legislation and said that the Administration will look for a quick moving vehicle to which the legislation would be attached.  Among other possibilities is the 2009 omnibus appropriations bill, which congressional leaders hope to pass in the short term.  We will keep you posted on new developments in this regard.

In the meantime, the House Judiciary Committee is marking up H.R. 200 at 1 p.m. today.  Chairman Conyers will offer a manager’s amendment at that time that will include language reflecting the agreement reached with Citi.

Written by Michael G. Doan 

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All too often people fail to understand how powerful a chapter 13 is when it comes to saving your home from foreclosure.  To read more on how you can save your home with this powerful chapter of the Bankruptcy Code, please click my National Blog here.

Written by Michael G. Doan 

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Most courts routinely grant relief of stay with little showing by the moving party.  Nevertheless, all parties requesting relief of stay should be required to meet both the substantive and procedural requirements in moving for relief of stay.  To read more about these requirements, please click my National Blog here.

Written by Michael G. Doan 

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Over the past two weeks, new legislation has been introduced into both the Senate and House which would allow mortgages to be modified on personal residences.  Such new sweeping bankruptcy reform would drastically change current laws which presently only provide for modification of junior mortgages.  To read more about this new legislation, please click my National Blog here.

Written by Michael G. Doan 

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I get this question all the time from clients.  ”I received my discharge 3 months ago and am still getting billing statements from my lender. Why?”

Well, the answer lies in new 11 USC 524(j).  To read more, please click my National Blog here.

Written by Michael G. Doan 

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Doan Law Firm generally never reaffirms real estate loans since the laws do not require such in order to keep your home.  The only exception might be if the Lender offers a reaffirmation agreement which is in effect a modified loan agreement where payments, interest, and principal balances are reduced.  To read more about reaffirmation agreements on real estate loans, please click my National Blog here.

Written by Michael G. Doan

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My clients are always concerned whether they will lose their retirement plan in bankruptcy.  Over the past 15 years, I have only had one client with this problem, and she settled with the trustee, thus keeping 90% of her plan.  Notwithstanding, that case was prior to 2005.  The new bankruptcy laws in 2005 would have protected her since most retirement plans under those laws are now untouchable up to $1,095,000 per person.  To read more on the protections of retirement plans in bankruptcy, please click my National Blog here.

Written by Michael G. Doan

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The Local Bankruptcy Court recently confirmed in one its tentative rulings that Orders stripping off wholly unsecured junior liens from residential real estate can take place as early as the confirmation date, and that waiting until discharge or plan completion is not necessary.

To read more about this topic, please click my National Blog here.

Written by Michael G. Doan

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In our clients’ case, Judge Adler recently ruled that lien stripping may now take place by plan confirmation.  This decision will save debtors thousands of dollars and tons of time!  To read more, please click my National Blog here.

Written by Michael G. Doan

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A non-judicial foreclosure will now require an additional step for most foreclosures in the State of California commencing September 6, 2008.  This new requirement, under California Civil Code 2923.5, lengthens the foreclosure process by 30 to 45 days, and may even invalidate many foreclosures unless the lender strictly complies. To read more about it, please click my National Blog here.

Written by Michael G. Doan

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It seems like every day a client asks our firm to sign off on a reaffirmation agreement to keep their car, despite our firm previously telling them that such an agreement is usually never in their best interest.  The Bankruptcy Courts disapprove over 1/2 these agreements! To read more about better alternatives like www.replacevehicle.com, please click my nation blog here. Written by Michael G. Doan 

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Clients frequently ask this question, and rightfully so.  In a nutshell, the insurance protects the debtor, the bankruptcy estate, and the bankruptcy trustee.  To read more, click my national blog here. Written by Michael G. Doan 

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Click here to read my blog on the amazing effects of chapter 13 under Title 11 in today’s Economy! Written by Michael G. Doan 

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To see if you qualify to remove your second mortgage from your house, answer the following questions:  

1) Is the value of your house less than or equal to the amount you owe on the first mortgage?

2) Is your total secured debt(mortgages and auto liens) less than $1,010,650.00?

3) Is the total of all your other unsecured debt less than $336,900.00?

4) Do you have income?  

If you answered yes to all four, you can remove your second mortgage!  To read more, please click my other blog here. 

Written by Michael G. Doan 

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Dont walk from your house yet!  Did you know that you can reduce and remove some mortgages in Chapter 13?  To read more, please click my other blog here. Written by Michael G. Doan

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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

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In most cases, NO!  Why pay more for a car than what its worth?????  Especially when you can probably replace that car with a newer vehicle, lower payment, lower interest, and no money down!  Read more about it here. Written by Michael G. Doan 

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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? (more…)

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.  (more…)