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A Little About Us

Bankruptcy or insolvency occurs when an individual or business is unable to repay necessary debts owed to creditors. Generally imposed as a court order, bankruptcy is often the result of financial distress on the part of a debtor. Nobody wants to file for bankruptcy. It is a giant decision that requires the skilled council of an experienced attorney who specializes in bankruptcy litigation. The experienced Los Angeles Bankruptcy Attorneys at the Law Offices of I Los Angeles Bankruptcy Attorneys will support you through the process of bankruptcy and will guide you back to the brink of financial stability. For a free consultation with one of our bilingual staff members, please call us today at (213) 699-3055.

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  • Los Angeles Chapter 7 Bankruptcy Attorney
  • Whether you are an individual or a small business facing the possibility of Chapter 7 bankruptcy, you need an attorney who is skilled in dealing with bankruptcy law to represent you in court. The Los Angeles chapter 7 bankruptcy lawyers at the Law Offices of I Los Angeles Bankruptcy Attorneys are here to support you through the process of filing for Chapter 7 Bankruptcy. We have a proven track record of success in helping our clients obtain debt relief and financial stability. If you are a small business or an individual struggling through financial hardships, call our attorneys at the Law Offices of I Los Angeles Bankruptcy Attorneys today at (213) 699-3055 to schedule a free consultation and to put yourself on the path once again to financial freedom.
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  • Los Angeles Chapter 13 Bankruptcy Attorney
  • Chapter 13 bankruptcy is described as a debt relief process whereby you maintain ownership of your property while paying back all or a significant portion of your owed debts over a period of time, generally between 3 to 5 years. Unlike Chapter 11 bankruptcy, where your debts are absolved but there is often inevitable surrender of property and assets, Chapter 13 bankruptcy is a debt relief option that allows the person experiencing financial troubles to repay their debts while keeping their property intact. Also referred to as “Reorganization Bankruptcy,” Chapter 13 bankruptcy is an excellent possibility to establish financial stability if deemed an eligible candidate.
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  • Chapter 11 Business Bankruptcy Attorney Los Angeles
  • With the economic recession of 2008, small businesses suffered perhaps more than any other sector of the American economy. They are our florists, our coffee shop owners, our boutique hotel owners, clothing store proprietors and construction companies. They are the men and women who make up the fabric of American commerce and they deserve the utmost respect for their contribution to society. There is no shame in financial struggle, and the attorneys at the Los Angeles Law Offices of I Los Angeles Bankruptcy Attorneys are committed to supporting the small businesses of Southern California to right themselves in times of extreme financial distress. For a free consultation with one of our bilingual staff members at either our Los Angeles or Sherman Oaks offices, please call (213) 699-3055 today.
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  • Debt Settlement Attorney Los Angeles
  • Debt settlement is also referred to as debt arbitration, debt negotiation or credit settlement. When you find yourself struggling with excessive debt in your life it can feel like you are drowning without a life raft. Debt can tear families apart and can negatively impact the health, happiness and well being of those dealing with its challenges. With excessive debt you may qualify for Chapter 7 or Chapter 13 bankruptcy, but that extreme measure may not be necessary. Our skilled attorneys at the Los Angeles Law Offices of I Los Angeles Bankruptcy Attorneys will guide you through the process of exploring other alternatives to bankruptcy, such as arranging a debt settlement with your lender or creditor. Such arrangements are complicated and require the expertise of an attorney who understands the ins and outs of debt settlement. Do not enter into this variety of arrangement without first consulting with an attorney.
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  • Foreclosure Attorney Los Angeles
  • You worked hard to provide a home for yourself and for your family and the possibility that you might lose it because of financial distress is a sobering and heartbreaking reality. As mortgage payments stack higher and higher without a solution in sight, the possible loss of your home may be looming on the horizon. It is not uncommon for homeowners to feel completely hopeless about their situation when it appears that the deck is stacked against them and there appear to be no viable debt relief solutions. Such situations can affect all members of your family and can upset the balance of your day to day living and experience of overall well being.
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    Celebrities Go Bankrupt Too

    Filing for bankruptcy can make you feel like a failure. Thousands of people file for bankruptcy every year - even celebrities. Just check out our list of celebrities that have declared bankruptcy and been able to rebuild. Celebrities Go Bankrupt Too Donald Trump. By now everyone knows that real estate mogul and current President, Donald The post Celebrities Go Bankrupt Too appeared first on...

    Filing for bankruptcy can make you feel like a failure. Thousands of people file for bankruptcy every year – even celebrities. Just check out our list of celebrities that have declared bankruptcy and been able to rebuild.

    Celebrities Go Bankrupt Too

    Donald Trump. By now everyone knows that real estate mogul and current President, Donald Trump has filed for bankruptcy numerous times. He first filed a Chapter 11 bankruptcy in 1992, and then again in 2004 for his casino empire to reorganize his business after creditor negotiations failed. He’s obviously been able to rebuild and is now the President of the United States.

    50 Cent. In 2015, rapper “50 Cent” filed for bankruptcy days after he was ordered to pay $5 million to a woman who alleged he posted a sex tape of her online without permission. His assets and liabilities were in the $10 million to $50 million range. By declaring bankruptcy he was able to enact an automatic stay which paused any legal movements that could have been taken against him as a result of the allegations against him.

    Abraham Lincoln. The 16th President of the United States of America declared bankruptcy in 1833 as the result of a failed business. Back then, it was required that those who filed for bankruptcy pay their creditors back over a period of 17 years. The maximum requirement term for Chapter 13 in current times is 5 years.

    Cyndi Lauper. The “Girls Just Want to Have Fun” singer filed bankruptcy in 1981 after splitting with her band, Blue Angel. She was then sued by her manager for breach of contract. Three years later she released “Girls Just Want to Have Fun,” the hit she is famous for.

    The Decision to Declare Bankruptcy

    Filing for bankruptcy allows you to clear your debt and give you a fresh financial start. Many factors need to be considered before you decide to go through with bankruptcy. It’s not something that should be entered into lightly. It can impact your credit score and other aspects of your life for a long period of time, and should not be seen as a “get out of debt quickly” option.

    Before you declare bankruptcy, evaluate your options. Consider working with a bankruptcy attorney to assess your situation. What are the types of debt you have and what are your goals when it comes to that debt? A bankruptcy filing will not eliminate certain forms a debt, such as student loan debt. In these cases, bankruptcy might not help, but a bankruptcy attorney still might be able to help you find a way to manage your debt.

    It’s important to remember that many creditors will work with you to settle debt. They are often very willing to work with you on repayment plans that would allow you to avoid filing for bankruptcy.

    Qualifying for Bankruptcy

    If you do decide that bankruptcy is the option you’re going to take, you will need to determine if you are eligible to file.

    You will also need to understand the type of bankruptcy you are filing. Here are the two most common forms of personal bankruptcy:

    Chapter 7: This is also called liquidation bankruptcy. In Chapter 7 bankruptcy, a bankruptcy trustee cancels many (or all) of your debts. Some of these debts can also be liquidated (or sold) to repay creditors. To qualify, your income must be low enough to pass a standard bankruptcy means test.

    Chapter 13: This is also called reorganization bankruptcy.  In Chapter 13 bankruptcy, you are able to keep your property, but you reorganize your debt in order to pay back all, or a portion, of your debt over a three to five-year period. To qualify, your amount of debt cannot exceed certain dollar limits.

    How to Determine What Form of Bankruptcy to File

    The type of bankruptcy you file, either Chapter 7 or Chapter 13 bankruptcy, depends on numerous circumstances, including:

    • types of debt you have
    • your income and expenses
    • whether you own nonexempt property
    • goals you wish to achieve through filing

    Once you determine these things, you should work with a bankruptcy attorney to determine next steps. You will also want to look at your timing, and what debts are coming due (if they are not already post-due). You might decide that you need to file an emergency bankruptcy.

    Business Bankruptcy – Chapter 11 Bankruptcy

    There is also another form of bankruptcy specifically for business. Under Chapter 11 bankruptcy, a business or individual undergoes a reorganization in order to pay down its debt and reorganize its income and expenses while regaining its profits.  If your business is a corporation, limited liability company (LLC) or partnership, it can continue business operations during the bankruptcy process. While the business is making payments through the debt repayment plan, the business continues operating.

    A discharge of debts is the main reason you enter Chapter 11 bankruptcy, and it happens after you have made all required payments to your unsecured creditor class. After paying everything off you will ask the court for a discharge of the remainder of your unsecured debts. This motion prevents any of these creditors from collecting on any of the debts in the plan. This is the end of your Chapter 11 bankruptcy.

    Working with a Bankruptcy Attorney

    Facing debt can be overwhelming. The bills can continue to pile up and the creditors can continue to harass you unless you take responsibility and take action. Working with a bankruptcy attorney to guide you through the process of debt consolidation and/or bankruptcy is the first step to getting back on to solid financial footing. The laws regarding bankruptcy can also be confusing. Because of this, it’s highly advised that you work with a bankruptcy attorney such as the ones at Resnilk Hayes Moradi  that can walk you through the process and clarify any questions or concerns you might have. There can be a lot of questions during this extremely stressful time and we are happy to help you plan how to move forward with a solid financial future.

    Resnik Hayes Moradi LLP

    510 W. Sixth Street Suite 1220

    Los Angeles, CA 90014

    Phone: (213) 699-3055

    https://ibankruptcyattorneys.com

    The post Celebrities Go Bankrupt Too appeared first on https://ibankruptcyattorneys.com/family-law/divorce/.


    Considering Bankruptcy?

    Bankruptcy should not be entered into lightly. If you're considering bankruptcy, you'll want to ask the right questions and also work with a skilled bankruptcy attorney like the ones at Resnik Hayes Moradi. Considering Bankruptcy? Bankruptcy is life changing. It can take you from an overwhelming and overburdening amount of The post Considering Bankruptcy? appeared first on...

    Bankruptcy should not be entered into lightly. If you’re considering bankruptcy, you’ll want to ask the right questions and also work with a skilled bankruptcy attorney like the ones at Resnik Hayes Moradi.

    Considering Bankruptcy?

    Bankruptcy is life changing. It can take you from an overwhelming and overburdening amount of debt to a clean financial slate. There are questions you’ll want to ask before you decide to move forward.

    Which Type of Bankruptcy Works for Me?

    The type of bankruptcy you declare will be based on the specifics of your situation. Is this a personal bankruptcy? Or a business bankruptcy? We’ll dicuss the different forms below.

    How Long Does it Take?

    Chapter 7 bankruptcy case lasts an average of four months. A Chapter 13 bankruptcy plan lasts for three to five years. A Chapter 11 bankruptcy case may last for two years or longer.

    Public Scrutiny During Bankruptcy

    When filing bankruptcy you must be prepared to expose your financial life to the public. You will be required to attend a meeting of creditors when you file for bankruptcy protection. During which the bankruptcy trustee (and maybe even one of your creditors) will ask you probing questions in a public room. Often this can be an extremely uncomfortable and embarrassing process.

    Disclosing Your Financial Information During Your Bankruptcy Case

    You must be completely honest in bankruptcy because bankruptcy courts feel that only the honest debtor is entitled to a discharge of debt. You must list all of your property, debts, and creditors. If you fail to do so you may you lose the bankruptcy discharge. Because dishonesty in bankruptcy is a serious federal crime you might also be subject to an FBI investigation.

    Requires Great Attention

    Because bankruptcy is based on forms many people perceive it is a simple and straightforward process. But the forms contain complex questions about your financial affairs and require sufficient time to understand the bankruptcy forms before filing for bankruptcy.

    Bankruptcy Discharge is Personal

    Discharge is the ultimate goal of bankruptcy. It bars your creditors from ever attempting to collect debts from you and you alone, and does not eliminate the debt itself. So, for example, if you are one of the co-signers on a home loan and you file for bankruptcy, the debt is not wiped out and the lender can still seek to collect the debt from your co-signer.

    It’s Not Cheap

    Filing for bankruptcy can cost you a significant amount of money, especially if you decide to hire an attorney which can cost anywhere from several hundred dollars to several thousand dollars. Even if you decide to prepare and file your own bankruptcy case it can be costly because the filing fees alone are substantial. Debtors may find relief from filing fees by petitioning for a fee waiver. The court bases its waiver decision on your income, which generally must not be greater than 150% of the federal poverty level.

    Types of Bankruptcy Available

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    Chapter 13

    Chapter 13 bankruptcy is designed to allow you to keep all of your property, but is also determined by your property. The amount of your nonexempt property affects how much unsecured creditors get paid during your bankruptcy process. And to avoid foreclosure or repossession, you still need to keep up with the payments you make for you secured debt, such as mortgages or car loans.

    Chapter 7

    When you file a Chapter 7 bankruptcy, almost all of your assets and property are liquidated and thus become property of the bankruptcy estate that is sold to allow you to repay your debts. There are some exceptions to this though.

    During your Chapter 7 bankruptcy, a bankruptcy trustee is appointed and given the authority to sell your assets so that you are able to pay your creditors.  Just because your assets are being sold, that does not mean that all of your property needs to be sold.

    Chapter 11 Bankruptcy

    Under Chapter 11 bankruptcy, the business or individual undergoes a reorganization in order to pay down its debt and reorganize its income and expenses while regaining its profits.  If your business is a corporation, limited liability company (LLC) or partnership, it can continue business operations during the bankruptcy process. While the business is making payments through the debt repayment plan, the business continues operating.

    The Chapter 11 bankruptcy process can be a complex, and lengthy one. If you are facing a Chapter 11, you’ll want to work with a bankruptcy attorney to understand the process and what you will need to do to move through it.  They will be able to explain the terminology in addition to what is legal, and what you will be required to do.

    Filing for Bankruptcy and a Quick Overview of Process

    It is always advised that when you decide to file for bankruptcy, that you work with a bankruptcy attorney to ensure that you follow the correct process and submit the correct paperwork.

    Your bankruptcy will not be official until you have entered the bankruptcy petition with the court. Once the petition is filed, you will receive an automatic stay. Apart from actually receiving a discharge of debts, an automatic stay is probably the most important feature of filing for bankruptcy.

    When you file for Chapter 7 or Chapter 13 bankruptcy, an automatic stay immediately goes into effect and prohibits most creditors from continuing with collection activities. This can provide welcome relief to debtors as well as an opportunity to regroup during bankruptcy. Because of this the automatic stay may provide a powerful reason to file for bankruptcy.

    Automatic Stay

    It’s important you educate yourself about what’s impacted by automatic stays before filing. While some things can be prevented, an automatic stay might not be able to prevent other important issues you are facing. Below you will find a quick list of things that can and cannot be prevented, but you should work with a lawyer to fully understand the ins and outs of each.

    Automatic Stay Can Prevent:

    • Utility disconnections
    • Foreclosure
    • Eviction
    • Collection of overpayments of public benefits
    • Multiple wage garnishments

    Automatic Stay Cannot Prevent:

    • Certain tax proceedings
    • Support actions
    • Criminal proceedings
    • Loans from a pension
    • Multiple filings

    After Automatic Stay

    The automatic stay does not mean you are “done.” Below is a quick overview of what happens next.

    A court will assign a trustee to oversee the bankruptcy case, including ensuring a debtor is eligible to file as well as handling the meeting of the creditors. this meeting usually happens 6 weeks after filing. During this meeting, the bankruptcy trustee and your creditors ask you questions about your bankruptcy petition. You will be under oath for this meeting, and will need to prepare documents outlining your assets, debts, expenses and overall state of affairs. A bankruptcy lawyer can help you to prepare these necessary documents.

    If filing Chapter 7 or Chapter 13, to fully exit bankruptcy a debtor will need to complete a certified Debtor Education Course. This is similar to the Credit Counseling course required for petitioning for bankruptcy. At the conclusion of the course, you will receive a certificate of completion. Once you receive that certificate, your bankruptcy case is closed. All debts should be handled, and creditors should not be allowed to collect any debts.

    At this point, you are free to move forward.

    Moving Forward After Bankruptcy

    One of the biggest hesitations with filing for bankruptcy is the amount of time it takes to restore your life and your credit.

    According to the Fair Credit Reporting Act, a bankruptcy will remain on a debtor’s credit for up to ten years after your filing date. A Chapter 13 bankruptcy is typically removed from a debtor’s credit report after seven years. Remember that these timelines are from the day you file your case, not the day it is discharged, which helps you get through it a little faster. Because most Chapter 13 bankruptcies last three to five years because of the repayment schedule, chances are a Chapter 13 will only appear on a credit report for another two to four years after completion.

    Working with a Bankruptcy Attorney

    Bankruptcy law can be hard to understand. As you can see, there are a number of processes involved that you might not be fully aware of. Because of this, it’s highly advised that you work with a bankruptcy attorney that can walk you through the process and clarify any questions or concerns you might have. A bankruptcy attorney might also be able to prescribe options that keep you out of having to declare bankruptcy in the first place. There can be a lot of questions during this extremely stressful time. Let the lawyers at Resnik Hayes Moradi walk you through the process so you can achieve the best outcome possible. 

    Resnik Hayes Moradi LLP

    510 W. Sixth Street Suite 1220

    Los Angeles, CA 90014

    Phone: (213) 699-3055

    The post Considering Bankruptcy? appeared first on https://ibankruptcyattorneys.com/family-law/divorce/.


    Debt Repayment After Losing a Spouse

    Losing a spouse is one of the hardest things a person can go through. Making this time even harder is dealing with any debt that might have been left behind. Debt Repayment After Losing a Spouse The first few months after losing a spouse are the hardest. As you adjust The post Debt Repayment After Losing a Spouse appeared first on...

    Losing a spouse is one of the hardest things a person can go through. Making this time even harder is dealing with any debt that might have been left behind.

    Debt Repayment After Losing a Spouse

    The first few months after losing a spouse are the hardest. As you adjust to your new life without your spouse it can be incredibly hard to find your footing – especially your financial footing. Even in death, there are some debts that cannot be wiped out. If you live in a community property state – Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin (community property law also applies in Alaska in certain circumstances) – a husband and wife are responsible for paying the debts of the other even after the other spouse dies.

    Executor and Estate

    Often when a person passes away there is very little time to tie up their financial affairs and debts before they pass. Property and outstanding bills still need to be taken care of. The person who makes decisions regarding the deceased’s property and debt is called an “executor.”

    An executor must first determine how much property the deceased person had upon death. This property is referred to as the deceased’s “estate” and it includes property, including houses, cars, personal property, and household possessions. The executor also needs to calculate how much debt is still owed. This debt will need to be paid from the estate, if possible. If this debt is unable to be paid, the executor must decide if the property needs to be sold so that the proceeds can be used to pay the debt.

    Spouse Debt

    In community property states, a husband and wife are equally responsible for paying the debt of their deceased spouse. If one spouse owes money, a creditor is able to sue and get a judgment against the remaining spouse.

    A spouse is not responsible for paying another spouse’s separate debt, only debt deemed “community property”. This means debts that were accrued before the marriage are exempt.

    Dealing with significant debt after a spouse passes away can be overwhelming, especially if the estate is not enough to pay the debt. In these cases, you might want to consider working with a debt consolidator or a bankruptcy attorney to determine your options.

    Facing Large Amounts of Debt

    When you’re facing large amounts of debt after a spouse’s death, the situation can feel hopeless. Because of this, you might want to consider debt consolidation. Debt consolidation means that all of your smaller loans get paid off with one large loan. So you essentially get one lump sum to pay off your smaller loans so that you only have one monthly payment rather than several monthly payments. The their behind this is one payment is easier to manage than several. And the main goal is it lower the interest rate and monthly payments while paying off your debt in a quicker amount of time.

    The process of consolidation stream-lines debts and can help to free yourself from financial burden while lowering costs. You want to have a good understanding of what debt consolidation is so that you can decide if it’s for you. If you’re able to pay off your debts within 6 months to a year, you might just consider being really strict. If you look at your debt and see years and years of saving that feels impossible, then you might consider debt consolidation.

    What Debt Consolidation Companies Do

    Here’s what a debt consolidation service does:

    • Closes credit accounts so you cannot use them.
    • Sets up an automated monthly payment based on your budget that gets distributed it to your creditors.
    • Negotiate lower APRs or reduced late fees with your creditors

    Debt Settlement

    It’s important to note that debt consolidation is not the same as debt settlement. Debt consolidation allows you to pay your debts in full without causing negative consequences to your credit. Debt settlement is the process of paying off debt to a creditor once a sum is mutually agreed to. This sum is usually less than what is owed. Typically, only unsecured debt (for example, credit cards and medical bills), is eligible for debt settlement.

    Understanding Secured vs. Unsecured Loans

    A secured loan, such as a mortgage or a car loan, means you pledge the property, your home or your car, to secure the repayment of the loan. Here’s an example: you obtain a mortgage loan – the house is security for repayment. If you do not make the home, the mortgage lender can take the house back through the process of foreclosure in order to satisfy the loan.

    Unsecured loans are based only on your promise to pay. These loans are not “secured” by an owned property that can be foreclosed on or repossessed to pay back the loan. Credit cards and student loans are technically unsecured loans because there’s nothing that can be directly repossessed – such as a house or car – if the borrower is not able to pay the loans back. Unsecured loans have higher interest rates because they carry more risk for the lender.

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    Debt Consolidation Through Secured Loans

    Debt consolidation is a little easier when it comes to secured loans because there are physical “securities” that exist for repayment. This is a safer situation for the lender. For example, you can refinance a home, take out a second mortgage, or get a home equity line of credit. Another example is your car loan – the automobile is used as collateral in case you cannot pay back the loan. Assets can also be used as security for a loan. A 401K loan uses your retirement fund as collateral. Life insurance policies can be used if they have cash values. Financing firms can often loan you money against lawsuit claims, lottery winnings, and annuities.

    Consolidating With Secured Loans – Pros

    Often, secured loans carry lower interest rates than unsecured loans because they are safer for lenders. This fact can help you save your money on interest payments. Lower interest rates tend to make monthly payments lower and thus more affordable. Rarely, but in some cases, interest payments are even tax deductible.

    Consolidating With Secured Loans – Cons

    The biggest “con” of consolidating with secured loans might seem obvious: when you pledge your assets as collateral and are unable to pay back the loan, you are putting your property at risk of being foreclosed on or repossessed. If you’re unable to pay the loan back, you run the rid of losing your house, car, life insurance, retirement fund, or whatever else you might have used to secure the loan. Certain assets, such as life insurance or retirement funds, may not be available to you if the loan is not paid back before you need to use them.

    Debt Consolidation Through Unsecured Loans

    Unsecured personal debt consolidation loans used to be quite common, but they are less likely to be available to people seeking them today. Usually, this type of loan requires a borrower to have very good credit. A credit card or personal loan debt for consolidation is often given with a no interest, or low interest, introductory rate. Often times this amount balloons after a specified amount of time.

    Pros of Consolidating With Unsecured Loans

    The biggest benefit to unsecured debt consolidation loan is that no property is placed at risk. Also, an interest rate might balloon to higher than the rate on a secured loan, but it can often be distributed over several different credit card balances, thereby lowering your interest burden and your payment.

    Balance Transfer Options

    Balance transfer options on no-interest or low-interest credit card offers can be a very useful tool, but they can often be tricky. Check there is no transfer fee in the fine print which negates the savings.  Also, the no-interest or low-interest period is generally limited to a set amount of months. You’ll want to be sure you can pay the debt off during this time. If not, you run the risk of paying a much higher interest rate once the period expires.

    Bankruptcy

    If your debt is too high to be consolidated and you are finding it increasingly hard to manage your debts, you might want to consider bankruptcy. A bankruptcy attorney, such as the ones at Resnik Hayes Moradi, will be able to look at your financial situation and determine if bankruptcy is a viable option for you. They will also evaluate your options for avoiding bankruptcy if other options exist. There are many different ways to discharge your debt and find the financial relief you have been looking for.

    Working with a Bankruptcy Attorney to Help Consolidate Debt

    We will help you explore all of the debt relief options available to you. Though we specialize in bankruptcy law, we do not suggest bankruptcy as an option if we do not think it is the best option for them. We are committed to helping our clients resolve their debt problems, achieving true debt relief and avoiding potential debt consolidation scams. Contact us for a free consultation.

    Resnik Hayes Moradi LLP

    510 W. Sixth Street Suite 1220

    Los Angeles, CA 90014

    Toll Free: (213) 699-3055

    https://ibankruptcyattorneys.com

    The post Debt Repayment After Losing a Spouse appeared first on https://ibankruptcyattorneys.com/family-law/divorce/.


    When Debt Leads to Divorce

    We know that debt can cause a lot of stress. But can it also cause the end of your marriage? According to a newly released report, it might. When Debt Leads to Divorce A new report by Student Loan Hero just found that 13% of divorced couples say that student loans The post When Debt Leads to Divorce appeared first on...

    We know that debt can cause a lot of stress. But can it also cause the end of your marriage? According to a newly released report, it might.

    When Debt Leads to Divorce

    A new report by Student Loan Hero just found that 13% of divorced couples say that student loans were what ended their marriage. With all we know about how debt can affect a person, this statistic might not come as a shock. Student debt has long troubled students. When we consider how bankruptcy can ease debt, could we also go to say that bankruptcy could ease a troubled marriage?

    When times get tough it’s not unusual for people to consider bankruptcy. There are however instances when it is smart to weigh the pros and cons of filing for bankruptcy. If debt is troubling your marriage, perhaps figuring out that debt might be the way to save your marriage.

    Three Times To Consider Bankruptcy

    Job Loss

    After losing your job and in the instance where you are unable to pay your bills, you’ll want to protect your assets.  A retirement account is protected in the bankruptcy and a bankruptcy attorney can advise you regarding what bills should be paid. The timing of the filing is often critical so you’ll want to reach out to a bankruptcy attorney as soon as you are even considering bankruptcy.

    Illness and large, unreimbursed medical bills

    An illness in the family can often result in job loss; large, unreimbursed medical bills, and other significant debt. If you are struggling with making bill payments on time, you should consult with a bankruptcy attorney to discuss how to protect assets, including your home and retirement account.

    Divorce

    Spouses arguing over debt might find some resolution in also resolving that debt. Additionally, spouses going through a divorce that have also racked up a large amount of debt might benefit from jointly filing for Chapter 7 bankruptcy. Eliminating the debt leaves more available funds to support the two households resulting from the divorce. It can also eliminate any potential grievances that might come from dividing debt. If you are considering filing divorce and are looking for top rated divorce lawyer near me divorcelawyerslosangeles.com can help.

    Chapter 13 and Chapter 7

    There are two main types of consumer bankruptcy protection: Chapter 13 and Chapter 7.

    Chapter 13

    Chapter 13 bankruptcy is designed to allow you to keep all of your property, but is also determined by your property. The amount of your nonexempt property affects how much unsecured creditors get paid during your bankruptcy process. And to avoid foreclosure or repossession, you still need to keep up with the payments you make for you secured debt, such as mortgages or car loans.

    Chapter 7

    When you file a Chapter 7 bankruptcy, almost all of your assets and property are liquidated and thus become property of the bankruptcy estate that is sold to allow you to repay your debts. There are some exceptions to this though.

    During your Chapter 7 bankruptcy, a bankruptcy trustee is appointed and given the authority to sell your assets so that you are able to pay your creditors.  Just because your assets are being sold, that does not mean that all of your property needs to be sold.

    Differences in Chapter 7 and 13 Bankruptcy

    43327782_sIn Chapter 13 bankruptcy, a trustee will not sell your nonexempt assets and distribute the proceeds to your creditors. That’s how it works in Chapter 7 bankruptcy. Rather, you will need to put together a repayment plan that shows your creditors how you plan to pay back some or all of your creditors. You get to keep your property in exchange for paying back a certain amount of the debt you owe. But remember that the more nonexempt assets you have, the more you will need to pay to unsecured creditors.

    When you file for Chapter 7 bankruptcy, a trustee takes the nonexempt property, sells it, and uses the proceeds to pay your general unsecured creditors. But because you keep all of your property with Chapter 13, it’s unfair to your unsecured creditors if they do not get paid as much as they would have had you filed for Chapter 7.

    Because of this, if you file Chapter 13 and create a repayment plan, you will still need to pay the general unsecured creditors a dividend at least equal to the value of your nonexempt assets. So if you have a large amount of nonexempt property, you may have to repay the unsecured debts in full.

    Credit Score

    Both Chapter 13 and Chapter 7 bankruptcy will drop your credit score – usually by 100 points or more. In terms of “staying power,” Chapter 7 bankruptcy stays on your credit report for 10 years and Chapter 13 falls off after seven years.

    The fact that the bankruptcy is on your credit report will impact you every time you apply for a new line of credit from lenders, including credit cards, a mortgage, a car loan, a student loan, or any other form of credit. It can be difficult for lenders to approve your applications because of the bankruptcy because it shows that you have had issues with repayment in the past. Additionally, you might also face paying higher interest rates if a lender does decide to loan you money.

    While this can be daunting, there are some reasons why bankruptcy is still a good option.

    When Bankruptcy Can Help

    Liabilities Are More Than Assets

    Tayne advises on filing bankruptcy when consumers owe so much that their liabilities are far higher than the value of their assets. Why? Because in these cases, it can be impossible for a consumer to actually catch up to their debt.

    “If income is far less than expenses, if there is no end in sight even if I help them cut their expenses, then bankruptcy might be the only option,” says Tayne. “If their income will never let them meet the requirements to pay even the minimal amount of what they owe each month? Then bankruptcy might be their only choice.”

    Negotiations Don’t Work

    It’s always advised that before you decided to file for bankruptcy, that you try to work things our with your creditors. Creditors are often inclined to help out consumers as long as consumers are active in doing so. Many creditors are able to reduce the amount of money owed if you are able to prove you are struggling financially. You might need to provide copies of your most recent paycheck stubs and bank statements, or anything that will prove that your income has fallen or that your savings are depleted to your creditors before they are able to offer assistance.

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    This is the first step you should take in trying to deal with debt.

    But if your creditors are not willing to negotiate, the only option you may have is to file for bankruptcy protection.  After you file, your bankruptcy trustee will be responsible for negotiating with the people you owe. A lot of times, these professional negotiators are more able to convince creditors to forgive at least some of your debt.

    A Job Loss or Serious Illness

    Job loss or serious illness can be devastating – and not just emotionally, but also financially.

    Bills and debt tend to pile up quickly during these times, which can make it impossible to generate the monthly income you were once used to.

    If job loss, medical emergency, or other financial disaster has made it impossible for you to come up with a monthly income, and there is no way that you will be able to recover in a quick amount of time, then bankruptcy can provide the relief you might need to help you recover from these financial setbacks.

    Working with a Bankruptcy Attorney

    When you decide to file bankruptcy, you should also consider working with an attorney. They will advise you on the following:

    • the type of bankruptcy you should file
    • how bankruptcy can help you
    • what to expect during the process, and
    • any potential difficulties they see with your case

    Additionally, you should be able to address any questions or concerns you might have.

    The Bankruptcy Process

    Filing for bankruptcy requires you to fill out a packet of forms. Your bankruptcy attorney will have specialized software that helps to guide you through the process and also ensures that everything is prepared for the court. You will be required to provide information about your income, expenses, assets, and debts. Working with an attorney will ensure that the information on these forms is filled out accurately, and filed correctly.

    Bankruptcy Hearings

    You will need to attend a meeting of creditors after you file for bankruptcy. Depending on your specific filing, you might need to attend additional hearings. Your lawyer will advise you on if you need to be in attendance, or if they are able to represent you without you needing to be there, as sometimes you will not be required to be in attendance.

    At all times your lawyer will help you to understand the process, as well as ensure that the court has all the information it needs to obtain from you, in addition to any forms.

    Working with a Bankruptcy Attorney

    Bankruptcy law can be hard to understand. Because of this, it’s highly advised that you work with a bankruptcy attorney that can walk you through the process and clarify any questions or concerns you might have. There can be a lot of questions during this extremely stressful time. Let the lawyers at Resnik Hayes Moradi walk you through the process so you can achieve the best outcome possible. 

    Resnik Hayes Moradi LLP

    510 W. Sixth Street Suite 1220

    Los Angeles, CA 90014

    Phone: (213) 699-3055

    https://ibankruptcyattorneys.com

    The post When Debt Leads to Divorce appeared first on https://ibankruptcyattorneys.com/family-law/divorce/.


    Ask Your Bankruptcy Attorney

    Working with a bankruptcy attorney is the first step to making it through your tough financial times. But just like in any relationship, you'll want to have an understanding of the person you are working with. How will you know your bankruptcy attorney is the right one to handle your The post Ask Your Bankruptcy Attorney appeared first on...

    Working with a bankruptcy attorney is the first step to making it through your tough financial times. But just like in any relationship, you’ll want to have an understanding of the person you are working with. How will you know your bankruptcy attorney is the right one to handle your specific circumstances?

    Ask Your Bankruptcy Attorney

    Bankruptcy is a difficult process and you’ll want to work with an attorney you consider the utmost expert. Here are some questions you can ask your potential lawyer to ensure that he or she is the one to handle your case.

    Non-exempt assets? Each state has a list of assets that are deemed protected or “exempt” from creditor attachment or seizure. A qualified bankruptcy lawyer will and should review your assets to determine which items are and are not exempt in your case. Non-exempt assets can be seized and sold by a Chapter 7 trustee and can also drive the payment plan higher in a Chapter 13 bankruptcy. Your lawyer should advise you on any potential strategies for handling all non-exempt assets. Options include making an offer to the Chapter 7 trustee or liquidating the non-exempt asset. Liquidation will need to be performed under legally permissible conditions prior to filing.

    Preferential payment issues? A preferential payment is a payment made to one creditor at the expense of or in absence of a payment or payments to other creditors.

    Do I pass the means test to qualify to file for Chapter 7?
    A knowledgeable attorney will and should review your income and your specific circumstances to determine if you qualify to file for Chapter 7 bankruptcy.

    If Chapter 13 is the lawyer’s recommendation, what is the reason and what is the estimated monthly payment plan?
    Here are five reasons for filing a chapter 13 instead of chapter 7:

    1. saving your home from foreclosure,
    2. saving your car from repossession,
    3. a prior Chapter 7 bankruptcy,
    4. failing to qualify for Chapter 7 due to high income, and
    5. non-exempt assets.

    If Chapter 13 is recommended how many months will it last?
    The length of a Chapter 13 bankruptcy is dependent upon passing the Means Test. You should not be locked into a 60-month plan if it is not deemed necessary.

    Chapter 13 and Chapter 7 Bankruptcy

    Chapter 13

    Chapter 13 bankruptcy is determined by your property and designed to allow you to keep all of your property. The amount of nonexempt property affects how much unsecured creditors will receive as part of your bankruptcy. To avoid foreclosure or repossession, you still need to keep up with the payments you make for you secured debt, such as mortgages or car loans.

    Chapter 7

    When you file a Chapter 7 bankruptcy, almost all of your assets and property are liquidated and thus become property of the bankruptcy estate that is sold to allow you to repay your debts. Some exceptions apply and your bankruptcy attorney should be able to advise you further.

    During your Chapter 7 bankruptcy, a bankruptcy trustee is appointed and given the authority to sell your assets so that you are able to pay your creditors.  Just because your assets are being sold, that does not mean that all of your property needs to be sold.

    Differences in Chapter 7 and 13 Bankruptc

    In Chapter 13 bankruptcy, a trustee will not sell your nonexempt assets and distribute the proceeds to your creditors, as is the case in Chapter 7 bankruptcy. Rather, you will need to put together a repayment plan that shows your creditors how you plan to pay back some or all of your creditors. You get to keep your property in exchange for paying back a certain amount of the debt you owe. The more nonexempt assets you have, the more you will need to pay to unsecured creditors.

    When you file for Chapter 7 bankruptcy, a trustee takes the nonexempt property, sells it, and uses any proceeds to pay your general unsecured creditors. Because you keep your property with Chapter 13, it’s unfair to your unsecured creditors if they do not get paid as much as they would have had you filed for Chapter 7.

    Because of this, if you file Chapter 13 and create a repayment plan, you will still need to pay the general unsecured creditors a dividend at least equal to the value of your nonexempt assets. If you have a large amount of nonexempt property, you may have to repay the unsecured debts in full.

    Secured Debt

    A creditor is able to secure a debt by foreclosing on or repossessing an asset if you default on that loan. This is how they make sure they earn back at least a portion of the money they loaned you. Debts are treated differently in Chapter 13 than general unsecured debts (like credit cards or medical bills) because Chapter 13 bankruptcy does not wipe out the lender’s lien on the property that is securing the loan.

    To keep your property, you will need to catch up on any payments you have missed on the secured debts. Chapter 13 can still be helpful because it allows someone to set up a repayment plan to back-pay the secured debts they have been delinquent on.

    Keep Up Your Regular Secured Debt Payments

    You will need to continue making payments on those loans to protect yourself from foreclosure or repossession. Chapter 13 does not eliminate a secured creditor’s lien. Most courts require you make ongoing mortgage payments directly to your lender outside of bankruptcy.  That is not always the case for secured personal property debts like car loans. While some courts will require you to pay the lender directly, others allow you to pay them through your bankruptcy repayment plan.

    A lender will have no reason to foreclose on your home or repossess your property as long as you keep up with your regular secured debt payments. If you fall behind on your payments, a lender is able to ask the court for a relief of the automatic stay that is protecting your property from foreclosure or repossession.

    Bankruptcy Exceptions Chapter 7

    There are exemptions so that you are able to keep a certain amount of property through the bankruptcy so that you are not completely wiped out and have to start all over again.  In a Chapter 7 bankruptcy, if an asset is declared exempt, the bankruptcy trustee is not allowed to sell it as part of the liquidation process to pay your creditors.  The value of the asset and your specific exemptions determine how much you are able to keep, and because of these exemptions, most people that filed Chapter 7 are able to keep all or most of their property.

    State and Federal System for Exemptions

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    Every state, and the federal system has a set of exemptions.  Some states require you to use their own exemptions, while other states allow you to choose between their system and the federal system of exemptions. You will want to work with a bankruptcy attorney to learn which option your state provides. Because of these state-specific laws, where you live greatly determines the amount of property you will be able to protect if you file forChater 7 bankruptcy.

    The federal system of exemptions (and most states) allow you to keep a certain amount of equity in your house as well as your personal property. For example, this means you can keep your car or the money you have in the bank. Some states offer an unlimited homestead exemption which allows you to keep your home even if you own it free and clear and could make a sizable amount of money from selling it. Typically, household goods and clothing are exempt unless they are unusually valuable.

    Exemptions In Chapter 7 Bankruptcy

    A Chapter 7 bankruptcy trustee evaluates how much value there is in your property to determine whether or not to take it as part of the bankruptcy. A creditor’s lien is not affected by the bankruptcy if you have loans that secure your property (such as car loans or mortgages). So a trustee will need to pay the creditor the loan amount from the sale. An example of this: your car is worth $15,000, you have a loan on it for $10,000. That means it is only worth $5,000 to the trustee.

    In states with car exemptions of $5,000 or greater, then you will not need to worry about the trustee selling it to pay your creditors.  But if the state only allows a $2,000 car exemption, then a trustee may be able to take your car and sell it, pay you the exemption you are entitled to, subtract the costs of sale and the trustee’s commission, and then distribute the rest among your creditors.

    You are able to combine certain exemptions to save your property.  The federal exemptions system and certain states systems employ a wildcard exemption that can be used to exempt any piece of property.

    Trustee Abandons Property

    A trustee can still decide not to take an asset, this is called “abandoning it.” This happens if the value of the asset is only slightly more than your exemption amount.  Often times this happens because the costs and fees associated with selling the asset eat up the equity so much that there isn’t anything left for the creditors. So if a trustee abandons the property, you get to keep it.

    Working with a Bankruptcy Attorney

    Bankruptcy law can be hard to understand. Because of this, it’s highly advised that you work with a bankruptcy attorney that can walk you through the process and clarify any questions or concerns you might have. There can be a lot of questions during this extremely stressful time. Let us guide you through the process so you can achieve the best outcome possible.

    Resnik Hayes Moradi LLP

    510 W. Sixth Street Suite 1220

    Los Angeles, CA 90014

    Phone: (213) 699-3055

    The post Ask Your Bankruptcy Attorney appeared first on https://ibankruptcyattorneys.com/family-law/divorce/.


    Entering the Season of Debt

    As Halloween passes and we start to move into the end of the year, it might be important to realize now, that we're entering the season of debt. Entering the Season of Debt It makes sense that many people decide to file for bankruptcy in January - it's usually because of the debt that is The post Entering the Season of Debt appeared first on...

    As Halloween passes and we start to move into the end of the year, it might be important to realize now, that we’re entering the season of debt.

    Entering the Season of Debt

    It makes sense that many people decide to file for bankruptcy in January – it’s usually because of the debt that is incurred at the end of the year. For that reason, it’s important to get a handle on your spending habits now. If you are dealing with large amounts of debt, it might be in your best interest to work with a debt consolidation company or a bankruptcy attorney that can help advise you on your available options.

    Debt Consolidation

    Debt consolidation means that all of your smaller loans get paid off with one large loan. So you essentially get one lump sum to pay off your smaller loans so that you only have one monthly payment rather than several monthly payments. The theory behind this is one payment is easier to manage than several. And the main goal is to lower the interest rate and monthly payments while paying off your debt in a quicker amount of time.

    Debt Settlement

    It’s important to note that debt consolidation is not the same as debt settlement. Debt consolidation allows you to pay your debts in full without causing negative consequences to your credit. Debt settlement is the process of paying off debt to a creditor once a mutually agreed to sum is reached. This sum is usually less than what is owed. Typically, only unsecured debt (for example, credit cards and medical bills), is eligible for debt settlement. Debt settlement is often considered a risky process.

    Understanding Secured vs. Unsecured Loans

    A secured loan, such as a mortgage or a car loan, means you pledge the property, your home or your car, to secure the repayment of the loan. Here’s an example: you obtain a mortgage loan – the house is security for repayment. If you do not make the home, the mortgage lag lender can take the house back through the process of foreclosure to satisfy the loan.

    Unsecured loans differ in that they are based only on your promise to pay. These loans are not secured by property that can be foreclosed on or repossessed to pay back the loan. Credit cards and student loans are technically unsecured loans because there’s nothing that can be directly repossessed if the borrower does not pay the loans back. Unsecured loans have higher interest rates because they carry more risk for the lender.

    Debt Consolidation Through Secured Loans

    Debt consolidation is a little easier when it comes to secured loans. Because there are physical “securities” that exist for repayment, they are seen as safer for the lender. For example, you can refinance a home, take out a second mortgage, or get a home equity line of credit. Another example is your car loan – the automobile is used as collateral in case you cannot pay back the loan. Assets can also be used as security for a loan. A 401K loan uses your retirement fund as collateral. Life insurance policies can be used if they have cash values. Financing firms can often loan you money against lawsuit claims, lottery winnings, and annuities.

    Pros of Consolidating With Secured Loans

    Often, secured loans carry lower interest rates than unsecured loans because they are safer for lenders. This fact can help you save your money on interest payments. Lower interest rates tend to make monthly payments lower and thus more affordable. Rarely, but in some cases interest payments are even tax deductible.

    Cons of Consolidating With Secured Loans

    The biggest con of consolidating with secured loans might seem obvious: when you pledge your assets as collateral and you cannot pay back the loan, you are putting your property at risk of being foreclosed on or repossessed. If you’re unable to pay the loan back, you run the rid of losing your house, car, life insurance, retirement fund, or whatever else you might have used to secure the loan. And certain assets, such as life insurance or retirement funds, may not be available to you if the loan is not paid back before you need to use them.

    Debt Consolidation Through Unsecured Loans

    Unsecured personal debt consolidation loans used to be quite common, but they are less likely to be available to people seeking them today. Usually this type of loan requires a borrower to have very good credit. A credit card or personal loan debt for consolidation is often given with a no interest, or low interest, introductory rate. Often times this amount balloons after a specified amount of time.

    Pros of Consolidating With Unsecured Loans

    The biggest benefit to unsecured debt consolidation loan is that no property is placed at risk. Also, an interest rate might balloon to higher than the rate on a secured loan, but it can often be distributed over several different credit card balances, thereby lowering your interest burden and your payment.

    Balance Transfer Options

    Balance transfer options on no-interest or low-interest credit card offers can be a very useful tool, but they can often be tricky. Check there is no transfer fee in the fine print which negates the savings.  Also, the no-interest or low-interest period is generally limited to a set amount of months. You’ll want to be sure you can pay the debt off during this time. If not, you run the risk of paying a much higher interest rate once the period expires.

    Bankruptcy

    If your debt is too high to be consolidated, you might want to consider bankruptcy. A bankruptcy attorney will be able to look at your financial situation and determine if bankruptcy is a viable option for you. They will also evaluate your options for avoiding bankruptcy if other options exist. There are many different ways to discharge your debt and find the financial relief you have been looking for.

    Working with a Bankruptcy Attorney to Help Consolidate Debt

    At Resnik Hayes Moradi LLP, we will help you explore all of the debt relief options available to you. Though we specialize in bankruptcy law, we do not suggest bankruptcy as an option if we do not think it is the best option for them. We are committed to helping our clients resolve their debt problems, achieving true debt relief and avoiding potential debt consolidation scams. Contact us for a free consultation.

    Resnik Hayes Moradi LLP

    510 W. Sixth Street Suite 1220

    Los Angeles, CA 90014

    Toll Free: (888) 654-8870

    Fax: 213-572-0860

    https://ibankruptcyattorneys.com

    The post Entering the Season of Debt appeared first on https://ibankruptcyattorneys.com/family-law/divorce/.


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