Bankruptcy Attorney Inland Empire – Free Consultation

Get judgmental on the right choice of bankruptcy attorneys to implement legal actions pertaining to bankruptcy and filing bankruptcy coming under the chapters for better results and eventual relief from the debts. It is also important to choose licensed bankruptcy attorneys with proven success records.

It is important for you to know your rights and options to get relief from the over burdening debts on you which is nearly impossible for you to pay back. You are apprehensive of the possible foreclosure that might take place and consider bankruptcy as the only way out. Under the federal laws, bankruptcy can be filed without the assistance of an attorney as it can be done by a sole individual but at his or her own risk without any guarantee as such on the success of filing one for your benefits under bankruptcy laws to implement actions for better results. It is difficult and expert attorney opinion stands important in this regard.

It is important to identify the difference as to why it is necessary to consult a bankruptcy attorney. Bankruptcy attorneys handle all aspects of bankruptcy laws, regulates the bankruptcy proceedings, explain the primary purposes and applications of bankruptcy laws, know about the legal methods for an individual, commercial entity and small business people including the chapter under which a debtor may file, what bills can be eliminated, how long payments may be extended, what possessions can be kept, and all other details concerning the bankruptcy laws and also a bankruptcy attorney makes you aware of the exempt and non-exempt property and assets.

There are bankruptcy attorneys who specialize in Chapter 7 Bankruptcy which is a liquidation bankruptcy depending on your income and assets, may allow you to completely eliminate your unsecured debt and obtain immediate relief from your creditors. Bankruptcy attorneys give you an idea on Chapter 13 Bankruptcy to give you a more detailed version of this reorganization bankruptcy that allows you to pay off most of your debt, including missed mortgage and auto payments, through manageable monthly payments over a period of 3 to 5 years and discuss about Debt Negotiation as an alternative to bankruptcy, we can step in between you and your creditors and aggressively negotiate to significantly reduce the total amount of debt that you owe.

Bankruptcy attorneys listen to you and work diligently to achieve the best course of action to meet your goals and give you immediate debt protection and financial stability for the future as well and help in future legal issues also.

Essentials to know while Negotiating

There are some essential to know that should be noted at your first meeting with the bankruptcy attorney to be sure of the necessary help you are willing to seek. Make sure you consult with Bankruptcy attorneys who are licensed to work for you efficiently, in the most trustable ethical manner and help out in troubled situation that might lead to foreclosures. It is paramount not to be hasty in your decision of consulting bankruptcy attorneys. Try to find out whether he or she is sincere in his or her legal proceedings, punctual with the meetings and goes on well with the clients and will eventually shed of the debts and settle with them once and for all. The next thing is to know about bankruptcy attorney’s success report and the number of similar cases taken and handled and about the success ratio in the cases. It is next to important to find out if the attorney will be personally attending to your case or it will be passed on to a junior lawyer or staff.

The right choice in legal help today can make a major difference tomorrow with you being judgmental on a bankruptcy attorney who is sincere and expert in his approaches and negotiation techniques up till the final discharge takes place.

Ready to Stop Harassing Calls from Creditors?

Ready to Stop Harassing Calls from Creditors?

CALL TODAY for a Free Consultation with an Attorney: 909-257-3056

If you are facing difficult financial times and want a fresh start, you should call the Stone Haven Law Group for a FREE CONSULTATION. We can help eliminate your debt and get your life back on track.

Call Today: 909-257-3056

Free Consultation with an Attorney
http://www.stonehavenlaw.com

Convenient Inland Empire Location at 9121 Haven Ave, Suite 250
Rancho Cucamonga, CA 91730

Financial Crisis? Inland Empire Bankruptcy Attorney

·         Are you ready to STOP harassing phone calls from creditors?

·         Are your monthly payments overwhelming you?

·         Have you fallen behind on your mortgage payments?

If you answered yes to any of these questions you should call the Stone Haven Law Group for a FREE CONSULTATION. We can help eliminate your debt and give you and your loved ones a fresh start.

Call Today: 909-257-3056

Free Consultation with an Attorney
http://www.stonehavenlaw.com

Convenient Inland Empire Location at 9121 Haven Ave, Suite 250
Rancho Cucamonga, CA 91730

Your Car and Chapter 7 Bankruptcy

If you own your vehicle outright, the State of California allows you to exempt from $3,300 to $2,550, depending on which exemption code you use, of the value of your vehicle. If your vehicle is worth more than the statutory automobile exemption, there are other State exemptions that allow you to retain your vehicle; your attorney will be able to help you with this.

If you are making payments on your vehicle, you have three choices. First, you may surrender the vehicle. If you choose to surrender the vehicle you will be forgiven of any deficiency on the loan, the amount of the loan less the amount the vehicle was sold at auction. Second, you may redeem your car by paying the lender in full. The Third choice is you reaffirm the loan, basically enter into a new contract with your lender and keep the same terms of the original agreement. If you choose to reaffirm your loan you may negotiate with the lender for a better interest rate or reduced payoff, if the payoff is more than the value of your vehicle. You have a bargaining chip in the negotiations because the lender knows that you have the right to surrender the vehicle and they can either choose to have used inventory or a regular monthly payment.

It is important to realize that if you choose to reaffirm your automobile loan and later are unable to make the payments, the lender will have the right to reposses the vehicle, sell it at auction and begin the collection of the deficiency amount from you. The lender may obtain a court judgment. The judgment allows the creditor to attach a lien to your home, levy your bank account or garnish your wages until the deficiency is paid off.

All reaffirmation agreements must be entered in your Bankruptcy Case before your case is closed and because of the serious consequences of default, these agreements must be reviewed and approved by either your attorney or the Judge appointed to your case, to insure the creditor is acting in good faith and it appears you can afford to reaffirm the loan.

Bankruptcy Attorneys – Go for Expert Advice

They know how to negotiate to save you from foreclosure by letting you file bankruptcy under the chapters defined and one which suits you to provide relief for the better. It is with reference to the bankruptcy attorneys to deal with things in the best articulated manner. Getting into trouble by not able to meet debt obligations can be troublesome for almost every business venture, whether it is a small business establishment or a million dollar corporation and it can also happen to individual households. In such a scenario, filing bankruptcy can be the savior but doing it without expert guidance may lead to disaster.

In conditions, when during bankruptcy the debtor pays back to the creditors and this procedure which is voluntary and involuntary as prescribed by the National Bankruptcy Act is well understood by the bankruptcy attorneys. Under the guidance of a bankruptcy attorney, the debtor can take a sigh of relief as the assets are well set in order and the files for bankruptcy are taken care to its maxim.

There are more stringent laws that a debtor has to pass through, which comes, under the Bankruptcy Abuse Prevention & Consumer Protection Act liquidated through Chapter 7, or through a repayment plan under chapter 13 guidelines of Bankruptcy law. This decision is somehow difficult to take single handedly and a bankruptcy attorney can make a debtor decisive on the choice. Not just the decision of what chapter to file, bankruptcy attorneys must be consulted for other intricacies and about the necessary forms to discharge debt.

Bankruptcy attorneys are well aware of the bankruptcy laws and how to apply for the same in order to provide relief to individuals and business undertakings from the ills of indebtness to avoid foreclosure. Bankruptcy attorneys can provide with best advice and make the debtor aware of the Title 11 of the United States Code or the bankruptcy code that regulates the bankruptcy proceedings.

How to find a Bankruptcy Attorney?

Bankruptcy attorney who is assigned with the job of providing relief to a debtor must have extensive knowledge and experience of handling bankruptcies from inception to completion and must be well acquainted with tactics for favorable and affordable debt negotiation settlements on unsecured credit cards. Many bankruptcy attorneys today have the experience of client intake, petition work in Chapter 13 and Chapter 7, motions and responses, and adversarial actions. The task of finding one with such an attribute can be a daunting task however the yellow pages can help find a bankruptcy attorney residing near you, or someone who has gone through a bankruptcy proceedings and is confident about the caliber of the bankruptcy attorney who handled his or her case, can keep you more relieved and let the attorney do the rest of it.

If you reside in one of the county in United States then bankruptcy attorneys with experience of appearing in the Court and Trustee Rooms of the Eastern and Central Districts of California, the Riverside/San Bernardino, Santa Ana, Los Angeles and San Fernando Valley Divisions, Los Angeles, Orange, San Bernardino and Riverside Superior Courts can provide relief.

You can, by the recommendation of other attorneys, can get in touch with bankruptcy attorneys who would like to help or a trusted family member can guide you in the right direction.  With such a reference you could be rest assured of the attorney’s competence to deal with bankruptcy proceedings and make negotiation until the final discharge takes place.

Can I get rid of this student loan debt?

I am in default on my student loans. Can bankruptcy help me get rid of this debt?

Student loans are non dischargeable, generally. To discharge a student loan obligation through bankruptcy you must file a complaint requesting that your government-owned student loans be discharged pursuant to section Bankruptcy Code Section 523(a)(8). The standard for the Court to determine your student loan obligation discharged was set in the case Brunner v. New York State Higher Education Services Corp. in 1987. This means you need to satisfy the so-called “Brunner Test” and the court is to consider: (1) you current level of income and expenses, and determine whether you can maintain a minimal standard of living for you and your dependents if you are required to repay the loans; (2) whether there are additional circumstances suggesting that your current financial condition is likely to continue for a significant portion of the repayment period; and (3) whether you have made a good faith attempt to repay the loans.

The “Bruner Test” is a very high standard and basically, unless you care for or are suffering from a disability that will continue for your lifetime, that prevents you for earning sufficient income to support you and your family and you have made a good faith effort to repay your loans, you will be unable to discharge your student loan debts through a bankruptcy.

Testimony in the Con­gress hearings in 1998 intended undue hardship claims to be considered in light of “the availability of various options to increase the affordability of student loan debt, including deferment, for­bearance, cancellation and extended, graduated, income-contingent and income-sensitive repayment options.” H.Rep. No. 750, 105th Cong. 2d Sess. 408 (1998).

There are other options to consider on your student loans. One such option is through the United States Department of Education, William D. Ford Federal Direct Loan Program (“Direct Loan”), of­fers various repayment options for student loan debtors. One of these is the Income Contingent Repayment Plan (the “ICR” plan). Essentially, once a student loan debtor is on an ICR plan, monthly payments are calculated on the basis of adjusted gross income, family size, and total amount of Direct Loan debt. This can give student loan debtors the flexibility and breathing room they need during difficult times. The maximum repayment period under an ICR plan is twenty-five years. Direct Loan provides a handy calculator for ap­proximating ICR plan pay­ments. The calculator is located http://www.ed.gov/ offices/OSFAP/DirectLoan/ calc.html.

If you make payments under an ICR plan for twenty-five years, and there are still amounts left owing, those unpaid amounts are forgiven. Of course, there may be tax consequences as a result of this forgive­ness.

Call the attorneys at Stone Haven Law Group at (909) 457 – 8200 to discuss more about your particular loan and your circumstances.

Which Chapter is Right for Me?

I used to make great money but now the company I work for cut bonuses, overtime and my regular hours. I am unable to pay my credit cards, some which I have had for years and never missed a payment and the creditors are calling me. I know I owe the money but just cannot pay right now. Which Chapter is right for me?

Meet the new face of bankruptcy. This nation’s worst downturn in 70 years pushed more formerly affluent people into bankruptcy than in previous recessions. Overall, personal bankruptcy filings were up 36.5 percent in the first half of 2009 from the same time a year ago, and experts predict the number of filings will keep rising even as the economy recovers. We are finding more and more of our clients had annual income of $60,000 or more, were careful with their money and through no fault of their own are simply unable to make their payments. Leslie Linfield, executive director of the Institute for financial Literacy, calls it “a middle-class recession”

Our blogger needs to find out what remedies are available through bankruptcy. The remedies of Chapter 7 and Chapter 13 are different. First, what type of Bankruptcy does our blogger qualify for? If our blogger qualifies for a Chapter 7, but needs the remedies of a Chapter 13, then our bloggers’ Chapter 13 can be for as few as three (3) years or as long as (5) years, depending on the debts our blogger must pay (in a Chapter 13, priority and secured debts must be paid, the unsecured creditors receive a percentage payment on the amount they are owed) and how much “disposable income” our blogger has. We know our blogger has tax debt. This must be paid in full through a Chapter 13 plan and is a determining factor in the minimum amount the Chapter 13 monthly plan payment will be.

The changes in the Bankruptcy Code added a three (3) part test to determine if our blogger qualifies for a Chapter 7 (liquidating) Bankruptcy or Chapter 13 (repayment plan) Bankruptcy. The first and second parts of the test are based on our bloggers last six months of income from all sources, multiplied by two, to determine our bloggers “annual income”. The third part of the test is based on our bloggers current income and expenses.

Part One compares our bloggers “annual income” and household size with the local standards of “median income level” for the same size household. If our bloggers annual income exceeds the “median level income”, then our blogger qualifies for a Chapter 13.

Part Two subtracts our bloggers secured monthly payments (i.e. monthly mortgage or auto payment), allowable necessary expenses (IRS standards based on household size), and mandatory tax and insurance deductions from our bloggers monthly income (“annual income” divided by the number of months in a year). If there is no “disposable income” remaining after these expenses are deducted, then our blogger qualifies for a Chapter 7 and can also elect a three (3) year Chapter 13.

The third and last part of the test looks to our bloggers current monthly income and expenses. After subtracting expenses from income, if there is “disposable income” which when multiplied by 60 would pay 25% of our bloggers total unsecured debt, our blogger qualifies for a Chapter 13.

Sounds complicated? The changes in the Bankruptcy Code made it more difficult for the honest debtor to seek relief, but not impossible.

Call the attorneys at the Stone Haven Law Group today to learn more about whether bankruptcy is right for you and which Chapter may apply.

10 Thinks Bankruptcy Court Won’t Tell You, Smart money Magazine by Elizabeth O’Brien, Published September 30, 2009.

Can bankruptcy stop the Credit Card Harassment?

My hours at work were cut about 6 months ago. I am happy to have a job but now I have fallen behind on my credit card payments. They are calling me at all hours. I am worried they will start calling my work. What can bankruptcy do to help me?

Once you retain the services of any attorney you have the right to tell your creditors that all further communications are to go through your attorney. If you also write a letter to your creditors advising them all further communications are to go through your attorney and send it certified, return receipt through the United States Post Office or other mailing service in which you have proof an agent of the creditor received the letter, then, if the creditors continue to call, you have a cause of action against the creditor and its agent. This is one of the benefits of hiring an attorney to prepare and represent you in a bankruptcy.

You are not alone in the financial stress you are experiencing. Research by the Federal Reserve indicates that household debt is at a record high relative to disposable income. Many households have experienced a reduction in work hours, thus a reduction in income. In fact, the American Bankruptcy Institution statistics show that in second quarter of 2008, 32,387 bankruptcies were filed in the State of California. In the second quarter of 2009, 53,505 bankruptcies were filed in the State of California. That is more than 60% increase in filings.

Your credit card debts are discharged through a bankruptcy, as long as there is no fraud involved. You may be forgiven of all the debt through a Chapter 7 or for a percentage of the debt through a Chapter 13. See previous blogs to understand which Chapter you qualify for.

Call the attorneys at Stone Haven Law Group at (909) 457 – 8200 to take the first step towards ending creditor harassment!

Income Tax after a Short Sale?

I could not afford the rental property I purchased when I was making more money and was advised to short sell the property, after I short sold the property I received a 1099 from the lender and had to include the amount I was forgiven as income on my 2008 tax return and because of my decrease in income, could not pay the taxes and now I owe income taxes. Help.

This is a good question, and one we are asked very often. Now, let’s look at that income tax debt caused by a short sale. (Had our blogger simply surrendered the rental through a bankruptcy our blogger would not have incurred the income tax debt.)

Income tax is a priority debt that may or may not be forgiven in bankruptcy. The factors determining whether it will be forgiven are (1) what tax year the debt was incurred, (2) the date the tax return was filed and (3) whether the tax has been assessed. Our blogger will need to request a tax transcript from the government entity the taxes are due to, to make an accurate assessment, but generally if the taxes were due for the tax year 2005 or before, there is a high likelihood this debt will be forgiven.

Our blogger’s tax debt if from the tax year 2008 and will survive a Bankruptcy. Our blogger can file a Chapter 7, if our blogger qualifies, or a Chapter 13.

The good news about paying tax debt through a Chapter 13 bankruptcy is that the amount of the tax debt is determined at the date the petition is filed, no interest will be paid, unless the government tax entity has filed a lien against our bloggers property. As long as our blogger successfully completes the Chapter 13 Bankruptcy our blogger will be out from under that tax debt completely.

If our blogger qualified for a Chapter 7 but elects to file a Chapter 13 then our blogger could be free from this priority debt in as little as three (3) years. If our blogger qualified for a Chapter 13 only, then our blogger would qualify for a five (5) year Chapter 13. If our blogger qualifies for and files a Chapter 7, the tax debt will survive the bankruptcy. Our blogger may enter an agreement to pay the tax debt in installments with the government tax entity outside of bankruptcy, but the downside of that installment plan is that interest continues to accrue until the tax debt is paid in full.

Want to learn more about bankruptcy? Are you facing income tax from a short sale? The Stone Haven Law Group offers a free telephonic consultation to discuss you situation and the “fresh start” of Bankruptcy. Please call Stone Haven Law Group at (909) 457-8200 to discuss your options.

Bankruptcy Law California: Things that Matter Before Filing Bankruptcy

It is important to know the reasons causing Bankruptcy and the things essential to know before filing bankruptcy. Why it happens? Or what compels a borrower to declare that he or she is bankrupt? It is important to assess the factors that make you take that step to shed off the burden of overflowing debt.

The first and foremost is unemployment that stops the income that is used to pay back loans, large medical expenses that stops you from concentrating on the debts to pay off, divorce, death of the sole breadwinner in the family or other immediate causes or family disputes that creates a barrier for the borrower to clear debts. A recent study reported that more of US bankruptcies were caused by large medical Bills. It was estimated that illness and medical bills caused half (50.4 percent) of the 1,458,000 personal bankruptcies in 2001.

You know that Filing bankruptcy will put the entire foreclosure process but filing bankruptcy without an after thought can prove a fatal decision made it is therefore important to look into the chapters in Bankruptcy that you can file. Chapter 7 and 13 can help provide relief from the nerve raking debts and must be aware of them.

Chapter 7 bankruptcy that is “liquidation,” can provide relief as it mitigates the legal liability to pay debts. The non-exempt property is then handed over to the bankruptcy trustee to sell it off to pay off the debts. The debtor receives a discharge within four months. Chapter 7 therefore helps a debtor to begin afresh. A debtor can therefore keep the exempt property but at the same time gets to shed off the overflowing debt.

Chapter 13 bankruptcy that is reorganization” provides the flexibility to pay debts according to affordable monthly payment plan approved by the court. Chapter13 bankruptcy is filed by individuals who want to pay off their debts over a period of three to five years. For this the debtor needs to have income that is saved after the daily livelihood expenses are taken care of.

Why choose Chapter 13 and not Chapter 7 Bankruptcy?

The next thing that should also be noted is to assess on what to choose. Chapter 13 bankruptcy is more applicable only when you are sincere to your efforts to pay back but with assistance from bankruptcy court. You can make modifications in your mortgage or car loan. Opt for chapter 13 bankruptcy when you do not qualify for chapter 12 family farming bankruptcy, you have already filed chapter 7 and can’t wait for another eight years to lapse so why not go for Chapter 13 instead. When in cases where you own a lot of non-exempt property and do not want to give off all of them under chapter 7 bankruptcy norms you can go for chapter 13 that saves even the co-debtor if any.

Taking heed of the essentials before filing bankruptcy therefore becomes a paramount necessity for those going for bankruptcy. The debtor is discharged 3 – 5 months after bankruptcy is filed, mitigating the possibility of foreclosures.