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 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.

Foreclosure Defense for Homeowners

What is about to surface could be named as an alarming statistics, or reality disclosure and a warning for homeowners. This is RealtyTrac’s annual U.S. Foreclosure Market Report for 2008 indicating that 2,330,483 properties nationwide entered some stage of foreclosure.  This would amount to an 81 percent increase from 2007 and 225 percent higher than the total number in 2006. The statistics for 2009 are looking even steeper, and there are no signs of relief in the near future.  With these unfortunate statistics, homeowners need to know their legal rights and options and it is high time for them to be aware of the foreclosure defense practices that they can put into action.

Homeowners off course would want to save their home at any cost, and some do it to shed of the burden of unreasonable mortgage payments and preserving credit. Solutions are there, but only after proper analysis of individual financial situations. Attorneys can design the best suitable program for you to go for a once and for all settlement.

One solution that can be given a head start for you is a mutually beneficial payment plan. The lender and the borrower can enter into a mutually beneficial payment plan that will in turn help if a person is struggling to make home payments and may be facing foreclosure, or to revise the terms of original loan agreement in order to make manageable mortgage payments to the lender. This is known as loan modification and can be done whether or not a person is behind in the loan payments, based on his or her financial situation, current hardships, and ability to make smaller payments.

Determine whether or not you are the victim of predatory lending by getting forensic loan audit done on original loan documents. If you are a victim then a lawsuit can be files against the lender and to put a stop to the foreclosure process for the duration of the suit.

Another grave thing to understand here is that the homeowners get confused in the moments of distress of whether to hire a foreclosure attorney or a loan modification firm to assist them in saving their home. Under many state and federal laws, loan modification firms cannot advise you of your legal rights or represent you in court to fight foreclosure. Attorneys can therefore help you in relieving you of your ongoing anxiety of facing foreclosure. Attorneys are adept at navigating their way through what might seem impossible for homeowners falling at the risk of a foreclosure, all the while taking the immense burden off your shoulders.  They look at the various aspects of your loan agreement and give you the best possible leverage and position when negotiating the terms of your loan with your lender. But the question is getting the right attorney and making it sure of their being licensed which makes them entitled to represent you in court or provide you with the right loan modification plan that can help you from coming out of the mess with the risk of facing the unfortunate foreclosure. Attorneys can therefore, litigate your foreclosure case, and help keep you in your home.

Loan Modification, Bankruptcy Avoid Foreclosures & Save your Home

The economy is facing recession and with it comes the struggle to keep up with the monthly mortgage bills. In such a case the strategy and ability to protect your home from foreclosure depends on where you are on the foreclosure timeline which one should be aware of to avoid foreclosure. The foreclosure timeline is-

When a borrower has missed several months of mortgage payments (generally about three months) the lender files a Notice of Default with the county recorder. The NOD identifies the default amount and the date by which the borrower must pay off the default.

When a Notice of Trustee Sale is sent after 90 days has elapsed after the NOD is filed when the lender has the right to file a Notice of Trustee Sale. It is done 20 days prior to the sale. It contains the date, time and location of the sale and posted on the property and in public location as well.

When Trustee Sale Auction held at the place and time as mentioned in the Notice of Trustee Sale. The successful bidder receives a trustee’s deed to the property once the sale is completed.

Now when you are aware of the time line, it is important to ascertain and come to a conclusion on saving your dream home from an unfortunate foreclosure. The most obvious way to save your home is to work out a mutually beneficial payment plan with your lender, or to revise the terms of your original loan agreement in order to make manageable mortgage payments to your lender. Lenders can help you out in the loan modification process but it can be frustrating for the borrower due to pressure of work on the lender. In such a case online law firms looks at all of the aspects of your loan agreement and gives you the best possible leverage when negotiating the terms of your loan with your lender.

Borrowers can also feel protected from engaging in unfair lending practices through a number of federal laws. Borrowers can be the victim of predatory lending practices without even knowing a bit about it. In such a scenario, a forensic loan audit is done on the original loan documents and if you have been a victim of predatory lending, you may have the right to file a lawsuit against your lender and to put a stop to the foreclosure process for the duration of the suit.

The next best option is to declare Bankruptcy which puts an immediate stop on the foreclosure process, hence providing with an opportunity to start fresh on your finances. It is the solution that you can resort to when you are the facing the difficulty in paying your monthly mortgage bills and getting into additional debts. The solutions are, therefore attainable to enter into a loan modification process and working out on a mutually beneficial payment plan, protection from predatory lending practices on the part of the borrower and declaring bankruptcy in order to avoid foreclosures. Online law firms have expert attorneys who specialize in loan modifications and foreclosure prevention to help out in moments of recovery.