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

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.

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.

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.