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.

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.