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Written by: leonora | Published on: June 26th, 2013
REASON 1 – YOU WILL PROBABLY BE GETTING MARRIED SOON AND MERGING YOUR FINANCES You are probably going to get married. And with that comes the oh-so-fun merging of the finances. I can assure you that it is a lot better to be the person saying, “yeah, once upon a time I filed for bankruptcy. I learned a lot. I don’t have any debt now, other than my student loans, and I have managed to save for retirement and put money away for a rainy day since that time. Oh, and because it was a while ago, my credit is [...]
Written by: leonora | Published on: January 10th, 2013
The Mortgage Debt Relief Act of 2007 was set to expire on December 31 2012; however, it was extended for another year, which is a pretty big deal for people who are facing a foreclosure, short-sale or a deed-in-lieu (of foreclosure). Foregoing other reasons why I think the last 2 options, respectively, are not a great for most people, let’s examine why this is still great for people who are facing the tough circumstances of losing their homes. Let’s first talk about this Debt Cancellation or Phantom Income and how this would normally be treated. To add insult to injury [...]
Written by: leonora | Published on: March 21st, 2012
How much will it cost to file for bankruptcy? I get that question on the phone a lot. It is perfectly understandable. In fact I am planning a wedding right now and it would be really helpful to know how much it costs for flowers and music and photographer and the rest and very rarely am I able to get the price from the vendor’s website, so trust me when I say that I understand your frustration. It is frustrating and I completely understand that before you waste your time coming in to meet with a bankruptcy attorney in Los [...]
Written by: leonora | Published on: March 20th, 2012
The following scenario happens regularly during my consultations: – Potential Client: “I know bankruptcy would really make my life easier, but I want to avoid it at all costs, because I really want to protect my credit.” – Me: “Oh, how is your credit right now?” – Potential Client: “It’s not …great, but I heard that after bankruptcy…that’s it, you can’t buy a car, you can’t buy a house, you can’t get a credit card. Your credit is ruined for the next ten years. That just won’t work for me.” – Me: “It is clearly a very common misconception, and [...]
Written by: leonora | Published on: March 13th, 2012
When a Client is considering a Chapter 13 bankruptcy, the main thing they want to know is what their Plan payment will be. It is a very valid question, since they can’t make a decision without having that knowledge of whether Chapter 13 is even a realistic option for them. A. How big will my Plan payment be? The Plan payment must at least cover the necessary debts. “Necessary Debts” Mortgage arrearages, car payment arrearages, Trustee fees, remaining attorney fees, priority taxes. These need to be paid in entirety through your proposed plan. As such, the plan payments have to [...]
