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Bankruptcy Discharge vs. Bankruptcy Dismissal

16 April 2014

Bankruptcy Discharge vs. Bankruptcy Dismissal

When filing for bankruptcy in Los Angeles many people don’t know much about the process they are trusting with their debts, let alone the forecasted end result. It isn’t uncommon for an unsuspecting debtor to find their case denied by the court and not obtain the debt relief they were seeking. Here is what you need to know about the potential outcome of your case:

Bankruptcy Discharge –  occurs when your case is successfully completed and closed with the court. A debt discharge releases you from liability over any remaining portion of your debt and essentially severs the relationship of you from your prior debt balance. A discharge is the outcome you are wanting when you seek help from the bankruptcy process. Another thing to note about a discharge is that it often will make the automatic stay order permanent. In other words, debts that are discharged become permanently “uncollectable” by your creditor.  A discharge can only occur when you have met all of the paperwork, credit counseling and payment requirements outlined by the court.

Bankruptcy Dismissal — occurs when your case is denied and closed by the court. Dismissals can occur due to suspicions or confirmations of fraud, failure to meet eligibility requirements or failure to comply with the bankruptcy code requirements. Dismissals can also be voluntary (not in a Chapter 7 bankruptcy), in which you request to have your case terminated by the court, or involuntary, in which the court takes action independently to terminate your case. This is not the outcome you are seeking when filing for bankruptcy in most cases. Further, a case dismissal leaves your debts unresolved and you fully liable for payment of the debt.

If you need assistance with unpaid medical bills, preventing foreclosure, preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options.  We can be reached by calling us at (818) 714-2200.

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When will my 341a meeting of the creditors in bankruptcy court be held?

15 April 2014

When is the 341a meeting of creditors  held?

 When will my 341a meeting of the creditors in bankruptcy court be held?
What is a Section 341 Hearing?
First, In every single bankruptcy case, be it Chapter 7, 11 or 13, there is an initial meeting at the bankruptcy court called the Meeting of Creditors.  In consumer cases under Chapter 7 or Chapter 13, the purpose of the meeting is for the court-appointed trustee to review the case with the debtor by examining the debtor under oath.
Section 341 of the Bankruptcy Code provides for this hearing, which is why it is often referred to as the “341a Meeting of the Creditors.”
The Bankruptcy Rules Provide the Time Frame For Holding the Meeting of Creditors
Although the 341 hearing is usually held about a month after the petition is filed, it can sometimes be held much earlier than that, and other times, much later.
Bankruptcy Rule 2003(a) sets forth the time parameters for the 341 Hearing:
In a Chapter 7 or Chapter 11 bankruptcy case, the meeting must be held no fewer than 20 days, and no more than 40 days after the date the petition is filed.
However, in a Chapter 13 case, the meeting shall be held no fewer than 20 days, and no more than 50 days after the date of filing.
When the bankruptcy court is operating very efficiently, meetings tend to be sooner.  When the court is overburdened, or trustees are taking vacations, the time frame is longer.
Attorney Chirnese L. Liverpool and her supportive staff are committed to helping clients through the sometimes overwhelming process of filing for bankruptcy. We provide personalized assistance and dedicate as much time as needed to help you obtain relief from the burden of your debt. To find out how we can help you, contact the Law Offices of Chirnese L. Liverpool at (818) 714-2200 today for a free initial phone consultation.
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Short sale, foreclosure, or surrendering the home through bankruptcy. What is the right choice for you?

14 April 2014

Short sale, foreclosure, or surrendering the home through bankruptcy. What is the right choice for you?

It’s never an easy decision, especially when you include the sentimental feelings we have for our homes. But before you short sell your home, look at all your options. It may be more beneficial for you to surrender it or let it go to foreclosure.

Did you know that if you have a second mortgage or line of credit on your home, the lender may still hold you liable for what’s owed after the short sale. Unless the lender agrees to waive the balance of your debt, they’ll probably send you a letter demanding payment of the outstanding balance. Review all short sale documents, prior to signing, to ensure that you are released from any balance liability. It well worth the time and money to have your paperwork reviewed, prior to closing, by an experienced law firm, like the Law Office of Chirnese L. Liverpool.

Even if the bank decides not to pursue the balance due after the short sale, you could be in for a surprise at tax time. The bank may report the cancelled debt on a 1099 form next January. At that point, the amount on the 1099 will be treated as income for tax purposes. For example, if your bank agrees to waive or cancel $45,000 of the second mortgage as part of the short sale, you may have to pay income taxes on the $45,000.

Filing for bankruptcy can provide options for eliminating the additional liability. Call the Law Office of Chirnese L. Liverpool at (818) 714-2200 for a no-obligation consultation.

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FAQ’s – Bancarrota – parte 3

1 April 2014

Supongamos que la garantia subsidiaria tiene un menor valor que la deuda total:

Un ejem plo claro podria ser una deuda con el Banco por $2000 y una garantia subsidiaria, un auto valorizado en $1000.  En tal situacion, el deudor estara en condiciones de redimir o rescatar dicha garantia pagando al acreedor el valor de dicho bien.  Asi es, el deudor pagara unicamente los $1000 del valor del auto y podra conservar dicho bien sin necesidad de pagar un monto adicional, que en el presente caso serian los $1000 restantes.  Generalmente la Corte de Bancarro ta efectua la determinacion del valor de la garantia subsidiaria.

El mayor problema con la accion de rescate de la garantia subsidiaria es que el acreedor demandara el pago del total de la deuda al momento mismo de la redencion o rescate.  En el ejemplo anterior, el banco exigiria al deudor el pago de los $1000 restantes.

?Podre tener alguna propiedad despues de la Bancarrota?

Si, con algunas excepciones.  Toda propiedad que Usted adquiera con posterioridad a la fecha de declaracion de Bancarrota por la corte podra mantenerla sin ningun problema.

?Podre solicitar prestamos dinerarios despues de haber sido declarado en Bancarrota?

No existen restricciones legales para ello.  Sin embargo, Usted tendra algunas dificultades para conseguir a alguien que le efectue algun prestamo.

?Como la Bancarrota afectara mi record crediticio?

La bancarrota puede ser indicada en su record crediticio por 10 anos y ciertamente no es un factor adecuado en un reporte crediticio.  Algunas personas que estan al borde de la bancarrota tienen una mala historia crediticia y han encontrado que la bancarrota no presenta un dano significativo en dicho historia i. De Hechol. al descargarse todas las otras deudas Usted deviene en un “atractivo riesgo crediticio”.

?Podria ser discriminado por la declaracion de Bancarrota?

Ninguna agencia del gobierno puede negarle alguna licencia o privilegio, o discriminarlo en ningun sentido por su calificacion de sujeto en Bancarrota.  Tam poco los empleadores particulares o privados podran rehusarse a contratarlo por tal motivo.  Cualquier persona o institucion a la que Usted recurra para solicitar credito podra exigirle el mismo deposito u otras garantias financieras que le son exigidos a cualquier otro aplicante o solicitante.

?Cuan seguido puedo solicitar la Bancarrota?

Si Usted ha sido declarado en bancarrota, no podra solicitar otra hasta pasados 8 anos contados desde la fecha de declaracion de la misma por la corte.

El derecho de solicitar la bancarrota es extremadamente importante y no puede ser desperdiciado.  Asegurese de que su bancarrota es realmente esencial antes de solicitar su derecho a la misma.

?Cuanto puede costar el proceso de declaratoria en bancarrota?

El monto por lo general es de $306, y a ellos deberan sum arseles otros $21 para una excepcion aplicable a reclamos contra propiedad personal o salarios que se lam a “declaracion de casa propia” o “homestead deed.” El monto de $306 puede ser excluido para deudores de bajos ingresos, y pueden ser pagados en cuatros plazos.  Abogadas particulares por lo general cobran $999-1500 para una bancarrota capitulo 7 y usualmente $4000 para una bancarrota Capitulo 13.

?Cual es la alternativa a la bancarrota?

Existen varias alternativas menos dramaticas a un bancarrota Capitulo 7.  Usted debe considerar: (1) El Capitulo 13, (2) acuerdos voluntarios con los acreedores y/o (3) plan de pago a traves un servicio de consejeria en materia crediticia.

—————————–

Este folleto contiene informacion gneral sobre sus derechos.  Si Usted tiene alguna consulta especifica al respecto consulte con su abogada.

Law office of Chirnese L. Liverpool

6277 Van Nuys Blvd. Suite 126

Van Nuys, CA 91401

(818) 714-2200 ph.

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bankruptcy filing fee waiver

18 February 2014

The current Bankruptcy filing fees are listed below. If you cannot afford to pay the fee either in full at the time of filing or in installments, you may request a waiver of the filing fee by completing form 3B and filing it with the Clerk of Court. A judge will decide whether you have to pay the fee. By law, the judge may waive the fee only if your income is less than 150 percent of the official poverty guideline applicable to your family size and you are unable to pay the fee in installments.

Filing Fees
Chapter 7: $306
Chapter 11: $1,213
Chapter 12: $246
Chapter 13: $281

Email  or call (818-714-2200) Los Angeles Bankruptcy Attorney Chirnese L. Liverpool for a free consultation.

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If I have a job, can I file bankruptcy

30 January 2014

Of course!  The court does not expect everyone who files bankruptcy to be down, out, and unemployed.  That’s just not how life works; our clients are good hard working people who have simply fallen on hard times. You may have a job and file a bankruptcy and in most cases unless you have signed something stating that the employer must be notified if you file a bankruptcy, your employer wouldn’t have a clue you even filed.

In your petition you are required to report your income in several different areas.  You will have to show your earnings for the past two years, where you work now and what your expected income going forward is, as well as what you have earned in the past 6 months prior to filing the bankruptcy. In bankruptcy, your income is calculated based upon a “Means Test”; although there are many other types of income besides employment that are also a factor in the means test.  This tells the court whether or not you qualify for a Chapter 7 bankruptcy or if you will need to file a Chapter 13 bankruptcy based upon your income.

In the event that you file a Chapter 13 bankruptcy your debts are a factor, but your plan payments will be based also largely upon your past 6 months of income.  For example, let’s say that based upon your arrearages and debts in the plan, you’re looking at plan payments of $500 per month, BUT based upon your prior 6 months, your income shows that you have an extra $1,000 left over each month.  You would make a payment closer to the $1,000 mark because your prior income states that you can afford it.

Also, in the occurrence that you file a bankruptcy and you have any secured items in which you may wish to keep (such as a house, car, jewelry, furniture, or electronics) you must be able to show that you can afford to make the contractual monthly payments.   Bankruptcy court has been enacted to help consumers. Whether you have a job or not does have an impact on your bankruptcy options but you can certainly still file a bankruptcy even if you do not have a job.

If you are considering filing for bankruptcy, give the Law Offices of Chirnese L. Liverpool a call today, our phone number is (818) 714-2200.  Alternatively, we can be reached by visiting our bankruptcy website.

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stressed out over medical bills

29 January 2014

Can Medical Bills Cause You To File Bankruptcy?

stressed out over medical billsYes,  Medical bills are one of the top 5 reasons that I would say causes individuals to file bankruptcy.

New Years Eve and the week after it, I had 2 visits to the Emergency Room.  My bills totaled over $5,000 for these two visits.  Thank GOD for insurance.  I was speaking with my best friend regarding the matter, and she said that she had taken her child to the emergency room and the bill was over $20,000.  She too,  had insurance.  Could you imagine getting sick, or needing emergency services, only to find out that the bill would be in the thousands of dollars?

Well, that is the reality for millions of Americans.  Some Americans do not have insurance and some are under-insured.  If you dont have insurance, or are under-insured – a $20,000 medical bill would have you pulling your hair out trying to figure out how are you going to pay these medical bills.

For some, their only option is to file bankruptcy.  It is unfortunate, however, it can get that debt from looming over your head and provide you with a fresh start.  If you are stressed out over medical bills and considering filing for bankruptcy, contact our office today.

The law office of Chirnese L. Liverpool assists debtors who are stressed out over medical bills.  We can be reached at (818) 714-2200 or by vising our bankruptcy website.

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Chapter 7 eliminates….

6 December 2013

Chapter 7 Bankruptcy – Los Angeles

Also known as “Fresh Start” or “Straight” bankruptcy, Chapter 7 bankruptcy allows a person to eliminate most or all of his debt while being allowed to keep whatever property he may have.

In many cases, a person may keep their home or car (secured debt), provided that they continue to make current payments and are up to date on the loan.

Chapter 7 Eliminates:

  • — Credit Card debts
  • — Medical debts
  • — Personal loan debts
  • — Lawsuit debts
  • — Judgements – Unless fraud or criminally related
  • — Deficiency debts on repossessed autos and foreclosures
  • — Some IRS Debts – some income tax debts are dischargeable.
  • — Personal Injury Debts – except driving while intoxicated and criminal injury.

Chapter 7 is the most commonly filed bankruptcy and can allow for a new start. More and more Americans find themselves struggling with debt they cannot control. Chapter 7 bankruptcy allows for their debt to be discharged and lets them get a hold of their financial situation with a fresh start.

Chapter 7 does not eliminate student loans except in extreme hardship cases, debts from certain types of taxes, alimony maintenance or support payments, fines, penalties and criminal restitution, or debts from personal injuries caused by driving while intoxicated.

If you are interested in speaking with a bankruptcy attorney, contact the Law Offices of Chirnese L. Liverpool at (818) 714-2200.

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Changes To Federal Court Miscellaneous Fee Schedule Effective December 1, 2013

25 November 2013

This was originally posted the courts website.

The Judicial Conference of the United States approved several changes to the federal court miscellaneous fee schedules that relate to bankruptcy courts and become effective December 1, 2013:

  • New $176 fee for the filing of motions for the sale of property free and clear of liens under 11 U.S.C. § 363(f).
  • Increase in the records retrieval fee from $53 to $64 for the first box requested from the Federal Records Center, and a new fee of $39 for each additional box requested.

The Judicial Conference also amended the fee language regarding checks returned for insufficient funds on each of the court fee schedules. The prior fee language, which applies only to “checks,” was outdated, as check payments have now largely been superseded by electronic payments. Please note that there is no change to the amount of this fee.

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Will filing bankruptcy help me get my Drivers License re-instated?

7 November 2013

Los Angeles Bankruptcy Attorneys Helping to get Your License Reinstated

Reinstate Your California Driver’s License through Bankruptcy

Was your driver’s license suspended because of a failure to pay parking tickets or make payment on a personal injury judgment?

In some cases, Chapter 7 or Chapter 13 bankruptcy can reinstate your license.

Why Hire The Law Office of Chirnese L. Liverpool in Los Angeles?

Bankruptcy cannot be used to reinstate a suspended driver’s license in all cases. Give us a call to discuss your particular situation directly with an attorney. We practice mainly bankruptcy and consumer rights law in the Los Angeles area. We’re available for a free phone consultation at 818-714-2200 (or contact us online).

How Bankruptcy Can Affect Your Suspended Driver’s License

Your California driver’s license can be reinstated once you’ve filed a bankruptcy case. What happens depends on the type of bankruptcy you file (Chapter 7 or Chapter 13).

  • Permanent reinstatement. For example, if you have a personal injury judgment against you (with no allegations of drug or alcohol use at the time of the accident), your driver’s license will be reinstated during and after the bankruptcy case is finished.
  • Temporary reinstatement. If your license was suspended because of a non-dischargeable debt like parking tickets, your license will be temporarily reinstated during the bankruptcy, but may be suspended again once your bankruptcy case is closed.

In Chapter 13 bankruptcy, it’s possible in most cases to immediately reinstate your license and prevent future suspension upon completion of the bankruptcy, because the reorganization involves a payment plan making good on a portion of the debt.

Neither form of consumer bankruptcy, however, will reinstate a driver’s license suspension if it happened because of non-payment of child support, impaired driving, nonpayment of court fines, or moving violations like speeding and driving without a valid license.

Contact the Los Angeles Bankruptcy Lawyers at the Law Offices of Chirnese L. Liverpool

Bankruptcy is meant to help you get a fresh start. Your driver’s license is every bit as important to getting your financial situation under control as it is getting rid of debt. Contact us online or call 1-818-714-2200 for a free phone consultation.

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How to request your Telecheck file report

29 October 2013

This inforrmation was posted directly on First Data’s Website.

TeleCheck will reinvestigate any item listed in your File Report that you believe may be inaccurate or incomplete. We ask for your personal information, like social security number, because TeleCheck stores information by unique identifiers such as a driver’s license or social security number or bank number(s). TeleCheck may not be able to find your records or all of your records by a simple search of your name. And, we ask for this information to ensure that the search we conduct will be complete and accurate.

To protect consumer’s privacy, we communicate only with the individual to whom the information pertains. If the consumer does wish for us to communicate directly with a third party about their records, we will need to receive a Power of Attorney or specific written instructions, signed by the consumer whose information is being requested, authorizing us to disclose the information to the named third party.

To verify your identity, with your request please include:
(1) a daytime contact phone number
(2) a copy of your driver’s license
(3) your social security number
(4) a copy of a voided check

Send the request for your file report to:
TeleCheck Services, Inc.
Attention: Consumer Resolutions-FA
P.O. Box 4514
Houston, TX 77210-4514

If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Chirnese L. Liverpool assists clients with filing for bankruptcy in California  as well as all of NevadaOur office represents clients with:  bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, and chapter 13 bankruptcy representation. We can be reached at (818) 714-2200.

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Chapter 7 bankruptcy

21 October 2013

Chapter 7 bankruptcy is the most common type of bankruptcy and is available to individuals, married couples, corporations and partnerships.

Chapter 7 is a liquidation proceeding in which the debtors non-exempt assets, if any, are sold by a court-appointed “trustee” and the proceeds distributed to creditors according to priorities established in the U.S. Bankruptcy Code. In most consumer cases, however, all assets are “exempt”. Therefore, there are no assets to liquidate and there is no payment to creditors. All or most debts are completely forgiven or “discharged” and the debtor retains all of his assets.
 
If the debtor owes money on a home, motor vehicle or other property that is secured by a mortgage, security agreement or other type of lien, he has the following options under Chapter 7:
 
1) retain the property, “reaffirm” the debt and keep making regular payments to the creditor;
 
2)  “redeem” the property by making a lump sum payment to the creditor for its fair market value; or
 
3) surrender the property to the creditor and discharge all further liability for the debt.
 
A Chapter 7 bankruptcy will not eliminate student loans except in undue hardship cases, certain types of taxes, alimony or child support obligations, criminal fines and restitution, debts incurred through fraudulent conduct, debts incurred through intentional injury to person or property, or debts for personal injuries caused while intoxicated.
 
A Chapter 7 bankruptcy proceeding is commenced by filing Official Bankruptcy Forms in the U.S. Bankruptcy Court. These forms require a debtor to list all of his assets and debts, along with some recent financial information. This is the most important and time-consuming part of a bankruptcy filing.
 
It is important that every creditor is listed on the bankruptcy forms with an accurate mailing address. All debts must be listed, even if a particular debt is non-dischargeable or the debtor intends to “reaffirm” and continue paying the debt.
 
The bankruptcy forms are signed by the debtor under penalty of perjury then filed with the bankruptcy court clerk in the district in which the debtor resides, or has resided for the greater part of the last 180 days.
 
To file an individual or joint Chapter 7 bankruptcy, a court filing fee in the amount of $306 must be paid to the U.S. Bankruptcy Court at the time of filing or within 4 monthly installments. If the debtors annual gross household income is not more than 150% of the Federal Poverty Level for his family size, the Chapter 7 filing fee can be waived altogether.
 
A Chapter 7 bankruptcy is effective immediately upon filing and an “automatic stay” immediately stops all collection activity, including foreclosure, repossession, garnishment, lawsuits, creditor contact, etc.
 
The bankruptcy court will mail notice of the bankruptcy filing and automatic stay to each of the creditors listed on the debtors bankruptcy forms. Any creditor that violates the automatic stay by attempting to collect a debt from the debtor may be held in contempt of court and punished by fine or imprisonment.
 
About 4-6 weeks after the bankruptcy filing date, the debtor must attend a “341a meeting” (also known as a  “meeting of creditors”). At the 341a meeting, the trustee will ask the debtor a few questions regarding his financial situation. The meeting in a typical consumer case lasts about 3-4 minutes and creditors virtually never attend the meeting.
 
The debtor should receive a final discharge order in the mail within 3-5 months after the 341a meeting. The final discharge order will provide that the debtors debts (except any debts that have been voluntarily reaffirmed or are non-dischargeable by law) are formally discharged and that any court judgments for a debt entered against the debtor at any time prior to filing bankruptcy are null and void.

If you are interested in knowing how to get the bankruptcy process started, click here .

 
To get started, just review “Frequently Asked Questions About Bankruptcy” then email us or call the Law Offices of Chirnese L. Liverpool at 818-714-2200.
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FAQ’s – Bancarrota – parte 2

14 October 2013

Ver parte 1 haga clic aquí

FAQ’S – Bancarrota – Parte 2

Que es la “detencion”?

Cuando una bancarrota es seguida en la Corte, automaticamente se3 ordena los acreedores detenerse en el cobro de los montos que les son adeudados.  Los acreedores no pueden continuar adelante con ningun embargo o rem ate de los beines del deudor, no podran obtener ninguna orden judicial particular para efectuar los mismos ni podran exigir la resposicion de bienes.  Inclusive, los acreedores no podran contactarse directamente con Usted para exigir el pago de sus acreencias.  En caso contrarior, el acreedor podra ser sancionado por la Corte de Bancarrota.

Se descargan todas las deudas?

No. Por lo general no se pueden descargar las deudas provenientes de impuestos, prestamo dinerario y/o crediticio que hayan sido obtenidas mediante falsas pretensiones, fraude o hurto, alevosia y ventaja, en perjuicio de terceros o de sus propiedades.  Tampoco podran descargarse las multas o sanciones pecuniarias o prestamos educacionales o aquellas que hayan sido om ititdas al efectuarse el listado que se presenta a la corte al inicio del proceso.

Sin em bargo, existen significativas excepciones que autorizan a descargar el tipo de deudas al que nos referimos en el parra fo precedente.  Cabe indicar que dichas excepciones deberan ser descargadas de acuerdo al plan del Capitulo 13.

Debere entregar todas mis propiedades?

Tl vez.  Lo cierto es que Usted se encuentra obligado a entregar todo su capital y/o propiedades no exentas al Fideicomiso establecido por la Corte.

El Fideicomiso se encargara de vender las propiedades y usara el dinero recaudado para cancelar el monto adeudado a los acreedores.  Para tal efecto se prorrateara el monto recaudado entre todos los acreedores.

Debe indicarse que la mayoria de las personas con ingresos limitados no perderian sus propiedades puesto que la mayorir de ellas se encuentran exentas.

Que propiedad califica como exenta?

Existen dos tipos primarios de exencion:

a) El “deudor pobre”: esta exencion permite proteger toda la ropa por un maximo de los $550 toda, todo el ajuar y muebles de casa por un monto de $550 todo, un vehiculo automotor por un valor de $5100 y todas las herramientas de trabajo de la personal hasta por $7625.  También hay un comodín exención de $21.825 .

Su los angeles bancarrota abogada le ayudará a determinar la forma de mantener la mayor parte de sus bienes mediante la exenciones deducibles.

Que sucede en el caso de haber otorgado al acreedor garantia subsidiara?

Si el acreedor detenta una garantia subsidiaria o un interes asegurado el alguna propiedad, tendra el derecho de exigir la reposicion del bien si Usted solicita la Bancarrota.  Este derecho del acreedor estara limitado en el caso de solicitar la aplicacion del Capitulo 13.

Supongamos que Usted quiere mantener la propiedad que ha sido otorgada como garantia subsidiaria:

Usted podra hacerlo siempre que reafirme la deuda que esta garantizada subsidiariamente por dicho bien.  Esto implica equ Usted acuerda con el acreedor pagarle lo que le debe en lugar de que la deuda sea descargada en el processo de bancarrota.  Los acuerdos de reafirmacion de deuda deberan presentarse por escrito y ser aprobados por la Corte para su validez y exigibilidad.

Si esto le interesa, por  favor complete nuestra evaluación el línea y haga una cita para una consulta gratis con Law offices of Chirnese L. Liverpool hoy mismo. Somos uno de los abogadas en el Condado de Los Angeles y nos dedicamos únicamente a casos de bancarrota, será un gusto ayudarle en su camino a la libertad financiera. Llame a nuestra oficina hoy mismo al (818) 714-2200 para programar su consulta gratis.

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Identity theft and bankruptcy

8 October 2013

When I was in college, I became a victim of Identity Theft.  After M.A.N.Y. hours contacting all of the necessary agencies, (police, creditors, credit bureaus etc.) I was able to get it off of my credit report, but boy was it a lot of work.  Sometimes my clients are forced to file for bankruptcy because their credit was ruined through fraudulent transactions by people they knew or they were victims of stolen identity. Unfortunately, these days most of us can find our selves victims of stolen identity. Here is what you can do to prevent further damage.

Placing a Fraud Alert

By placing a fraud alert on your consumer credit file, you let creditors know to watch for unusual or suspicious activity in any of your accounts, such as someone trying to open a credit card account in your name.

To place a fraud alert, call one of the following three major credit reporting agencies. Your phone call will take you to an automated phone system. Be sure to listen carefully to the selections and indicate that you are at risk for credit fraud.

You need only contact one of these agencies, which will automatically forward the fraud alert to the other two.

TransUnion
(800) 680-7289
Fraud Victim Assistance Department
P.O. Box 6790
Fullerton, CA 92834
http://www.tuc.com

Equifax
(888) 766-0008
Consumer Fraud Division
P.O. Box 740256
Atlanta, GA 30374
http://www.equifax.com
Experian
(888) 397-3742
Credit Fraud Center
P.O. Box 1017
Allen, TX 75013
http://www.experian.com/fraud

Soon after you place a fraud alert, you will receive confirmation letters from all three credit reporting agencies, with instructions on how to order free credit reports. If you find anything that looks wrong or suspicious or that you don’t understand in a credit report, call the credit agency at the telephone number listed on the credit report. You will also want to call your local police or sheriff’s office to file a report of identity theft.

Sometimes, the easier route to get rid of identity theft is to file for bankruptcy.  You will want to speak with a bankruptcy attorney to see if this is the right path for you.  You can reach Attorney Chirnese L. Liverpool at (818) 714-2200 or by visiting her website at www.liverpoollegal.com

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Virtuoso Sourcing Group – Collection Agency = Class action lawsuit

6 October 2013

This was originally posted on www.topclassactions.com
Virtuoso Sourcing Group   Collection Agency = Class action lawsuit Debt collection company Virtuoso Sourcing Group has reached a class action lawsuit settlement over claims it violated the Fair Debt Collection Practice Act (FDCPA).

If you were sent a letter from Virtuoso Sourcing Group that failed to contain the creditor to whom the debt was owed during the period from November 2, 2010 through and including September 29, 2012, you may be eligible to claim a cash payment from the class action settlement.

Here’s what the Virtuoso class action settlement provides:

VSG has agreed to pay the amount of $40,000 to settle the claims in the lawsuit.

Under the terms of the Settlement, VSG is required to pay the Settlement Fund in 12 monthly installments of $3,333.33. The first installment shall be paid 30 days after the Court issues an order preliminarily approving the Settlement. Subsequent installments shall be paid in monthly installments thereafter.

Class Counsel will ask for Court approval for the Settlement Fund to be distributed as follows: $1,000 to be applied to an incentive payment to the named Plaintiff, 33 1/3% of the Settlement Fund to be applied to attorney fees, for the reimbursement of reasonable costs and expenses, for the payment of the costs of sending this Notice to the Settlement Class, and the distribution of the remaining amount on a pro rata basis to all Settlement Class Members who submitted a timely and properly executed Claim Form.

If you wish to participate in the class action settlement and receive a cash payment, you must submit a Claim Form postmarked no later than August 8, 2013 .

A Final Fairness Hearing is scheduled for August 6, 2013.

Claim Forms and more information on your rights in the Virtuoso Class Action Lawsuit Settlement can be found at www.VirtuosoSettlement.com .

The case is Kristen Selburg, et al. v. Virtuoso Sourcing Group LLC , Case No. 11-cv-1458-RLY-MJD, U.S. District Court for the Southern District of Indiana.

The law office of Chirnese L. Liverpool is a bankruptcy law firm in California and Nevada that can be reached at (818) 714-2200.

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Sallie Mae Collection Fee Class Action Lawsuit

6 October 2013

This article was originally posted on www.topclassactions.com

Sallie Mae Collection Fee Class Action LawsuitA federal judge has preliminarily approved a class action settlement between Sallie Mae Inc. and consumers who say the company unlawfully tacked on a 25 percent collection fee to defaulted student loans. If you were assessed and/or paid this fee while living in California, you may be eligible to receive a refund.

The Sallie Mae collection fee settlement resolves a 2011 class action lawsuit (Bottoni v. Sallie Mae Inc.) that claims these fees were illegal because they were imposed on defaulted loans that were handed over to third-party collection agencies – before Sallie Mae ever incurred them. In total, Sallie Mae assessed nearly $117 million in these allegedly improper collection fees between 2006 and 2010, according to the class action lawsuit.
Sallie Mae denies the allegations but has agreed to shave off $76 million in debt owed by over 40,000 California borrowers by refunding these consumers the fees they paid.

Class Members of the Sallie Mae collection fee settlement include all persons in California who, within the period from July 13, 2006 through May 31, 2013, were assessed and/or paid a Collection Cost Assessment in connection with a private education loan serviced by Sallie Mae, as identified by Sallie Mae from its records using its best efforts.

You will be considered “in California” if: 1) you were assessed a Collection Cost Assessment during the Class Period while residing in California, or 2) you were a California resident at the end of any month during the Class Period in which any payment was applied to your Collection Cost Assessment.

Under the terms of the class action settlement, the fees paid by these Class Members will be retroactively reduced to 8.75 percent at the time of charge-off, and will remain in effect for the life of the outstanding loan.

For borrowers who have paid off their loans, Sallie Mae will refund the difference between the amount of collection costs paid beyond the 8.75 percent rate and the amount that it wrote off in principal, interest and other fees, excluding collection costs. If the amount of collection costs paid in excess of 8.75 percent is less than the amount Sallie Mae wrote off, the borrower will get a $40 refund.

If you wish to participate in the class action settlement and receive a refund, you do not have to take any action. You will automatically receive the relief described above if the Court grants final approval to the settlement at the November 21, 2013 Final Fairness Hearing.

If you wish to exclude yourself or object to the settlement, you must do so by October 7, 2013.

More information on your rights in the Sallie Mae Collection Fee Class Action Settlement can be found at http://classaction.kccllc.net/CaseInfo.aspx?pas=SBI.

The case is Angelo Bottoni, et al. v. Sallie Mae Inc., et al., Case No. 3:10-cv-03602, in the U.S. District Court for the Northern District of California, San Francisco Division.

The law office of Chirnese L. Liverpool is a bankruptcy law firm and can be reached at (818) 714-2200.

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FAQ’s – Bancarrota – parte 1

4 October 2013

Que es la Bancarrota?

La Bancarrota es un proceso ante la Corte mediante el cual Usted le soliicita a la Corte que lo libere del cumplimiento de las obligaciones que contrajo con sus acreedores.

Una Corte especial denominada “United States Bankruptcy Cour” o Corte de Bancarrota de los Estados Unidos, ha sido establecida para escuchar y resolver todos los casos en materia de quiebra o bancarrota.

Cual es el monto minimo de deuda que debo tener para recurrir a la Corte?

No existe un monto minimo de deuda para calificar a un proceso de bancarrota.  lo importante aqui es que es lo que se quiere proteger y si la declaracion de bancarrota lo habra de proteger.  Si Usted esta enfrentando reclamacio de beienes o resposiciones, ordenes judiciales que le im pidan la utilizaction de sus fondos u ordenes judiciales que determine el remate de sus beines, se le recomienda que discuta el tema con un Abogada.

Que es el Capitulo 7?

La bancarrota es un proceso legal para el manejo de problemas de deudas para personas individuales y empresas.  El Capítulo 7 es la referencia informal a la Ley de Quiebras Federal de los Estados Unidos. Capítulo 7 tambien implica la completa liquidación de los bienes del deudor para pagar a los acreedores y acabar con las deudas restantes, dando al deudor un nuevo comienzo. Es importante saber que se mantendrá en el informe de crédito de una persona durante diez años. Sin embargo, es probable que si usted cree que tiene que declararse en quiebra, su crédito ya ha sido afectada por su elevada deuda.

Que es el Capitulo 13?

El Capitulo 13 o Prenda, es un procedimiento en la Corte de Bancarrota donde Usted cancela sus deudas o creditos en forma total o a plazos mediante pagos regulares a un Fideicomiso determinado por la Corte.

Este documento unicamente se negocia con el Capitulo 7 de lo contrario se va directo a la Bancarrota.

Debo ir a la Corte?

Asi es, por lo general una vez, En el primer encuentro con los acreedores, Usted sera interrogado acerca de su capital.  En una fecha posterior denominada “lectura de descargo”, Usted recibira una explicacion sore el descargo de sus deudas.  Si algo sobre su bancarrota es refutado seran necesarias otras apariciones ante la corte.

Cuanto tiempo tomara el proceso?

Por lo general entre dos a tres meses.  La fecha efectiva es la misma en la que se concuerda todo y solo las deudas y el capital existente a dicha fecha seran afectados por la Bancarrota.

Debo incluir en la Bancarrota todas mis deudas?

Si!  Es imperativo que se incluyan a todos los acreedores. Ello inclusive abarca a los parientes y amigos a los cuales se les debe dinero.  Si Usted desea pagar una deuda que haya sido descargada en el proceso de Bancarrota, se encuentra en total libertad de hacerlo.  Sin em bargo el acreedor podra no aceptarlo a menos que la deuda haya sido reafirmada y aprobada por la Corte de Bancarrota.

 

Si esto le interesa, por  favor complete nuestra evaluación el línea y haga una cita para una consulta gratis con Law offices of Chirnese L. Liverpool hoy mismo. Somos uno de los abogadas en el Condado de Los Angeles y nos dedicamos únicamente a casos de bancarrota, será un gusto ayudarle en su camino a la libertad financiera. Llame a nuestra oficina hoy mismo al (818) 714-2200 para programar su consulta gratis.

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Tip the scales of justice in your favor….file bankruptcy

30 September 2013

You did everything right.  You worked hard, bought a home, maybe even ran your own business. You paid your bills.  Then the unexpected happens.  You or a family member is hospitalized or loses a job, and the household income drops.  Maybe you’re going through a divorce and are struggling to support your family.  Maybe a family member needs expensive medications not covered by your insurance.  The bills keep coming but the money to pay them just isn’t there.  You’ve overused your credit card trying to keep up and now the bill collectors are calling. You dread the thought of filing for bankruptcy but don’t know how else to escape from debt that has spiraled out of control.

Take a deep breath, then call Chirnese L. Liverpool to see how she can help.  Our office is knowledgeable, experienced, compassionate, and discreet.  People who come in for their free bankruptcy consultation leave the office feeling relieved.  Chirnese will discuss your unique situation and help you make a plan for a fresh start.  With her bankruptcy experience, Chirnese will determine whether you should file a Chapter 7 or a Chapter 13 bankruptcy.  And once you file, the bill collectors cannot call and harass you any longer.

In these tough and uncertain economic times, anyone can experience a financial downturn.  Chirnese will help you reorganize your assets and liabilities so you can get your life back on track.

To schedule your free phone consultation call the Law offices of Chirnese L. Liverpool at (818) 714-2200.

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Are you allowed to keep 1 credit card when you file for bankruptcy?

27 September 2013

Are you allowed to keep 1 credit card when you file for bankruptcy?Many people in Los Angeles, Van Nuys,  Reseda, Woodland Hills, and Sherman Oaks have been forced to consider chapter 7 bankruptcy.  Most chapter 7 bankruptcies are filed to eliminate credit card bills, medical bills, and often lawsuits.  Some people are eager to say “good riddance to bad rubbish” when it comes to credit cards, others like to have at least one credit card after bankruptcy for emergencies or for making reservations or purchases online.  Many people wrongly say, “I will not put that card in bankruptcy so that I can keep it.”  This notion may seem like common sense; however, in the law it’s wrong.  The law requires disclosure of all debts, not just those to be forgiven.  Why?  The judge is entitled to know everything before deciding whether or not to forgive your debts.  The corollary is also true: you do not need to list accounts with a zero balance.  Meaning if an account has a small balance, for example $150, which can be paid before bankruptcy, then the account is not listed in bankruptcy.  Unfortunately, paying the bill before bankruptcy is not a sure-fire way to keep the card because a credit card company is free to close an account for any reason or no reason.  Often credit cards without a balance are closed shortly after bankruptcy as a result of “economic circumstances” or a “decline in credit rating.”  So what’s a person to do?

In Los Angeles County having a credit card is helpful for many day to day activities.  Having a credit card after bankruptcy can also help a person begin to build good credit.  So, what should a person in Bell Gardens, Bell, or Northridge do to get a credit card after bankruptcy?  Most people are surprised to learn they will be pre-approved for new credit cards within 90 days of filing chapter 7.  These pre-approvals will be for low-limit (usually $300 to $500 limit) credit cards.  Nevertheless, this kind of card can be used for convenience as well as rebuilding credit.

At the Law Office of Chirnese L. Liverpool, we have helped hundreds of clients get out of debt, stop wage garnishments, and start fresh through bankruptcy.  If you live in Los Angeles County and have debt problems, contact us for a free consultation.

Call us now at (818) 714-2200 to schedule your free phone consultation regarding bankruptcy.

 

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Is bankruptcy right for me?

26 September 2013

A common question people ask me is whether they should file for bankruptcy. They don’t want to file, but they also know that they cannot continue with the status quo. Here is what I ask them:

  1. Can you pay your bills as they come due and owing?
  2. Can you pay off your credit card bills in full in the next 12 months?
  3. If you own a house, do you have a fixed rate mortgage that you can payoff by the time you retire? Is your house worth what you owe against it?

If you have answered “no” to any of these questions, you should be considering whether a fresh start through bankruptcy maybe the right decision for you.

A fresh start has been provided to the Banks, the Investment Companies, and the Insurance Companies and a fresh start is available to consumers. Most home loan made between 2001-2007 could not be paid off on a person income. More than anyone, the banks knew that a person can only pay off a home loan debt of 2-2 1/2 times their gross household income in this lifetime and save for retirement and raise a child or two.

A fresh start for a consumer is usually a Chapter 7 bankruptcy. A Chapter 7 is a straight bankruptcy also known as a liquidation case. In a Chapter 7 case, all assets and liabilities are included and the Chapter 7 Trustee will have the right to liquidate non-exempt assets for the benefit of creditors. In exchange for including all assets and liabilities, an individual’s promise to pay on most debts are forgiven through a discharge.

In most cases, there are no assets available to creditors because all of the assets are exempt or encumbered by liens to the full extent of their value. Exempt assets that the Chapter 7 Trustee cannot reach include 401k, IRA, certain  retirement plans, equity in a car of up to $3,525, most household goods and furnishing, life insurance, most personal injury actions, and then $23,250 in other assets such as motorcycles, boats, RV or additional equity in cars or other items.

Most people who are having problems paying their bills qualify for Chapter 7 Bankruptcy either because their income is low or because their mortgage payments and other secured loans such as car loans are too high in relation to their income. However, a person should not delay in seeking legal advice. The loss of a home prior to a bankruptcy filing either through a short sale or foreclosure may make an individual’s income too high for a Chapter 7 and the only option will be Chapter 13 repayment plan which will last between 3-5 years. In addition, there may be personal liability and tax consequences which could have been eliminated in a bankruptcy.

In conclusion, if you are having financial problems, seek legal counsel. You did not make this real estate and credit card meltdown. There are serious personal liability and tax consequence of a short sale and foreclosure. Make sure you understand your legal rights prior to undertaking either a short sale or allowing your property to be foreclosed. Do not lose sleep and your sanity worrying about financial problems. Help is available to you just like it was to the Bank, Investment Companies and the Insurance Companies.

To find out more about whether a bankruptcy is the right solution for your financial future, contact the Bankruptcy Law Offices of Chirnese L. Liverpool at (818) 714-2200.

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