Bankruptcy in Los Angeles, a serious business
Author: State Bar Approved Lawyer Referrals
The federal government makes available a way for those who are struggling under the weight of impossible debt to have a new start by freeing them of their financial burden. A bankruptcy isn’t easy, but can make it possible to live a normal life again, freed of the heavy burden of crushing debt. When you are facing what seems like an intractable fiscal problem, filing bankruptcy might be the answer.
There are any number of reasons why you may find yourself deeply in debt. Some of the most common are losing a job, hospital bills and spending beyond your means, usually with the “assistance” of credit cards. Filing bankruptcy doesn’t mean that you are an irresponsible person, simply that circumstances beyond your control have led to an unmanageable level of debt.
Being deeply in debt can be utterly miserable. You begin to fear opening your mailbox and become anxious every time the phone rings. It seems that no matter much you pay on your credit cards, it just isn’t enough and the balance keeps growing. Your credit suffers and it seems like there is no way out.
By filing bankruptcy, you gain a chance to get a fresh start by reducing or eliminating your debts. With out of control debt, it becomes impossible even to lead a normal life. However, something which bankruptcy will not permit you to do is to avoid paying debts which you are capable of paying.
This means that some of your money and perhaps property will be handed over to your creditors in a fashion considered fair by the U.S. Bankruptcy Court. The court will decide what you may keep and what will be sold to help settle your debts. You might also have to pay off debts with cash on hand if your liquid assets are over a certain predetermined amount.
Bankruptcies are sorted into types known as chapters. These different chapters are designed to address different situations which are varied enough to justify a different approach. The most common types filed are chapter 7 and chapter 13 bankruptcies.
Chapter 7 bankruptcy is called a “straight bankruptcy” and results in all debt which cannot be settles through the sale of your assets being written off. Chapter 13 bankruptcy, by contrast organizes your debts into a payment plan which fits your situation. In either case, the calls and mail stop flooding in and you can breathe easier. Once you notify a court that you intend to file for bankruptcy protection, the calls will stop, as will other collection efforts including legal actions, evictions, foreclosures and repossessions – the relief is almost instant.
Other bankruptcy chapters are target for specific needs, such as chapter 11 for businesses and chapter 12 for farmers. These are aimed to eliminate certain types of debt.
Filing bankruptcy can be complex and is a serious business, You should always work with an attorney who specializes in bankruptcies if you are considering this move.
To find a Pre-Screened Attorney in your area, please call our 24Hr Unbiased Attorney Referral Hotline at 661-310-7999.
Article Source: http://www.articlesbase.com/bankruptcy-articles/bankruptcy-in-los-angeles-a-serious-business-1057831.html
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Are these the kind of People the Clinton’s roll with???? and will more mainstream media cover this?????
I have seen Liberals on here for days hammering Republicans about Craig, and as a republican, I want craig to be punished to the fullest extent of the law. But poor conduct goes both ways, now spin this one liberals. By the way Foxnews.com is covering the story haven’t seen it on cnn.com yet,
Democratic fundraiser is a fugitive in plain sight
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California authorities have sought businessman Norman Hsu for 15 years. Since 2004, he has carved out a place of honor raising cash for such candidates as Hillary Rodham Clinton.
By Chuck Neubauer and Robin Fields, Los Angeles Times Staff Writers
August 29, 2007
WASHINGTON — For the last 15 years, California authorities have been trying to figure out what happened to a businessman named Norman Hsu, who pleaded no contest to grand theft, agreed to serve up to three years in prison and then seemed to vanish.
“He is a fugitive,” Ronald Smetana, who handled the case for the state attorney general, said in an interview. “Do you know where he is?”
Hsu, it seems, has been hiding in plain sight, at least for the last three years.
Since 2004, one Norman Hsu has been carving out a prominent place of honor among Democratic fundraisers. He has funneled hundreds of thousands of dollars in campaign contributions into party coffers, much of it earmarked for presidential hopeful Sen. Hillary Rodham Clinton of New York.
In addition to making his own contributions, Hsu has honed the practice of assembling packets of checks from contributors who bear little resemblance to the usual Democratic deep pockets: A self-described apparel executive with a variety of business interests, Hsu has focused on delivering hefty contributions from citizens who live modest lives and are neophytes in the world of campaign giving.
On Tuesday, E. Lawrence Barcella Jr. — a Washington lawyer who represents the Democratic fundraiser — confirmed that Hsu was the same man who was involved in the California case. Barcella said his client did not remember pleading to a criminal charge and facing the prospect of jail time. Hsu remembers the episode as part of a settlement with creditors when he also went through bankruptcy, Barcella said.
The bulk of the campaign dollars raised by major parties comes from the same sources: business groups, labor unions and other well-heeled interests with a long-term need to win friends in the political arena.
But the appetite for cash has grown so great that politicians are constantly pressured to find new sources of contributions. Hsu’s case illustrates the sometimes-bizarre results of that tendency to push the envelope, often in ways the candidates know nothing about.
As a Democratic rainmaker, Hsu — who graduated from UC Berkeley and the Wharton School of Business — is credited with donating nearly $500,000 to national and local party candidates and their political committees in the last three years. He earned a place in the Clinton campaign’s “HillRaiser” group by pledging to raise more than $100,000 for her presidential bid.
Records show that Hsu helped raise an additional $500,000 from other sources for Clinton and other Democrats.
“Norman Hsu is a longtime and generous supporter of the Democratic Party and its candidates, including Sen. Clinton,” Howard Wolfson, a spokesman for the campaign, said Tuesday.
“During Mr. Hsu’s many years of active participation in the political process, there has been no question about his integrity or his commitment to playing by the rules, and we have absolutely no reason to call his contributions into question or to return them.”
Wolfson did not immediately respond Tuesday night to questions about Hsu’s legal problems.
Though he is a fugitive, Hsu has hardly kept a low profile. The website camerarts.com, which sells photographs taken at political events, features shots of Hsu at several fundraisers he hosted at Manhattan’s elegant St. Regis hotel — including a June 2005 luncheon for Rep. Doris Matsui (D-Sacramento).
Hsu lives in New York City. Efforts to contact him were unsuccessful. Barcella said Hsu chose to respond through his lawyer.
Records show that Hsu has emerged as one of the Democrats’ most successful “bundlers,” rounding up groups of contributors and packaging their checks together before delivering the funds to campaign officials. Individuals can give a total of $4,600 to a single candidate during an election cycle, $2,300 for the primaries and $2,300 for the general election.
One example of the kind of first-time donors Hsu has worked with is the Paw family of Daly City, Calif., which is headed by William Paw, a mail carrier, and his wife, Alice, who is listed as a homemaker.
The Paws — seven adults, most of whom live together in a small house near San Francisco International Airport — apparently had never donated to national candidates until 2004. Over a three-year period, they gave $213,000, including $55,000 to Clinton and $14,000 to candidates for state-level offices in New York.
The family includes a son, Winkle Paw, who Barcella said was in business with Hsu. Another son works for a Bay Area school board, while one daughter works for a hospital and another for a computer company.
“They have the financial wherewithal to make their own donations,” Barcella said. “It didn’t come from Norman.”
edit/// mymadsky, you just made my point, for every Craig there is a Barney Frank, For every Fund raising scandal there will be one from the other side, can we get back to discussing the real issues on here!!!
I need to find a lawyer to help me!?
. I am a 63 year old; I am in a lot of trouble. In 1997, I opened a vacuum shop, Bargain Vacuum Store. I worked seven days a week to build my business. After a move to 4714 Western Ave, Doug Higging came into my shop, we talked and he told me he just received a Masters degree in business and explained that he was looking for investors in real estate. I told him that I had A credit and he told me he been working in real estate for twenty years and he was getting ready to buy an apartment building. Once he purchased the building, it was in my name. In addition, he opened an office in my name, Inmor Investment Corporation. I also invested my credit and credit cards for money he said were to help build the business. He said he wanted to open an office in Las Vegas, Nevada, so the company purchased a house foe me to live in. In December 2004, I left Los Angeles and moved to Las Vegas. After the move to Vegas, he bought a New Van for me, also two new cars for himself, a small truck and motorcycle, all of these vehicles were in my name. He started using my name to purchase more property. One of his employees, Tim Chapman, came to visit me in Vegas with his family. Tim then told me about other property in me and my wife’s name that I did not know about. This information he got when buying the house in Vegas, which turned out to be inn my name only. After I was given the title as Vice President of Inmor, I then found out the payments on my van had stopped, I lost the van. Also, payments on the house were behind, so my wife used $13,000 off her credit card to save the house. Doug promised to repay it. He never paid it back and we lost the house and filed bankruptcy in my name. Shortly after, we moved to a Senior Living Community, my wife is now working to support us; I do not have a job. I have recently learned that Doug Higging has been killed by someone, and now I am left with all of this trouble.
I am still not sure what you need an attorney for, but you will not find one here.
Talking to people who know is the best way to find an attorney.
Since you apparently own more then one company I would suppose you need a Corporate Attorney. Even though real estate is involved as your assets this would not fall under real estate law.
Very good post! Quite frankly I can’t figure out why there is so much finger pointing, it isn’t as if any Political Party is without its own version of liar, swindler, pants around the ankles, cheater, promise breaker, you name it.
So why spend the time doing so? Each when caught breaking the law, needs to pay the price, and each party needs to be a stand up about it, and put down what these people did.
So much corruption, so little time to enjoy life – what has this world come to?