Los Angeles Bankruptcy Lawyer: Eligibility For Bankruptcy

Author: State Bar Approved Lawyer Referrals

The bankruptcy laws in earlier times used to affect the debtor harshly as the creditors used legal and physical methods to get back their credits. But as time changed, new bankruptcy laws evolved as well as older ones were amended to make the laws more permanent and beneficial for both the debtors and creditors.

If you are facing a financial crisis then you should get the help of a bankruptcy lawyer that can help you understand the complexities of chapter 7 and chapter 13 and other procedures related to it.

About Chapter 7 Bankruptcy:
Chapter 7 bankruptcy: otherwise known as liquidation is most common and is proposed for the discharging of the unsecured debts such as medical bills, credit card debt, and unsecured personal loans. These types of bankruptcy can be completed within a period of months. It gives trustees, the ability to pay creditors by liquidating the non-exempt assets, although due to problem of absence of non-exempt assets among people who are filing the chapter 7 bankruptcy, the trustees are able to keep their property and can easily eliminate the debts which are unsecured.

Eligibility

The qualification for being eligible to file a chapter 7 bankruptcy is the debtor must be an individual, a corporation, a partnership or any other business entity. The first thing that will be done to check your eligibility is that your average income for 6 months earlier to the filling date and comparing it with the median earnings of the state in which you reside if your average income is below that median income then you are eligible to apply.

One another important eligibility criteria is to be able to discharge your non-exempt debts you should have unsecured debts such as consumer debts, medical bills, or payday loans.

There are certain conditions that make you ineligible and you should take care about these:

1. If you have enough disposable income to repay your debts , after cutting the allowed expenses and important debt payments for repaying small portion of the unsecured debts on a five-year repayment phase 2. If you have already attained a chapter 7 bankruptcy earlier within a time period of the last eight years prior to the time of filing.

Proceedings and working:
The chapter 7 bankruptcy works on the concept that any of the secured assets a petitioner has will be handed over to an estate which is a legal that becomes the temporary owner of all secured assets and the creditor has no right to liquidate these assets until the case is over.

To find a Pre-Screened Lawyer in your area, please call our 24Hr Unbiased Lawyer Referral Hotline at 661-310-7999.

Article Source: http://www.articlesbase.com/bankruptcy-articles/los-angeles-bankruptcy-lawyer-eligibility-for-bankruptcy-1057930.html

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To find pre-screened and monitored attorneys in the Los Angeles Metro area please call 661-310-7999.

Certified by the California Bar Association (Certification # 0128), 1000Attorneys.com is a single point of contact to find pre-screened attorneys in Los Angeles, California. The lawyer referral program complies with rules and regulations set forth by the Bar and the Supreme Court to provide unbiased lawyer referrals to Los Angeles residents

New Bankruptcy Laws for Los Angeles Residents

Author: State Bar Approved Lawyer Referrals

Many Los Angeles Residents are filing bankruptcy in hopes of eliminating debts or saving their home from foreclosure. While it is true bankruptcy can offer a fresh financial start, undergoing the process is no easy task. New bankruptcy laws, enacted in 2005, have made filing bankruptcy complicated and confusing.

For most people filing bankruptcy requires legal assistance. When possible, it is a good idea to find Pre-Screened bankruptcy lawyers. Most law firms offer affordable fees to review financial information and provide advice. Filing bankruptcy can be an emotionally-charged experience, so it is important to work with a lawyer whose personality is complimentary to yours.

Prior to or during the bankruptcy process, debtors are required to undergo credit counseling. The Bankruptcy Abuse Prevention and Consumer Protection Act requires consumers to obtain counseling through a U.S. Trustee Program agency. Credit counseling must take place a maximum of 180 days prior to filing.

Debtors must also undergo the "means" test to determine if they are eligible to file for personal bankruptcy protection. A provision of BAPCPA requires consumers must pay a portion of their debts if possible. The means test is used to determine how much debt will be repaid.

In cases where debtors fall significantly below the median income level of their state, they may be allowed to file Chapter 7 bankruptcy. Chapter 7 involves liquidation of assets and discharge of debts. Otherwise, debtors will be required to file Chapter 13 bankruptcy and repay debts over an extended period of time.

In order to file bankruptcy, debtors must petition the bankruptcy court in the judicial district where they reside. A creditor meeting will be arranged and a repayment plan submitted to the court. BAPCPA requires debtors to pay a substantial amount of disposable income toward repayment of debts. If the debtor is unable to adhere to the repayment plan, they will fail out of bankruptcy and lose protection of the court. Failing out of bankruptcy means creditors can proceed with collection actions including initiating foreclosure.

When homeowners file bankruptcy to stop foreclosure, it is crucial they understand the consequences of failing out of bankruptcy. Mortgage lenders can commence the foreclosure process where it left off when bankruptcy was filed. In many instances, homeowners are only days away from eviction when they file. If they fail out of bankruptcy, the lender can foreclose in a matter of days.

Filing bankruptcy has far-reaching effects and should only be considered when all other debt elimination plans have failed. These might include debt settlement, debt consolidation or credit counseling. Take time to become educated about bankruptcy and fully understand the pros and cons. Look for alternatives that can yield the same results without being as detrimental to your credit.

Article Source: http://www.articlesbase.com/bankruptcy-articles/new-bankruptcy-laws-for-los-angeles-residents-1057808.html

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To find pre-screened attorneys in the Los Angeles area call 661-310-7999.

Certified by the California Bar Association (Certification # 0128), 1000Attorneys.com is a single point of contact to find pre-screened attorneys in Los Angeles, California. The lawyer referral program complies with rules and regulations set forth by the Bar and the Supreme Court to provide unbiased lawyer referrals to Los Angeles residents

Be Aware of Unethical Bankruptcy Attorneys & Lawyers in Los Angeles

Author: JC Serrano

To find pre-screened bankruptcy lawyers call 1000Attorneys.com at 661-310-7999

A former associate at Wilson Sonsini Goodrich & Rosati in Palo Alto was arrested late last month in connection with allegations that he was not licensed to practice law and had attempted to falsify credentials.

Steven Young Lee, 31, who had worked in the prestigious law firm’s securities litigation division since last August, was fired last month when the firm found out that the Boston College law graduate had lied about being licensed to practice law in California or anywhere else.

Lee’s attorney, Lucy McAllister, did not return phone calls, and when reached Monday, Lee himself said “I don’t want to comment.”

After his arrest April 29, Lee was charged with felony grand theft and the unlawful practice of law. If convicted of both charges, Lee faces up to five years behind bars, according to Santa Clara County Assistant District Attorney Al Weger.

While at Wilson, Sonsini, Lee conducted interviews, took depositions, gave legal advice and made court appearance in L.A., San Francisco and San Mateo. The firm has returned to clients a total of 9,865.95 that was billed for Lee’s work, and it brought the matter to prosecutors’ attention, Weger said.

“The work he did seemed adequate,” said Wilson, Sonsini lawyer Timothy Scott, chair of the firm’s litigation department. “The other lawyers seemed to have liked him.”

According to a report by District Attorney Investigator Gary Medlin, the allegations unfolded April 13 when partner Leo Cunningham overheard his secretary talking to someone from the State Bar, which grants individuals licenses to practice the profession. The secretary, according to the report, was doing a routine verification to make sure Lee was in good standing with the bar. (To practice law in California, an individual must pass a bar exam and an ethics review.)

The bar, however, told the secretary that the number she provided did not belong to Lee. Cunningham then confronted the associate, according to the report, and Lee said that he must have incorrectly written the number down. He said he would check his bar card and give the correct number to Cunningham, the report said.

Lee later provided Cunningham with another number, which state bar records showed was registered to a Steve Y.C. Lee who lived in Sacramento. Steven Y. Lee finally admitted he was not licensed in any state, the report said. He was immediately suspended, and on that day sent a change of address form to the California State bar, requesting a duplicate bar card belonging to Steve Y.C. Lee, listing Wilson as his new employer. Less than a week after he was fired, Lee submitted a resume to an executive legal search firm to find new work as a lawyer, the report said.

“This was an obvious attempt on his part to steal Steve Y.C. Lee’s bar number,” concluded the report. The Sacramento lawyer, meanwhile, said this week that he is considering a negligence suit against Wilson, Sonsini. “At the bare minimum, Wilson was negligent,” said Steve Y.C. Lee. “All it takes is one search. ... What firm doesn’t do a background check?”

Scott defended the firm’s hiring practices, even as he stressed that such an incident would never happen again.

“We check references, and we did so in this case,” he said. The state bar’s Web site, which lists Steve Y.C. Lee’s bar number and that of other lawyers, is accessible to anyone.

Ironically, Steven Y. Lee had gotten over what to most aspiring lawyers are the hardest parts of the process -- getting through law school and passing a required test. Prosecutors said he has passed the bar in at least two states, and in 1993, he graduated from Boston College Law School.

Shortly afterward, though, Lee made what would prove to be a terrible mistake. It wasn’t that he failed the Massachusetts exam (more than half of test-takers do), but that he lied about the results to land a job with a firm in that state, prosecutors said. When the firm found out, it fired Lee.

In 1994, Lee moved to New York and took the bar exam for that state. He passed, but because of the incident in Massachusetts, he was rejected in a review of ethical conduct -- a step almost perfunctory to many lawyers. After that, said prosecutors, he told the law firm of Dickstein, Shapiro, Morin & Oshinsky that he was indeed licensed -- and worked there until his lie was discovered 15 months later, prosecutors said.

In 1997, Lee moved to work at Brian Cave LLP in Los Angeles. He lasted there less than two weeks when the firm found out he didn’t have a license to practice in California, prosecutors said. Last February, Lee passed the California bar exam. But, said the report, “He never followed through with the procedures necessary to become licensed.”

Article Source: http://www.articlesbase.com/law-articles/be-aware-of-unethical-bankruptcy-attorneys-lawyers-in-los-angeles-1051611.html

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To find pre-screened attorneys in the Los Angeles area call 310-310-7999.

Certified by the California Bar Association (Certification # 0128), 1000Attorneys.com is a single point of contact to find pre-screened attorneys in Los Angeles, California. The lawyer referral program complies with rules and regulations set forth by the Bar and the Supreme Court to provide unbiased lawyer referrals to Los Angeles residents

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

About the Author

To find pre-screened attorneys in the Los Angeles area call 661-310-7999.

Certified by the California Bar Association (Certification # 0128), 1000Attorneys.com is a single point of contact to find pre-screened attorneys in Los Angeles, California. The lawyer referral program complies with rules and regulations set forth by the Bar and the Supreme Court to provide unbiased lawyer referrals to Los Angeles residents

Los Angeles Bankruptcy Lawyer: Bankruptcies on a Credit Record Timeline

Author: State Bar Approved Lawyer Referrals

Bankruptcies on a Credit Record

A Chapter 7 bankrutpcy may display on your credit for 10 years from the date of filing. Chapter 13 may stay for 10 yeas also, but it is customary for those to be removed after 7 years.

Here is more specific advice and input from various FAQ Farmers:

• Seven to ten years from the date of discharge.

• All discharged bankruptcies whether a state or federal filing remain on a CR for 10 years. A dismissed chapter 13 remains for 7 years, a dismissed chapter 7 remains for 10 years.

• Chapt.7-11-12 will remain for ten years. A chapter 13 will remain for seven years if successfully completed, for 10 years if dismissed.

• Ten (10) years for a discharged chapter 7 or 13. Seven (7) years for a dismissed chapter 13, ten (10) years for a dismissed chapter 7.

• Although it is true that the federal Fair Credit Reporting Act does provide that bankruptcy entries will remain for 10 years, there are some creditors that will only leave a chapter 13 bankruptcy on your record for 7, rather than 10 years. They do this to encourage people to pay part of their debts rather than discharge it all under a chapter 7. More importantly, the effect of bankruptcy on one's ability to get credit is vastly overstated. The key to getting the credit you need has far more to do with the amount of present income you have rather than any negatives on your credit report. In short, if you have good present income, the creditors will look past your credit report to your wallet in the sense that it is possible, even with a bankruptcy on one's record, to get credit for cars and new credit cards as soon as you are discharged in a chapter 7 (about four months after you file), and after a year or so, you can even get a mortgage on a house. They may not give you the best rate, but if you have good present income, even a person with a bankruptcy on their record can get the credit they want in almost all cases.

• You will not qualify for a FHA until a chapter 7 has be discharged for 2 years. A chapter 13, you will only have to wait a minimum of 1 year from filing date.

To find a Pre-Screened Lawyer in your area, please call our 24Hr Unbiased Lawyer Referral Hotline at 661-310-7999.

Article Source: http://www.articlesbase.com/bankruptcy-articles/los-angeles-bankruptcy-lawyer-bankruptcies-on-a-credit-record-timeline-1057945.html

About the Author

To find pre-screened and monitored attorneys in the Los Angeles Metro area please call 661-310-7999. Certified by the California Bar Association (Certification # 0128), 1000Attorneys.com is a single point of contact to find pre-screened attorneys in Los Angeles, California. The lawyer referral program complies with rules and regulations set forth by the Bar and the Supreme Court to provide unbiased lawyer referrals to Los Angeles residents

Why Declare a Chapter 7 Bankruptcy? Turn a Tax Killer Into a Tax Saver!

Author: Michael H. Raichelson

Should I file a Chapter 7 bankruptcy?  According to Los Angeles Chapter 7 Bankruptcy Attorney Michael H. Raichelson, that is the question most often asked by his clients. The answer depends on your assets, age, earning capacity, current earnings, physical health, and emotional well-being.

As a rule of thumb, if you cannot pay off all of your unsecured debt (i.e., credit cards, personal loans, judgments, etc.) within three to five years, you should seriously consider filing a Chapter 7 bankruptcy.  The urgency to file a Chapter 7 bankruptcy is even greater the older you are in that the older you are, the less time you have to save for retirement.

Every year you spend making just the minimum payments on your credit cards is a year you can never get back, resulting in thousands of dollars in losses.  Take the typical client that we will call “John Owe”, who owes ,000 in credit card debt.  Let’s assume that the average interest rate for all of John Owe’s credit card debt is 20%.  Under these circumstances, John Owe is paying ,000 per year in pre-tax dollars in interest alone.  In other words, he must earn from ,000 to ,000 before taxes to service just the ,000 in interest on his debt.  By eliminating this credit card debt in a Chapter 7 bankruptcy, John Owe is now in a position to save this money immediately.

If John Owe is 50 years old or older, he is better off depositing this ,000 in an IRS qualified retirement account such as an IRA than paying interest on his credit card debt.    The math is simple -- by the time John Owe is 65 years old, he will have saved ,000 for retirement.  This straightforward calculation does not consider the positive tax savings that would result from depositing his savings into an IRA -- contributions to an IRA come off his yearly income, thereby reducing his total tax liability.  It also does not consider the potential return on investment that he is likely to receive when savings is put into a deposit account.  If John Owe simply earns a 5% return on his investment and has an adjusted gross income of ,000 per year, he would have 6,000 in the bank by the time he is 65 years old.  If John Owe waits until he is 55 years old (i.e., delays just five years) before making his ,000 annual contribution, he would have saved only ,824, thus losing ,176 for retirement!

No one is going to help you save for retirement, especially not the credit card companies.  The math is clear -- filing a Chapter 7 bankruptcy turns a tax killer into a tax saver; delaying the filing will cost you tens of thousands of dollars.

Get a fresh start today and contact a Chapter 7 Bankruptcy Attorney in Los Angeles at the Law Offices of Michael H. Raichelson for a free consultation at 1-866-912-2669.

The Law Offices of Michael H. Raichelson is a debt relief agency as defined by the United States Bankruptcy Code. With offices in Bakersfield, Los Angeles, Santa Barbara and Ventura.

Article Source: http://www.articlesbase.com/bankruptcy-articles/why-declare-a-chapter-7-bankruptcy-turn-a-tax-killer-into-a-tax-saver-1287569.html

About the Author

Michael H. Raichelson practices in the following areas of law: Bankruptcy; Bankruptcy Chapter 7; Bankruptcy Chapter 11; Bankruptcy Chapter 13; Bankruptcy Litigation; Bankruptcy Reorganization; Commercial Bankruptcy; Bankruptcy Trustees Rights; Commercial Insolvency; Creditor Bankruptcy; Debtor Bankruptcy; Debt Relief; Foreclosures; Insolvency; Personal Bankruptcy

Author: State Bar Approved Lawyer Referrals

The Internal Revenue Service and Federal Trade Commission announced a joint advisory, warning consumers of some of the pitfalls of Credit Counseling. They plan to team up to investigate both deceptive practices of the industry and the often-misleading nonprofit status of some of these credit-counseling agencies.

"Consumers who are struggling financially need to be careful not to lose even more money to someone offering a quick and easy way to fix credit problems," said Timothy J. Muris, Chairman of the FTC. "We want all consumers seeking help to take some common sense precautions."

The IRS, FTC, and state agencies urged consumers to be wary when choosing a credit counseling organization. A large number of complaints from consumer advocate groups have alerted these groups of some of the deceptive practices and hidden costs associated with some credit counseling agencies. Consumer complaints have centered on high fees, hidden charges, and the lack of actual help these organizations have been able to offer.

The IRS is concerned that some credit counseling agencies are abusing their status as "tax exempt organizations" in order to avoid state and federal consumer protection laws. Many credit-counseling agencies have been able to operate using deceptive practices and hide under their "nonprofit" status. As nonprofits, the agencies are now exempt from dozens of state and federal regulations.

The IRS also warns consumers that a "nonprofit" status does not ensure the quality of an organization; it is merely a tax code classification. Consumer groups have also criticized the large salaries of many of the credit counseling agencies' executives. "Consumers need to know not to read too much into not-for profit status - that's no guarantee that someone is legit," said a director of the FTC's Midwest Operations.

The IRS has begun auditing some credit counseling services to see if they meet the criteria for their nonprofit status. To obtain tax exempt status, a credit counseling agency must limit its services to poor customers or must primarily provide education and counseling to the public. Many credit counseling agencies have been criticized for focusing on higher profitability and just acting as a middle man funneling money to the creditor and just taking a cut of the payments. The IRS said that simply enrolling people into payment plans is not enough. They also plan to more aggressively screen new applicants from credit counseling organizations.

There is heightened concern as more and more consumers enter into credit counseling programs. The number of consumers involved in some sort of credit counseling sky rocketed to an estimated 9 million in 2002. This number is expected to grow as more and more consumers will be required to undergo some sort of credit counseling prior to filing bankruptcy under the proposed new bankruptcy laws.

Article Source: http://www.articlesbase.com/bankruptcy-articles/pitfalls-of-credit-counseling-1052306.html

About the Author

To find pre-screened attorneys in the Los Angeles area call 661-310-7999.

Certified by the California Bar Association (Certification # 0128), 1000Attorneys.com is a single point of contact to find pre-screened attorneys in Los Angeles, California. The lawyer referral program complies with rules and regulations set forth by the Bar and the Supreme Court to provide unbiased lawyer referrals to Los Angeles residents

What is all of the talk about bankruptcy these days? What a Los Angeles Bankruptcy attorney thinks

Author: State Bar Approved Lawyer Referrals

What is all of the talk about bankruptcy these days? Quite simply, it is the section of the federal law that will allow a person who is in an extreme amount of debt to get a "fresh start". It will reduce the amount of debt that is required to be paid back as well as extend the time period in which the debt must be repaid. Will you need a bankruptcy attorney to help you sort through all of this? The answer is a resounding YES and let me explain why.

The bankruptcy laws are often referred to by their chapter number in the Bankruptcy Code. Debtors may file under five different chapters; three of them are for individuals: Chapter 7, which refers to Liquidation, Chapter 11, which refers to Reorganization, and Chapter 13, which refers to Reorganization.

The laws have really changed in recent years as far as bankruptcy goes, and you are now required to sit through a course before you will even know if bankruptcy is the way you should and even can proceed. That's right, it is no longer YOUR choice about declaring bankruptcy; the judge must approve it. This will help to determine whether you can have your debts erased through Chapter 7 of the bankruptcy laws or whether you have to enter a type of repayment plan through Chapter 13. It is better to acquire the services of a bankruptcy attorney before deciding to blindly strike off on your own. When consulting with your bankruptcy attorney, he or she will make sure that you file all of the necessary forms to discharge the debt.

That is just one of the reasons you want a good and qualified bankruptcy attorney because if you make a mistake on those forms, your case may get thrown out and you are right back to where you started. Or you may mistakenly present yourself on the forms so that you only get approved for Reorganization instead of Liquidation, which means you still have all your debts.

There are a numerous ways that the new bankruptcy laws will have their effects on debtors:

* A strict financial means test must be taken that will not allow many debtors to file under Chapter 7.

* Debtors have to receive a briefing from a credit counseling agency that has been approved for this. The debtor must do this at least 6 months before filing a bankruptcy case.

* Debtors must also take a class that has been approved on debt management techniques before receiving their bankruptcy discharge. Yes, these two steps are mandatory, even though the majority of people who file do not do so because of financial mismanagement.

* It is now easier for a court to be able to dismiss a bankruptcy case altogether or convert a Chapter 7 case to a Chapter 13 case

* It is now permitted for a court to impose sanctions on lawyers or on debtors for filing a Chapter 7 case that either had been dismissed or was converted to a Chapter 13 case.

How can a Bankruptcy Attorney Solve Credit Problems?

Bankruptcy attorneys are lawyers that specialize in bankruptcy law. They provide legal means for an individual or a business to either wipe out debts or resolve them.

Bankruptcy attorneys explain to their clients the primary purposes and applications as to how the bankruptcy laws now specifically apply to them in their unique situation. They may give such pertinent information to their clients as to under what chapter they may file, what bills are allowed to be eliminated, the length of time that payments can be extended, the possessions that are allowed to be kept, and all of the other details concerning bankruptcy.

A bankruptcy attorney will properly present your case for Chapter 7, which involves liquidation and debtor rehabilitation, or Chapter 13 which is reorganization, which is probably not what you had in mind when you decided to file. This involves a court-approved plan of reorganization as well as payment of the debt over a certain time period using future earnings.

If you are on the fence as to whether you should hire a bankruptcy attorney, you are strongly advised to you do so. There are many stories, including a couple who had the misfortune of having to apply for bankruptcy and they thought they could file online. It turns out that they filled in the paperwork in the wrong way and consequently the debts that the wife had were left intact as they only filed singly and not jointly. Don't make that same mistake. You will be out attorney fees in the short run, but you will more than make it up when your debts are discharged.

To find a Pre-Screened Lawyer in your area, please call our 24Hr Unbiased Lawyer Referral Hotline at 661-310-7999.

Article Source: http://www.articlesbase.com/bankruptcy-articles/what-is-all-of-the-talk-about-bankruptcy-these-days-what-a-los-angeles-bankruptcy-attorney-thinks-1057854.html

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To find pre-screened attorneys in the Los Angeles area call 661-310-7999.

Certified by the California Bar Association (Certification # 0128), 1000Attorneys.com is a single point of contact to find pre-screened attorneys in Los Angeles, California. The lawyer referral program complies with rules and regulations set forth by the Bar and the Supreme Court to provide unbiased lawyer referrals to Los Angeles residents

Bankruptcy Attorney

Author: leena.ebrandz

An attorney is familiar with the rules and regulations of your state; hence, he can be the only option to solve your financial problem. Filing for bankruptcy is not at all a simple matter; you may sometimes become too worried to go through the process.

A competent bankruptcy attorney may handle your financial trouble smoothly, and may point out the advantages and disadvantages of filing after analyzing your crisis in details. You must appoint a reputable attorney who has in-detail understanding of the bankruptcy law. The hired attorney must also know the entire process of filing bankruptcy.

How to Find a Bankruptcy Attorney

You must take time to choose the right bankruptcy attorney for you. It is essential to find a bankruptcy lawyer who may explain you the process of filing bankruptcy clearly. Try to find an attorney who may help you to overcome the process easily. You must ask them to give you a list of fees they charge, and also what services they offer. This will help you to judge whether the bankruptcy attorney is right for you or not.

If you have doubt regarding which attorney to choose, you may take the suggestion of other attorneys to find the right bankruptcy attorney for you. Even a personal attorney may suggest someone who is skilled and experienced in the field of bankruptcy law. You can also visit bankruptcy courts if you get time. This will help you to understand how the process of bankruptcy functions, and will also give you a detail understanding of the type of person you must employ to fight for your case.

How a Bankruptcy Attorney Solves Financial Problems

Bankruptcy attorneys are familiar with the bankruptcy law and offer legal services for commercial businesses or individual to wipe out their debt problems. They liquidate the assets and distribute them among the creditors. They also resolve the financial problem by developing a plan which involves repayment of creditors from time to time.

Bankruptcy attorney explain the main purpose of bankruptcy laws, and also illustrate the way they function to help businesses and individuals come out of their financial crisis. They offer a new financial start and relieve men from indebtedness. Title 11 of U.S code regulates the proceedings of bankruptcy, including what bills may be eliminated, what possessions may be kept, how long the payments can be extended, and several other details concerning bankruptcy.

Article Source: http://www.articlesbase.com/copyright-articles/bankruptcy-attorney-632506.html

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All you need to know about filing bankruptcy in Los Angeles California - Learn the insights of bankruptcy by a lawyer

Author: State Bar Approved Lawyer Referrals

Ever consider bankruptcy as the answer to all of your financial woes? After reading this article, hopefully you will have a more balanced opinion on the advantages and disadvantages of declaring bankruptcy.

Bankruptcy happens involuntarily or voluntarily; either a creditor (owed ,000 or more) takes a court order against you or you sign up and declare yourself bankrupt with the Insolvency Trustees Services Australia (ITSA) or a registered trustee. Bankruptcy is an option for protection from creditors for someone who cannot pay outstanding debts and cannot reach an agreement with creditors to repay through a flexible repayment plan or be discharged from all debt obligations. Usually those considering bankruptcy lack the resources to pay off creditors while meeting basic living expenses and have no sellable assets to repay creditors.

One can opt for bankruptcy voluntarily by lodging the following documentation: a debtor's petition, a Statement of Affairs, and an acknowledgment that basically says that one is aware of the circumstances, effects, and consequences of bankruptcy.

However, opting for bankruptcy is a major financial decision that should not be taken lightly. Other options may be more suitable than bankruptcy and it is crucial that one considers all of the alternatives to bankruptcy before binding oneself to its lifetime ramifications. There may be other ways to get protection from creditors.

Declaring bankruptcy does not protect the bankrupt from being hassled by secured creditors such as banks, although it does protect the bankrupt from unsecured creditors such as major credit cards. For example, the credit card lender cannot legally ask for repayment while a secured creditor can simply take away assets that were covered by their security. Case in point, a bank can repossess a bankrupt's home if the bankrupt misses a mortgage payment.

Alongside having to repay secured creditors, other creditors and payments which have to be paid despite declaring bankruptcy are: court fines and penalties , child support, fees relating to fraudulent proceedings, and HECS/HELP obligations.

Bankruptcy also negatively impacts one's employment opportunities, ownership, earnings, and credit file. Certain industries are off limits for a bankrupt. A bankrupt employed in a restricted industry will have to look for another job in another industry and perhaps acquire a new set of vocational skills and certifications. Also, a bankrupt cannot be a company director without court approval.

A bankrupt is forced to live on a smaller income because of mandatory payments to a Bankruptcy Trustee if earnings are over a certain amount, which is determined by the government.

A bankrupt cannot own whatever he or she wants. A bankrupt can only own "necessary" household property and clothes, money or property bought with compensation payments, tools that meet a predetermined value, and a vehicle that meets a predetermined value. Check the ITSA website for current thresholds, restrictions, and updates at www.itsa.gov.au.

While a bankrupt can apply for and obtain credit, the credit line available for borrowing is limited to a predetermined value. One also has to ask for permission in order to borrow more than that predetermined value.

For seven years, a bankrupt's name and personal information will be all over various credit reference agencies' databases. After seven years, that information will be removed. Conversely, a bankrupt's name and personal information will stay recorded on the National Personal Insolvency Index, a public record which is accessible by any person or organization that is willing to pay a fee. Having name and personal information in a permanent record makes it harder to obtain financing options.

For all of the aforementioned reasons, it is important to consider one's circumstances and investigate all the options, weighing them against the benefits and consequences of bankruptcy.

New changes in the law also give more power to the government or the Bankruptcy Trustees to repossess assets that have been transferred before bankruptcy, depending on the deemed intention of the bankrupt to avoid creditors.

Normally, assets can be protected by giving assets to others (gifting assets) and placing assets in superannuation. Yet as of May 31, 2006, the Bankruptcy Act was amended to the effect that a trustee can take back property previously owned by the bankrupt and presently owned by a spouse or a family trust. Assets that were transferred to a party where common sense would say that the bankrupt made the transfer in order to evade paying creditors, and in addition, consideration for a property that was transferred from a bankrupt to a third-party, will most likely be taken back into the possession of a trustee.

Superannuation contributions that were made by a bankrupt before he or she became bankrupt can be taken back by a trustee if the intentions of making superannuation contributions were to avoid repaying creditors. This became effective from July 27, 2007 in response to a case in 1990, Cook v Benson, where a bankrupt had made superannuation contributions to numerous funds and still managed to enjoy an outrageously comfortable amount of benefits despite being bankrupt. Now the government and the court can take back superannuation contributions where they believe that the intention of those contributions was to avoid creditors, and an investigation of the bankrupt's past history of superannuation contributions can be launched in order to determine if the intention of those contributions was to avoid creditors.

The main point is that bankruptcy is not a laughing matter, and it is harder for the wily to avoid being caught for trying to plan a comfortable bankruptcy situation.

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