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Blog Posts in 2013

  • STUDENT LOANS AND BANKRUPTCY RELIEF

    Student Debt burden among the Bay Area population With over one trillion dollars of student loans outstanding nationwide as of 2013, student debt has now outpaced credit card debt in the U.S.. Many college graduates find themselves overwhelmed with debt. This is particularly true in the San Francisco and San Jose area, where there is a large presence of college-educated professionals who are ...
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  • LAWSUITS, BANKRUPTCY, AND INSURANCE COVERAGE

    Lawsuits and insurance coverage One of the reasons many of our clients seek bankruptcy advice is to obtain relief from lawsuits. In many instances, an individual or business has some insurance coverage that may help pay for fighting the lawsuit. For example, all of us in California must carry automobile liability insurance. Many professionals – such as real estate agents, doctors, lawyers, ...
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  • EQUIPMENT LEASE HORROR STORIES

    If you are a small business owner, and are thinking of signing an equipment lease, we advise you to carefully read the lease fine print, or discuss it with an attorney. Equipment leases are extremely complicated. Furthermore, because these contracts relate to business, rather than consumer items, they are not covered by many of the consumer protection laws. Since 1989, the attorneys in our firm ...
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  • LIEN STRIP BASICS AND THE EVOLVING LAW ON "CHAPTER 20"

    With the advent of the housing crisis, many homeowners find themselves owing a great deal more on their property than it is worth. Under the right facts, a “lien strip” can provide relief to such homeowners. Lien strips are not allowed in Chapter 7 bankruptcy. [1] However, despite language in 11 U.S.C. §1322(b)(2) which precludes the modification of a claim secured only by a security interest in ...
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  • WHAT REAL ESTATE PROFESSIONALS NEED TO KNOW ABOUT BANKRUPTCY

    If you are a real estate professional in the San Francisco Bay Area, knowledge of some bankruptcy basics is tremendously helpful in dealing with distressed home sellers, or homeowners who have negative equity. Because of the dramatic increase in foreclosure rates and decrease in home values in parts of California, such as San Jose, Campbell, Milpitas, Hayward, and other parts of the Bay Area, many ...
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  • KEEPING YOUR CAR IN BANKRUPTCY

    If you have a car loan, and want to obtain bankruptcy relief, and keep your car, you have several options. If you file a chapter 7, you can reaffirm the debt. But this may not be your best option. You may find that a better option is to file a chapter 13. You can propose a chapter 13 plan that pays your car loan, and possibly wipes out all other debts completely. Depending on your circumstances, ...
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  • EXEMPTIONS: KEEPING YOUR ASSETS IN BANKRUPTCY

    In a chapter 7 bankruptcy, the court appoints a trustee who has authority to sell the assets of the debtor, and use the proceeds of the sale to pay some of the debtor’s debts. But as a practical matter, in most chapter 7 proceedings, nothing gets sold. That’s because under bankruptcy law, the debtor can “exempt” certain assets. Generally, the exemption law identifies an asset category, and also, ...
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  • DO YOU HAVE GAMBLING LOSSES THAT YOU CANNOT AFFORD TO PAY BACK?

    Bankruptcy can sometimes help to discharge gambling debts. However, casinos and credit card companies often challenge the discharge of gambling debts by claiming fraud against the debtor. These fraud claims are decided on a case by case basis and can be tricky. You have to know the right questions to ask, the right documents to request and be familiar with the sometimes conflicting legal cases. At ...
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  • HERITAGE PACIFIC FINANCIAL

    If you search Heritage Pacific Financial on the internet, you will get many hits that talk about complaints against Heritage Pacific. Many of the hits allege that Heritage Pacific is engaged in a scam or engages in abusive and unfair debt collection practices that prey upon people who cannot afford to fight back. But what can you do about it? Heritage Pacific typically alleges that the borrower ...
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  • FULLER LAW FIRM OBTAINS DISMISSAL OF HERITAGE PACIFIC FRAUD CLAIM

    The Fuller Law Firm has obtained the dismissal for one of its clients of a fraud claim brought by Heritage Pacific Financial LLC. Under the settlement, Heritage Pacific will dismiss its claim and the client will pay nothing to Heritage Pacific. Heritage Pacific Financial LLC is an entity out of Texas that has been buying up second mortgages that other lenders have given up on as uncollectible ...
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  • DO NOT USE CREDIT CARDS BEFORE FILING BANKRUPTCY

    Unless you are facing a very serious medical or other emergency, it should be relatively easy for you to stop using your credit cards before filing bankruptcy. In fact, if you are seeking a fresh start, you should start getting used to living without debt. So, retire your credit cards. Don’t use them if you want bankruptcy relief! When an individual uses credit cards or borrows money within 90 ...
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