LOS ANGELES BANKRUPTCY BLOG

Another Chapter 7 Success Story
Oct 18, 2010

In May, 2009, Mrs. S had a rental property foreclosed by the first trust deed lender when her tenants stopped paying rent and she was no longer able to pay the mortgage payments. A year later, the holder of the second trust deed on the property started making demand on her to pay the $49,000 balance on the second trust deed loan which was now an unsecured debt, and threatened to sue her for this debt. (See "Truths About Foreclosure: http://www.labankruptcyblog.com/tp-100928123529/post-100928123820.shtml) Mrs. S also had about $79,000 in credit card debt on which she was falling behind in payments, because the property management business owned by Mr. and Mrs. S was struggling in the tough Southern California real estate economy. Continue Reading

Chapter 7 Success Story
Sep 27, 2010

Weintraub & Selth, APC recently helped a married couple obtain a Chapter 7 discharge of over $600,000 in unsecured debt, including $450,000 owed on junior liens from their foreclosed home and $127,000 in credit card debt. This in itself was not unusual, we get results like that for clients regularly. However these clients had been told by two other attorneys that they were not even eligible to file bankruptcy! Continue Reading

Who is eligible to file Chapter 7?
Sep 27, 2010

It's been almost five years since the Bankruptcy Code was amended to establish a "means test" to determine eligibility for individuals filing Chapter 7. Many potential clients call our firm and start by saying, "I know I earn too much to file Chapter 7, so I'm calling about Chapter 13". Continue Reading