Archive for May, 2011

Your Credit Score: When to Stop Fighting the Rapids

“But won’t bankruptcy destroy my credit?!” We have heard it time and time again and are sure you have had that thought once or twice, especially if you are contemplating filing. The truth is bankruptcy actually acts as a repair for your credit. Think about it, if you are having thoughts of filing bankruptcy, you […]

The best form of Loan Modification may not be a Loan Modification at all! Part 2 of 2: Eliminating Junior Liens

Here is how it works: years ago, when home values were at their height, home owners used the equity in their home(s) to borrow against. They took out second mortgages, third mortgages, and even fourth mortgages. Those mortgages were secured by the equity in the home. But today, one in four California homeowners is upside […]

The best form of Loan Modification may not be a Loan Modification at all!

In California, consumer bankruptcies rose 25% in 2010 and were up 9% nationwide. There were 24,117 consumer bankruptcy filings here in the Santa Ana division of the Central District of California…and that was just in the first quarter of 2010! The majority of those were Chapter 7 filings to liquidate assets and eliminate unsecured debts. […]

Bankruptcy Law: We Practice What We Teach!

Doan Law Firm’s experience and expertise in Bankruptcy law was called upon by LawReviewCle to lead a Chapter 7 and Chapter 13 CLE (Continuing Legal Education) workshops in Riverside and Santa Ana. The nonprofit organization seeks and selects attorneys who represent the best in their area of practice. Once selected, they are asked to train […]

Bankruptcy…a ‘Patriotic’ Solution? Part 4: HEALTH AND FAMILY CONCERNS

Financial concerns are the leading cause of stress in America. In addition to being downright un-fun, financial stress causes a gamut of negative consequences including sleeplessness, anxiety, frustration, depression and hopelessness, affecting every aspect of our lives, especially work and family. Unhealthy Americans make for an unhealthy America, both physically and financially. Compare the cost […]

Bankruptcy…a ‘Patriotic’ Solution? Part 3: BANKRUPTCY’S BIBLICAL ROOTS

“At the end of every seven years you shall grant a release of debts. And this is the form of the release: Every creditor who has lent anything to his neighbor shall release it; he shall not require it of his neighbor or his brother, because it is called the LORD’s release” (Deuteronomy 15:1-2). The […]

Bankruptcy…a ‘Patriotic’ Solution? Part 2: BANKRUPTCY AND THE CONSTITUTION

Bankruptcy was so important to our Founding Fathers that they included it in the US Constitution before defining the Bill of Rights, which includes our freedom of speech and religion, due process, trial by jury, and prohibition against cruel and unusual punishment. Isn’t it ironic that we Americans will provide shelter and security for those […]

Bankruptcy…a ‘Patriotic’ Solution? Part 1: Patriotic Spending

Without spending, our economy would come to a screeching halt. When our income is diverted toward paying high interest, over-limit fees, and late fees on items we bought years ago and no longer have, we no longer make a meaningful contribution to our economy. In fact, the opposite is true. We can’t pay the chef […]

Highest Bankruptcy Filings in More than 5 Years

In Orange County the first quarter of the year ended with a 65 month high in Bankruptcy filings.1,881 individuals and businesses filed for Bankruptcy Protection making it the highest one-month total since the Bankruptcy law was changed in 2005. This represented a 10.1% year over year increase and the highest number of Bankruptcy filings for […]