Posts Tagged ‘Debt’
Saturday, February 12th, 2011
Before you file for bankruptcy, make sure you know what types of debts may be eliminated and what types may remain. Bankruptcy does eliminate some debt, but not all, according to Bert Briones, an Orange County Bankruptcy Attorney and Founding Partner of Red Hill Law Group, PC.
What Bankruptcy Can Do
Stop Creditor and Collection Calls
There are specific rules that must be followed with regards to collection practices. Filing bankruptcy will result in an automatic stay, that will stop most actions against you from collectors.
Eliminate Unsecured Debts, Including Credit Card Debt
Credit card debt is typically categorized as unsecured debt, and can be eliminated or repaid over a longer period of time, depending on the type of bankruptcy filing (Chapter 7 or Chapter 13). Unsecured debt is normally not subject to a lien, so creditors are not allowed to repossess anything if you fail to repay the debt.
What Bankruptcy Cannot Do
Student Loans Normally Cannot be Eliminated
Student loans are usually not discharged in a bankruptcy filing. You would have to show that not only repaying the loan(s) is difficult now, but that it would be just as difficult in the future. This is very difficult to prove.
Child Support and Alimony
These two obligations are usually not eliminated or reduced in bankruptcy.
Eliminate Liens
Secured debts are normally subject to a lien, and creditors may repossess the secured property if you do not repay the debt. Bankruptcy may eliminate the debt, but it will not prevent the property from being repossessed.
This is not an all-inclusive list of “cans” and “cannots”. Please consult a professional bankruptcy attorney to address all of your questions and concerns. To receive a free attorney initial consultation, please use the contact form to schedule your appointment or contact us at 949-468-0915.
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Tags: Bankruptcy, Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, Credit card, Credit card debt, Debt, Secured loan, Unsecured debt
Posted in Bankruptcy, Bankruptcy Alternatives, Chapter 11, Chapter 13, Chapter 7, Client Help, Credit Reform Act, Credit Scores, Creditor Harassment, Debt Settlement / Debt Negotiation | No Comments »
Monday, February 7th, 2011
by Bert Briones, Founding Partner, Red Hill Law Group, PC
What does “Means Test” mean?
The bankruptcy “means test” essentially determines whether a person can file Chapter 7 or must file under a different chapter of the bankruptcy code such as Chapter 13 or Chapter 11. Those individuals whose income is low enough may file Chapter 7, but those who fail the means test may file Chapter 13 to repay a portion or all of their debts. Your Irvine bankruptcy attorney can help you with this.
Why is There a Means Test?
The bankruptcy means test was implemented to limit the number of Chapter 7 filings to those individuals who simply and truly cannot pay their debts. It is based on your level of income in relation to the median (average) income in California. If your income level is below the state average, you may be able to file Chapter 7. If your income level is above the state average, the calculation becomes more complex. You may still be able to file, but be aware you should consult a bankruptcy attorney before you take any of the following actions:
- Short sell your residence to prevent foreclosure
- Return an automobile to prevent repossession
- Spend any of your retirement funds to pay your creditors.
There are additional activities that debtors need to be careful with. Please ensure that professional assistance is secured to help determine the best course of action.
If you have any questions, please call us directly at 949-468-0915 or send us a message through our website.
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Tags: Bankruptcy, California, Chapter 11, Chapter 11 Title 11 United States Code, Chapter 13, Chapter 13 Title 11 United States Code, Chapter 7, Chapter 7 Title 11 United States Code, Computer file, Debt, Means test
Posted in Bankruptcy, Bankruptcy Alternatives, Chapter 11, Chapter 13, Chapter 7, Client Help, Credit Reform Act, Credit Scores, Creditor Harassment, Debt Settlement / Debt Negotiation | 10 Comments »
Tuesday, January 11th, 2011
Debt Relief Law Group is pleased to announce our top-three debt settlements for the month of December!
Don’t allow anyone to tell you differently; creditors continue to settle.
Original Balance % Settlement Amount
$59,621.56 20 $12,220
$28,203.96 34 $9500
$24,919.29 35 $8700
To receive a no-charge 15-minute attorney phone consultation,
please call our office at
877-343-3289
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Tags: Consumer, Credit card, Debt, Debt consolidation, Debt relief, Debt settlement, Federal Trade Commission, United States
Posted in Bankruptcy, Bankruptcy Alternatives, Client Help, Credit Reform Act, Credit Scores, Creditor Harassment, Debt Settlement / Debt Negotiation | 1 Comment »
Thursday, January 6th, 2011
We are proud to announce the top-three debt settlements for November, 2010. Debt Relief Law Group remains as strong as ever by helping our clients with debt settlement:
|
Original Balance
|
|
% |
|
Settlement Amount |
|
Creditor |
| |
|
|
|
|
|
|
| $12,986.35 |
|
41% |
|
$5,300.00 |
|
FIA |
| $7,425.00 |
|
43% |
|
$3,200.00 |
|
Amex |
| $6,820.49 |
|
27% |
|
$1,816.00 |
|
Juniper |
To receive a no-charge 15-minute attorney phone consultation, please call our office at
877-343-3289
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Tags: Business, Consumer, Creditor, Debt, Debt consolidation, Debt relief, Debt settlement, Financial services
Posted in Bankruptcy, Bankruptcy Alternatives, Client Help, Credit Reform Act, Credit Scores, Creditor Harassment, Debt Settlement / Debt Negotiation | No Comments »
Thursday, January 6th, 2011
Major financial institutions continue to settle for much less than the original debt. Here are the top three debt settlements achieved by Debt Relief Law Group for October, 2010.
| Original Balance |
|
% |
|
Settlement Amount |
|
Creditor |
| |
|
|
|
|
|
|
| $20,677.19 |
|
29% |
|
$6,000.00 |
|
CHASE/CHASE |
| $26,258.56 |
|
30% |
|
$8,000.00 |
|
BOFA |
| $20,214.00 |
|
49% |
|
$10,000.00 |
|
Amex |
To receive a no-charge 15-minute attorney phone consultation, please call our office at
877-343-3289
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Tags: Business, Creditor, Debt, Debt consolidation, Debt relief, Debt settlement, Financial services, United States
Posted in Bankruptcy, Bankruptcy Alternatives, Client Help, Credit Reform Act, Credit Scores, Creditor Harassment, Debt Settlement / Debt Negotiation | No Comments »
Tuesday, October 12th, 2010
Don’t let them tell you differently! Major financial institutions are continuing to do debt settlement with our law firm. Here is a list of some recent debt settlements for our clients. If you are not already a client, feel free to call us if you would like to see if we can help your situation, 877-343-3289. Have a great day!
| Balance |
% Paid |
Client Paid |
Creditor |
| $3,586.00 |
16% |
$600.00 |
Bank of America |
| $1,955.92 |
25% |
$500.00 |
Barclays Bank |
| $9,167.12 |
27% |
$2,500.00 |
Chase |
| $5,500.12 |
30% |
$1,650.05 |
Bank of America |
| $2,322.62 |
30% |
$774.21 |
Citi Financial |
| $11,736.48 |
30% |
$3,520.94 |
Sears/Citi |
| $15,831.27 |
30% |
$4,749.38 |
Sears/Citi |
| $9,453.82 |
32% |
$3,800.00 |
US Bank |
| $3,074.00 |
35% |
$1,107.00 |
Chase |
| $7,720.82 |
38% |
$3,000.00 |
Citi ARS National |
| $4,651.00 |
40% |
$1,900.00 |
Bank of America |
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Tags: banking, Bankruptcy, Bar Association, Business, Credit card, Debit card, Debt, Debt relief, Debt settlement, Financial Planning, Financial services, Law, Orange County California
Posted in Debt Settlement / Debt Negotiation | 6 Comments »
Wednesday, August 11th, 2010
I am writing this today because several current clients were once the victim of this scam before finding our firm. This scam is costing consumers millions and leaving them worse off than when they started. If you received this email, you are in good hands, but you may know someone who needs help and doesn’t know where to turn or how to fix their situation. Victims of the Obama Debt Relief Plan either received a call, mail, or email stating the Obama plan would help them out of debt. There is NO OBAMA DEBT PLAN, as least not for us, the consumers. Sadly, there are debt settlement companies out there trying to appear as legitimate law firms to steal consumers money. They say everything you want to hear, and then when you need them most, they tell you to hire an attorney.
How to know it you are with the right debt program:
- Are they a real law firm? If they are not a law firm, don’t even waste your time and money, they can’t protect you in a lawsuit.
- Can you look up their Attorneys on the State Bar website? Do they have a clear record? All joking aside, Just because they are lawyers doesn’t make them honest, check to see if they have any record of complaints with the State Bar. The State Bar hears and investigates every consumer complaint sent to them. For this reason (and to be fair to all attorneys) it is your only truly reliable source for honesty since anyone can put negativity on the internet without proof.
- Do you have direct access to your money/trust account? This is one of the biggest red flags, do you have complete access to your money without needing to contact the company? Run fast and call us if this is not the case.
- Are they contacting your creditors immediately, OR are they telling you to “hide from the creditors” and they will call creditors once your money is built up? If they are telling you to hide, you are at great risk of a lawsuit. Communication is the most important part of negotiation. Would you rather have an experienced attorney negotiating for you or just a customer service rep? With debt settlement companies, a CS rep is what you get. Little to no training, and even less real life experience. If you are with our law firm, you get experience, and more importantly a record of success.
- Are you happy with their Client Services? Seems like a simple question, but this can be a key factor to know with whom you are dealing. I have had prospective clients tell me they can’t get a straight answer from their current company! Why accept this lack of professionalism on such an important issue in your life, make a change for the better.
Give us a call today if you or someone you care about needs help, 877-343-3289
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Tags: Business, Company, Creditor, Debt, Debt consolidation, Debt settlement, Financial Planning, Financial services
Posted in Client Help, Debt Settlement / Debt Negotiation | No Comments »
Thursday, July 29th, 2010
Major financial institutions are willing to settle. Here is a list of some recent debt settlements for our clients. If you are not already a client, feel free to call us if you would like to see if we can help your situation, 877-343-3289. Have a great day!
| Original Balance |
% Paid |
Amount Paid |
Creditor |
| $908.96 |
28% |
$250.00 |
Phillips Cohen |
| $29,946.90 |
25% |
$7,769.86 |
FIA Cards |
| $1,289.00 |
42% |
$550.00 |
GEMP |
| $1,746.15 |
37% |
$660.00 |
ARSI Amex |
| $18,858.51 |
22% |
$4,225.00 |
Citi/Moore Law Group |
| $23,700.00 |
28% |
$6,715.80 |
Chase National |
| $2,181.73 |
33% |
$720.00 |
Creditors Interchange |
| $14,753.06 |
33% |
$5,000.00 |
Bank of America |
| $1,999.00 |
40% |
$800.00 |
Bank of America |
| $1,769.52 |
35% |
$710.00 |
Bank of America |
| $2,576.22 |
32% |
$825.00 |
BofA |
| $36,712.00 |
21% |
$8,000.00 |
BofA |
| $21,624.00 |
24% |
$5,381.17 |
City Card |
| $3,251.00 |
36% |
$1,200.00 |
Advanta |
| $1,892.43 |
42% |
$800.00 |
Target |
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Tags: Bank of America, Banking Services, Bankruptcy, Business, Credit card, Debit card, Debt, Debt consolidation, Debt relief, Debt settlement, Financial institution, Financial services, Orange County California, U.S. Bankruptcy Court, United States
Posted in Client Help, Debt Settlement / Debt Negotiation | No Comments »
Monday, June 28th, 2010
Bankruptcy 101: Chapter 7 or 13?
Bankruptcy is all over the news and even in pop culture lately. In fact, it’s becoming so popular that some economists are projecting that 1.7 million bankruptcies will be filed 2010! That’s a huge jump from the 1.3 million filed in 2009. Clearly people are finding bankruptcy to be a feasible solution to their current financial difficulties.
However, most people still don’t really understand what bankruptcy is and how they could benefit from it.
For example, I recently received an e-mail from a potential client who is considering filing for bankruptcy.
“Can I file for bankruptcy? I heard there are two different kinds of bankruptcy but I don’t know which one I qualify for or which one is a better option. Which chapter should I file?”
With all the myths circulating about bankruptcy, it’s no wonder that she is confused.
First of all, there are two main types of personal bankruptcy that can be filed by the average person.
Chapter 7
Chapter 7 bankruptcy wipes away all of your debt through a process called liquidation. Basically, the court takes over all non-exempt assets and sells them in order to pay off a portion of your debt. All of your assets will be first looked at and some will be labeled as exempt. For example, you may be allowed to keep an amount of clothing, some funds for personal expenses and even a vehicle. The remaining assets will be taken over by the court and sold in order to pay off your debts. At the end of a Chapter 7, your debt will be wiped clean. Some types of debt that cannot be eliminated include alimony and child support, student loans, and any debt labeled as fraudulent (in other words, no maxing out your credit cards right before your bankruptcy!)
Chapter 13
Chapter 13 bankruptcy is another option for people who want to avoid the liquidation of their assets e.g. your home. Chapter 13 is a restructuring of your debt. You will pay back a court determined manageable portion of your debt over a span of 3 – 5 years. This is a viable option for people who have equity in their home. Also, if you file a Chapter 13 you may still be eligible to file a Chapter 7 at a later date. However, if you file a Chapter 7, you’ll be unable to file again for another six years. To qualify for a Chapter 13, you must have a job or a source of income to pay back your debt.
Bankruptcy is an option that may seem daunting, confusing, and just plain scary to most people. It doesn’t have to be that way. The best option is to speak to a bankruptcy attorney and receive a full bankruptcy consultation. The attorney will go over your eligibility for bankruptcy and will present you with all of your options.
If you’re considering bankruptcy, please contact us today at 877-343-3289 and one of our Senior Advisers can get your file reviewed by an attorney. Bankruptcy doesn’t have to be scary. Remember: bankruptcy was created in order to relieve consumers of debt that they are unable to pay. If you’re in this situation, there are laws to protect you. Speak to an attorney today and use the law to get the relief that you need.
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Tags: Bankruptcy, Bankruptcy Law, Chapter 7 Title 11 United States Code, Debt, Law, Lawyers and Law Firms, Services, United States
Posted in Bankruptcy | No Comments »
Thursday, May 27th, 2010
Debt collection has become more and more out of control these days with the spiraling economy. More people are in debt and are unable to pay. Collectors have become more aggressive and even using illegal tactics to get consumers money.
I understand these debt collectors are doing a job, but if lies and deceit are in the job description, maybe they should get another job. I am tired of hearing collectors say “‘consumers should pay” and “why am I the bad guy?”. If your job description has you lie and even steal, the answer is not ‘the job’, it’s your own morals and values that are the issue. Most consumers didn’t ask for a credit card with the intention of not paying, they feel bad about not paying and want to find a way to pay something back without taking food and shelter away from their families. That is quite different from these debt collectors making a decision to lie and deceive consumers on a daily basis. This country needs more people like our clients who feel responsible and try to correct their situation. We don’t need people who go to work everyday to take advantage of the public who have had more than enough hardship in their lives.
Most states Attorney Generals are looking into debt collection companies due to the obscene amount of complaints. Unfortunately, the real issue is the laws and processes are not suffice, and not in place, to handle the violations. See below to see some statistics on how you could be affected if you are in debt, and without the protection of a law firm. Sad but true, most consumers don’t know most of the collection calls they receive are illegal. If you are in debt and want to see what options are available to help fix your situation, call us directly at 877-343-3289 or fill out our contact form here DRLG website and we will contact you within 24 hours. We can help with debt resolution, bankruptcy, and lawsuits if you have been sued by a creditor.
| Results of SurveyUSA News Poll #15325 |
1
|
How familiar are you with the Fair Debt Collection Practices Act, the federal law regulating the behavior of debt collectors?
|
| 750 Adults |
All |
Gender |
Age |
|
|
Male |
Female |
18-34 |
35-54 |
55+ |
|
|
|
|
| Very |
7% |
10% |
5% |
4% |
10% |
7% |
|
|
|
|
| Somewhat |
18% |
15% |
22% |
15% |
18% |
22% |
|
|
|
|
| Not Very |
33% |
34% |
32% |
31% |
33% |
35% |
|
|
|
|
| Not At All |
41% |
41% |
40% |
47% |
38% |
35% |
|
|
|
|
| Not Sure |
1% |
1% |
2% |
3% |
0% |
1% |
|
|
|
|
| Total |
100% |
100% |
100% |
100% |
100% |
100% |
|
|
|
|
| Composition of Adults |
100% |
50% |
50% |
36% |
39% |
25% |
|
|
|
|
|
2
|
Have you or a member of your family been contacted by a debt collector in the past 5 years? |
| 750 Adults |
All |
Gender |
Age |
|
|
Male |
Female |
18-34 |
35-54 |
55+ |
|
|
|
|
| Yes |
44% |
46% |
42% |
58% |
44% |
25% |
|
|
|
|
| No |
53% |
50% |
56% |
39% |
54% |
72% |
|
|
|
|
| Not Sure |
3% |
3% |
2% |
3% |
2% |
2% |
|
|
|
|
| Total |
100% |
100% |
100% |
100% |
100% |
100% |
|
|
|
|
| Composition of Adults |
100% |
50% |
50% |
36% |
39% |
25% |
|
|
|
|
|
3
|
Did the debt collector inform you of your rights? |
| 332 Who Were Contacted |
All |
Gender |
Age |
|
|
Male |
Female |
18-34 |
35-54 |
55+ |
|
|
|
|
| Yes |
6% |
6% |
6% |
7% |
3% |
9% |
|
|
|
|
| No |
89% |
87% |
90% |
90% |
89% |
85% |
|
|
|
|
| Not Sure |
6% |
7% |
4% |
3% |
9% |
6% |
|
|
|
|
| Total |
100% |
100% |
100% |
100% |
100% |
100% |
|
|
|
|
| Composition of Who Were Contacted |
100% |
52% |
48% |
48% |
38% |
14% |
|
|
|
|
|
4
|
Did the debt collector treat you with respect? Or disrespectfully? |
| 332 Who Were Contacted |
All |
Gender |
Age |
|
|
Male |
Female |
18-34 |
35-54 |
55+ |
|
|
|
|
| With Respect |
26% |
28% |
24% |
33% |
22% |
13% |
|
|
|
|
| Disrespectfully |
70% |
69% |
71% |
67% |
71% |
77% |
|
|
|
|
| Not Sure |
4% |
4% |
5% |
0% |
8% |
10% |
|
|
|
|
| Total |
100% |
100% |
100% |
100% |
100% |
100% |
|
|
|
|
| Composition of Who Were Contacted |
100% |
52% |
48% |
48% |
38% |
14% |
|
|
|
|
|
5
|
Did the debt collector threaten you in any way? |
| 332 Who Were Contacted |
All |
Gender |
Age |
|
|
Male |
Female |
18-34 |
35-54 |
55+ |
|
|
|
|
| Yes |
43% |
43% |
42% |
46% |
40% |
40% |
|
|
|
|
| No |
47% |
44% |
51% |
43% |
51% |
52% |
|
|
|
|
| Not Sure |
10% |
13% |
7% |
11% |
9% |
8% |
|
|
|
|
| Total |
100% |
100% |
100% |
100% |
100% |
100% |
|
|
|
|
| Composition of Who Were Contacted |
100% |
52% |
48% |
48% |
38% |
14% |
|
|
|
|
|
6
|
Did the debt collector call you again after you told them not to? |
| 332 Who Were Contacted |
All |
Gender |
Age |
|
|
Male |
Female |
18-34 |
35-54 |
55+ |
|
|
|
|
| Yes |
77% |
81% |
72% |
76% |
77% |
79% |
|
|
|
|
| No |
19% |
15% |
23% |
22% |
15% |
16% |
|
|
|
|
| Not Sure |
5% |
4% |
5% |
2% |
8% |
5% |
|
|
|
|
| Total |
100% |
100% |
100% |
100% |
100% |
100% |
|
|
|
|
| Composition of Who Were Contacted |
100% |
52% |
48% |
48% |
38% |
14% |
|
|
|
|
|
7
|
Did the collector call people you know such as your employer or a family member? |
| 332 Who Were Contacted |
All |
Gender |
Age |
|
|
Male |
Female |
18-34 |
35-54 |
55+ |
|
|
|
|
| Yes |
48% |
50% |
45% |
55% |
44% |
34% |
|
|
|
|
| No |
42% |
46% |
38% |
33% |
46% |
61% |
|
|
|
|
| Not Sure |
10% |
4% |
17% |
12% |
10% |
5% |
|
|
|
|
| Total |
100% |
100% |
100% |
100% |
100% |
100% |
|
|
|
|
| Composition of Who Were Contacted |
100% |
52% |
48% |
48% |
38% |
14% |
|
|
|
|
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Tags: Collection agency, Debt, Economy, Fair Debt Collection Practices Act, Federal law, Financial services, Law, Money
Posted in Client Help, Creditor Harassment | No Comments »
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