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This is a profoundly heavy subject, that will alter your financial life for some time

Definition of ‘Bankruptcy’ – A legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor (most common) or on behalf of creditors (less common). All of the debtor’s assets are measured and evaluated, whereupon the assets are used to repay a portion of outstanding debt. Upon the successful completion of bankruptcy proceedings, the debtor is relieved of the debt obligations incurred prior to filing for bankruptcy.

Practical Explanation of ‘Bankruptcy’ – Bankruptcy offers an individual or business a chance to start fresh by forgiving debts that simply can’t be paid while offering creditors a chance to obtain some measure of repayment based on what assets are available. In theory, the ability to file for bankruptcy can benefit an overall economy by giving persons and businesses another chance and providing creditors with a measure of debt repayment.

Bankruptcy filings in the United States can fall under one of several chapters of the Bankruptcy Code, such as Chapter 7 (which involves liquidation of assets), Chapter 11 (company or individual “reorganizations”) and Chapter 13 (debt repayment with lowered debt covenants or payment plans). Bankruptcy filing specifications vary widely among different countries, leading to higher and lower filing rates depending on how easily a person or company can complete the process.

Each topic and question is handled from the question to the complete answer from our experts.




ScottFrahmShould I File Bankruptcy?

Some of you may be in a dire financial situation and may be wondering if you should file for bankruptcy.

Before we begin, realize that the only way to be sure bankruptcy is the right thing for you to do is to discuss your financial situation with a bankruptcy lawyer. Understand that every case is different and laws are continually changing. With that said, here is some basic information that you can consider.

First, ask yourself if you are having problems paying your debts. Are you being threatened with wage garnishment? Are you possibly facing foreclosure or repossession? If you answered yes to any of these, bankruptcy may be a way to deal with your financial problems.  (read the entire article…)


5 Tips to Follow After Bankruptcy –  In my years as a Temecula bankruptcy attorney, I have seen too many people find themselves in financial trouble more than once.  To prevent this from happening to you after your bankruptcy is discharged,  there are some simple steps you can take.   Here are some tips you should follow after your bankruptcy:  1. Make Sure to Keep Copies of Your Bankruptcy Paperwork

You have copies of your bankruptcy petition, schedules, and order of discharge. Make sure you have them in a safe place because even though you can get other copies, it will cost you. And why do you need this paperwork? Creditors may still try to collect on a debt that has been discharged so you have the documentation to show them. In addition, you may need these copies with any problems of your credit report. You may also need copies the next time you apply for a loan.  (read more…)
Published on April 20, 2013    by TFrahm in Bankruptcy

Tips for Avoiding Personal Bankruptcy   You may be facing some serious financial problems and trying to figure out if filing for bankruptcy is the right thing to do. But even though you might be overwhelmed with huge credit card bills, debt collectors wanting money, and that feeling that you can’t see any hope with your finances, experts say that there are ways to keep creditors off your back without filing for bankruptcy.

Understand that filing for bankruptcy can hurt your credit score for years and you should try to take action to avoid bankruptcy whenever possible.

My years as a Temecula bankruptcy attorney have allowed me to see almost every situation possible.  So with that in mind, here are a few tips that may help:   1) Call Your Creditors.  Back in 2008 during the financial crisis, there was a wave of personal bankruptcy filings which left creditors with a plethora of unpaid debt. Due to this, creditors became more willing to work with the consumers to hopefully create many different types of “repayment plans.”
Published on March 27, 2013    by TFrahm in Bankruptcy  (read more…)

Claudio Gormaz | Platinum Home Mortgage | NMLS ID: 241122 | DRE ID: 013393566

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