Archives
2008December
2009
12/09/2009posted byDr. Grey
OC Chapter 7 Bankruptcy filings, November 2009
As we get closer to the end of this year, Chapter 7 bankruptcy filings for the month of November 2009 have not decreased.
Research done by a leading bankruptcy law firm concluded that Anaheim, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Mission Viejo, Newport Beach, Orange, and Santa Ana are reported as the cities with the most cases filed.
Chapter 7 bankruptcy attorneys have also seen a high number of bankruptcies filed in Westminster, Tustin, Lake Forest, Buena Park and Aliso Viejo.
2008
12/09/2008posted byAlex
Top Ten Orange County Cities with the Most Chapter 7 Bankruptcy Filings
Bankruptcy Attorneys in Orange County, pay attention. The top ten Orange County cities with the most Chapter 7 bankruptcy filings for the month of November, 2008 are: Anaheim, Buena Park, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Mission Viejo, Orange, and Santa Ana.
Other Orange County cities that also had a high number of Chapter 7 bankruptcy filings, especially considering their relative population, include Rancho Santa Margarita, San Clemente, and Tustin.
12/03/2008posted byDr. Grey
Biotechnology Companies Affected By Finance Crisis
Although untold numbers of real estate and mortgage companies in Orange County have fallen victim to bankruptcies lately, Orange County’s biotechnology companies have not suffered to the same extent. Biotech companies elsewhere have not been as lucky, though, as seen by recent and unprecedented bankruptcy filings, as well as in the cut in funds allocated to the development of new drugs to treat diseases such as multiple sclerosis, Alzheimerʼs and Parkinsonʼs.
Last month, at least five notable U.S. biotechnology companies filed bankruptcy, something unusual for the industry. Biotechnology bankruptcies have been relatively rare, as struggling companies have opted for other solutions, such as new investors, mergers, or new licensing or development deals.
Tactics used by some biotechnology companies to avoid bankruptcy include downsizing, moving to smaller offices, shelving early research projects and delaying research on new drugs, all in order to avoid looking for a bankruptcy attorney.
No one would suggest that the top companies are at risk, but Orange County is home to some of the best and fastest growing companies in the U.S. So far, leading Orange County compnies such as Advanced Medical Optics headquartered in Santa Ana, Beckman Coulter headquartered in Fullerton and Edwards Lifesciences headquartered in Irvine appear to be unaffected by the recent economic turmoil. However, BioLASE, Inc., of Irvine announced a planned reduction of 20% of its workforce earlier this week.
Investors are expected to come back once the economy gets stable, so the biotechs continue working on projects like a prostate cancer therapy, a polio vaccine and new diabetes treatments.
For more information, click here
November
2009
11/09/2009posted byAlex
Chapter 7 Bankruptcy Filings in Orange County, October 2009
From the Curtis Law Group Blog:
Chapter 7 bankruptcy filings for residents of Orange County, Riverside County, and San Bernardino County continue to be high, as local bankruptcy attorneys can attest. Although few cities in these counties are immune, the concentration of chapter 7 filings tend to be higher in some cities more than others.
The Orange County cities with the most Chapter 7 bankruptcies filed during October 2009 are as follows:
Anaheim, Buena Park, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Mission Viejo, Orange, and Santa Ana.
2008
11/07/2008posted byDr. Grey
You Don’t Always Have to Wait Eight Years to Get A Discharge in a Second Bankruptcy Case…
With the cost of living as high as it is in Orange County – particularly the cost of renting or owning a home in popular locations like Irvine, Laguna Beach, Newport Beach and Huntington Beach – it often means that people who have filed a bankruptcy case earlier in life must do so a second time.
The first bankruptcy case often comes about when someone in their 20s or 30s who rents in an average cost neighborhood such as Tustin, Santa Ana or Costa Mesa, runs into credit problems due to easy access to credit cards, car loans and loans for “toys.” A person filing bankruptcy in their twenties often elects to file a Chapter 7 “straight” bankruptcy case, because it’s best suited to their situation.
However, the same person might become unemployed a few years later - unable to pay their home loan payments on the home they purchased in a family community such as Mission Viejo, Rancho Santa Margarita, Foothill Ranch or Laguna Niguel. If this is the case, a bankruptcy plan may be needed to bring home loan or tax payments current – something that a Chapter 13 “payment plan” bankruptcy can help with.
The good news is that the Bankruptcy Code does not limit the number of times a person can file for bankruptcy. So, it is likely that a second bankruptcy case can be filed. The Bankruptcy Code does have limits, though – a minimum amount of time must pass before a debtor can file a second bankruptcy case and obtain a discharge of his or her debts.
More good news: The Bankruptcy Code allows people to file a bankruptcy case as soon as two years (yes, 2 years!) after the first case and obtain a discharge – depending upon the type of case previously filed and the type of case to be filed. So don’t be discouraged if you find yourself in need of a second bankruptcy – it happens more often than you might think. Talk to an attorney or lawyer about your situation. He or she may be able to help.
11/05/2008posted byDr. Grey
How to Pay Off Your Current Car Loan in Bankruptcy with a New Loan and Only Owe the Current Value of the Car…
Orange County, California is the car capital of the United States – if not the entire world. Look down any street in one of the beach towns – or even Irvine, Laguna Hills, Aliso Viejo or Rancho Santa Margarita, for that matter – and you will see rows of beautiful new cars in parking lots and driveways all around you. Most of those car owners are making large payments on their cars, so here’s a tip for those who need to file a Chapter 7 bankruptcy case and also want to reduce their car loan balance and payments.
Many bankruptcy attorneys know that a debtor (borrower) may redeem a car when filing a Chapter 7 bankruptcy case. Redemption is a right granted under Bankruptcy Code Section 722 that gives the borrower the right to purchase an asset at its current fair market value when a Chapter 7 case is filed.
Most borrowers don’t have the available cash to buy their car out of the Chapter 7 bankruptcy estate, though. So, it would seem that Bankruptcy Code redemption doesn’t help most borrowers.
What most debtors – and even many bankruptcy attorneys – don’t know is that there are actually a few lenders that will give borrowers a new loan on their car – while in bankruptcy – to pay for a redemption of the car. So, many borrowers who otherwise wouldn’t be able to redeem their cars now can.
You might ask, “Why would a person want to take out a new loan to redeem their car”?
There are two really good reasons: The new car loan will be for the current fair market value of the car (almost always less than the balance of the existing car loan), and the payments will also be lower.
Often times redemption lenders are able to help a borrower “purchase” the car back for as little as one half the current loan balance and with one half the current car loan payments. If this seems like a good deal for you, you should ask your bankruptcy attorney about it…
11/04/2008posted byAlex
Orange County Chapter 7 Bankruptcy Filings for October
The Orange County cities with the most chapter 7 bankruptcy filings for the month of October, 2008: Anaheim, Buena Park, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Lake Forest, Mission Viejo, Orange, Santa Ana, and Westminster. Orange County cities that also had a high number, especially considering their relative population, include Laguna Hills, Rancho Santa Margarita, and Tustin.
11/04/2008posted byAlex
Bankruptcies Surpass the 100,000 Mark for October
This October, for the first time since the Bankruptcy Code was changed in 2005, more than 100,000 people filed for bankruptcy in a single month. Accounting for both businesses and individuals alike, the month of October yielded 108, 595 bankruptcy filings in the U.S. This number is an increase of 13% from the month of September.
Although the revision to the Bankruptcy Code in 2005 led to a reduced average number of bankruptcies during the past three years, the financial problems created by this year’s mortgage crisis and credit crunch have made filing for bankruptcy a necessity for many businesses and individuals who might have tried to avoid it at all costs in the past.
For more information: “Bloomberg Article”
October
2009
10/05/2009posted byAlex
OC Chapter 7 Bankruptcy Filings for September 2009
Orange County Chapter 7 bankruptcy filings for September continue to rise in 2009.
The cities with the most Chapter 7 bankruptcy filings in Orange County in September are as follows:
Anaheim, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Lake Forest, Mission Viejo, Orange, and Santa Ana.
Bankruptcy attorneys in Orange County affirm the report’s finding that the increase in Chapter 7 bankruptcy clients has not slowed so far in 2009.
2008
10/03/2008posted byAlex
Updated Median Income Figures for the “Means Test”
The U.S. Trustee Web has announced the new , updated median income figures for each state effective October 1, 2008.
The median income is an essential component of the “Means Test”, used to determine if a debtor qualifies to file for Chapter 7. If a debtor’s average household income is lower than the median income for the state, the debtor qualifies for Chapter 7. If a debtor’s average household income is higher than the median income, the rest of the “Means Test” should be applied.
As the median income involved in the means test is the statewide average, it does not matter whether you live in Orange County or Riverside County, or whether you live in Irvine or Santa Ana — the median income level used for the test is the same all over California. So even though residents of Orange County have a higher median income than many other California counties, an Orange County debtor is treated no differently when it comes to the means test than a debtor living in a city or county with a much lower median income level.
To see the updated Median Income Chart for California, as well as for all other states, click below:
Source: http://www.usdoj.gov.
September
2009
09/09/2009posted byDr. Grey
Chapter 7 Bankruptcy Filings in Orange County, August 2009
Chapter 7 bankruptcy filings for the month of August 2009 have been most numerous in the following Orange County cities:
Anaheim, Fullerton, Garden Grove, Huntington Beach, Irvine, Laguna Niguel, Lake Forest, Mission Viejo, Orange, and Santa Ana.
Chapter 7 bankruptcy attorneys in Orange County have also seen a high number of bankruptcies filed in Costa Mesa, Rancho Santa Margarita, and Westminster.
2008
09/08/2008posted byAlex
If You Live in Orange County, This is Your Bankruptcy Courthouse
If you need to file bankruptcy and are a Orange County resident, then you will file your bankruptcy at the Santa Ana location of the United States Bankruptcy Court, Central District of California. The address of the Santa Ana Courthouse is:
Ronald W. Reagan Federal Building, 411 West Fourth Street Santa Ana, California 92701
Maps and directions from your specific locations can be found here.
Once you make it to the courthouse building, here are some extra directions:
* Courtrooms: Fifth and Sixth floors
* Chapter 7 Trustee meeting room: Third floor, rooms 3-110
* Chapter 13 Trustee meeting room: First floor, rooms 1-154
09/08/2008posted byAlex
Senator Biden & Son Face Scrutiny Regarding Bankruptcy Bill of 2005
Senator Joe Biden, the Democratic Vice-Presidential nominee known for fighting for the middle-class, is facing increased scrutiny for his support of the Bankruptcy bill signed into law in 2005 – scrutiny that stems from work his son did for one of the major companies supporting the bill.
On August 24, 2008, the New York Times published an article entitled, “Obama Aides Defend Bank’s Pay to Biden’s Son.” The article states that a five-year consulting agreement between Hunter Biden and MNBA, a large financial services company, has raised questions about Senator Biden’s objectivity in voting to pass the Bankruptcy bill.
Although no lobbying was done by Hunter Biden on behalf of MNBA, it does not do a great service to Senator Biden’s image as a protector of the middle-class to have his son getting paid six-figures by one of the major companies lobbying in support of the Bankruptcy bill Senator Biden helped pass.
Methinks both sides are protesting too much – I doubt very much that Senator Biden is either in the pocket of MNBA or that he was completely unbiased in his support of the bankruptcy bill. Imagine a Senator from Delaware, a state that makes incorporating more enticing to companies than just about any other, supporting a bill helpful to a Delaware corporation – shocking!
The question is, was Senator Biden biased because he wanted to support a bill that would help Delaware companies, and hence, the Delaware economy, or was the bias more personal – was there some kind of unspoken “quid pro quo” with MNBA? I see no evidence in Senator Biden’s career to suggest the latter, and think it would be strange indeed if he did not work on behalf of companies from the state he was elected to represent. Of course, the bill affects not only companies, but citizens; but citizens are also employees, and companies supporting the bill employ a large number of Delaware citizens, which makes it even more difficult to speculate as to whether any bias Senator Biden had was proper or not. Perhaps in some cases, a man with a track record of honesty and “fighting for the little guy” should be given the benefit of the doubt, no?
Read the NY times article: http://www.nytimes.com/2008/08/25/us/politics/25biden.html
09/05/2008posted byAlex
Chapter 7 Bankruptcy Filings in Orange County:
From the two weeks of August 13th – 27th, there were a total of 347 Chapter 7 bankruptcy filings in Orange County, California. The 10 cities or towns with the most filings in Orange County for those two weeks are: Anaheim, Fullerton, Huntington Beach, Irvine, La Habra, Mission Viejo, Orange, Rancho Santa Margarita, Santa Ana, and Tustin. All in all, chapter 7 bankruptcy filings in Orange County came from people across 41 cities and towns in the county.
2009August
July
June
May
April
March
February
January
2010
01/08/2010posted byAlex
Orange County Chapter 7 Bankruptcy Filings: Top Ten Cities for December 2009
The last month of 2009 brought with it familiar top ten cities with the most Chapter 7 bankruptcy filings in Orange County.
Research done by an Orange County bankruptcy law firm concluded that last month (November) the top ten cities were: Anaheim, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Mission Viejo, Newport Beach, Orange, and Santa Ana. For December, the only change to the list was that Aliso Viejo is in and Newport Beach is out. So for December 2009, here are the top ten Orange County cities with the most chapter 7 bankruptcy fililngs:
Aliso Viejo, Anaheim, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Mission Viejo, Orange, and Santa Ana.
Other Orange County cities in which chapter 7 bankruptcy attorneys have seen a high number of filings for December include: Buena Park, Laguna Niguel, and Rancho Santa Margarita.
2009
01/08/2009posted byAlex
Citigroup, Senators in Talks to Let Bankruptcy Judges Modify Mortgages
From DSnews online:
“New York-based Citigroup Inc. endorsed the proposed Senate bill that would give bankruptcy judges the power to modify mortgages with so-called ‘cramdowns,’ to force lenders to lower the burden on homeowners on Thursday, according to a story in The Wall Street Journal.
The “Helping Families Save Their Homes in Bankruptcy Act” was reintroduced to the Senate earlier this week by Illinois Democrat Sen. Dick Durbin, the Senate’s second-ranking Democrat. Durbin’s been working on the legislation for more than a year.
The deal, Senate staffers told The Wall Street Journal, is likely the first of several measures being crafted this year that propose to trim the principal owed by homeowners underwater on their mortgages.
‘This is the breakthrough we’ve been waiting for, to have a major financial institution support this legislation will create an incentive for others to come our way,’ Durbin told the Journal. ‘I want to congratulate Citi for being open-minded about this [and] playing a major leadership role.’
As written, the bill would allow judges to:
– Extend the length of repayment to lower monthly payments
– Replace variable interest rates with fixed rates
– Waive the bankruptcy counseling requirement for homeowners facing foreclosure to get homeowners in court faster
– Allow judges to waive prepayment penalties
– Maintain debtors’ legal claims against predatory lenders while in bankruptcy
A new component, added as a concession to lenders, would eliminate consumer loan forgiveness for lenders who have violated the Truth in Lending Act during bankruptcy proceedings, and would only subject lenders to fines.
Now that Citigroup has endorsed the deal, lawmakers hope other financial institutions will also offer their support. According to the Journal, some banks have indicated they would support the bill, marking a change of position for the industry, which previously argued cramdowns would raise the cost of mortgages for all buyers and overwhelm bankruptcy courts.”
Bankruptcy judges, and every bankruptcy attorney worth his salt, are hoping this measure passes, for the sake of millions of bankruptcy mortgage holders, thousands of whom live in Orange County. As Orange County bankruptcy attorneys can attest, the Santa Ana Bankruptcy Courthouse has seen it’s fair share of cases that could have been helped by this legislation. Here’s hoping Citibank leads the charge to finally get it done, and finally stem the tide of foreclosures in Orange County and across the country.
For More Information, click here
01/05/2009posted byAlex
When Bankruptcy Makes Sense
From Newsweek online:
“In January, we’re supposed to sit down and organize our personal finances. This year I’ll risk my good-girl reputation with a subversive idea: go bankrupt in 2009. If you’re reaching the end of your rope, don’t try to hold on. Save what you can.
It’s painful and humiliating even to consider bankruptcy, let alone join that crowd in the courthouse corridor, waiting for your name to be called. Normally I’d say suck it up, cut spending and repay your consumer debt. But that’s not always possible, especially with an economic tsunami rolling over your home, job and health insurance.
Most families, honorable to the end, struggle longer than they should, says Katie Porter a law professor at the University of Iowa. By the time they give in, they’ve lost assets they could have used to start over again. That defeats the point of bankruptcy—to stop the self-blame and hopelessness that goes with bad luck and bad bills, and give yourself a second chance.
The right time to go bankrupt is when you’re financially stuck but still have assets to protect. You can use Chapter 7, the most popular type, only once in eight years, so draw upa ‘no kidding’ plan for living on your income when you’re finally clear. ‘If you’re out of work, try not to go bankrupt until you have a new job and can see what’s ahead of you,’ says Harvard Law School professor Elizabeth Warren.
It’s a mistake to tap your retirement accounts to make minimum payments on monstrous bills. IRAs and 401(k)s are largely protected in bankruptcy, as is most of your child’s 529 college-savings account. This money is your future. Leave it alone and use credit cards for your necessities. Card issuers know that some of their customers will fail. That’s why they charge elephant fees.
Your health is your future, too. You’re doing your family no favors by forgoing medical treatment because you can’t pay. Bankruptcy eliminates medical as well as consumer debt…”
The article goes on to cite a California bankruptcy attorney, stating that “you can file for Chapter 7 bankruptcy, wipe out your consumer debts and still keep your home, provided that your mortgage payments are up to date.” For the above reasons, along with many other related reasons, Orange County residents should be aware of the advantage of filing for bankruptcy for those struggling with their finances. This is especially true for those who wish to keep their homes or other assets, as the article points out. Orange County is especially well suited to receive this advice, as residents from Irvine to Santa Ana to Laguna Woods find themselves with assets to protect but too many bills to pay.
For More Information, click here
OC Chapter 7 Bankruptcy filings, November 2009
As we get closer to the end of this year, Chapter 7 bankruptcy filings for the month of November 2009 have not decreased.
Research done by a leading bankruptcy law firm concluded that Anaheim, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Mission Viejo, Newport Beach, Orange, and Santa Ana are reported as the cities with the most cases filed.
Chapter 7 bankruptcy attorneys have also seen a high number of bankruptcies filed in Westminster, Tustin, Lake Forest, Buena Park and Aliso Viejo.
Top Ten Orange County Cities with the Most Chapter 7 Bankruptcy Filings
Bankruptcy Attorneys in Orange County, pay attention. The top ten Orange County cities with the most Chapter 7 bankruptcy filings for the month of November, 2008 are: Anaheim, Buena Park, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Mission Viejo, Orange, and Santa Ana.
Other Orange County cities that also had a high number of Chapter 7 bankruptcy filings, especially considering their relative population, include Rancho Santa Margarita, San Clemente, and Tustin.
Biotechnology Companies Affected By Finance Crisis
Although untold numbers of real estate and mortgage companies in Orange County have fallen victim to bankruptcies lately, Orange County’s biotechnology companies have not suffered to the same extent. Biotech companies elsewhere have not been as lucky, though, as seen by recent and unprecedented bankruptcy filings, as well as in the cut in funds allocated to the development of new drugs to treat diseases such as multiple sclerosis, Alzheimerʼs and Parkinsonʼs.
Last month, at least five notable U.S. biotechnology companies filed bankruptcy, something unusual for the industry. Biotechnology bankruptcies have been relatively rare, as struggling companies have opted for other solutions, such as new investors, mergers, or new licensing or development deals.
Tactics used by some biotechnology companies to avoid bankruptcy include downsizing, moving to smaller offices, shelving early research projects and delaying research on new drugs, all in order to avoid looking for a bankruptcy attorney.
No one would suggest that the top companies are at risk, but Orange County is home to some of the best and fastest growing companies in the U.S. So far, leading Orange County compnies such as Advanced Medical Optics headquartered in Santa Ana, Beckman Coulter headquartered in Fullerton and Edwards Lifesciences headquartered in Irvine appear to be unaffected by the recent economic turmoil. However, BioLASE, Inc., of Irvine announced a planned reduction of 20% of its workforce earlier this week.
Investors are expected to come back once the economy gets stable, so the biotechs continue working on projects like a prostate cancer therapy, a polio vaccine and new diabetes treatments.
For more information, click here
Chapter 7 Bankruptcy Filings in Orange County, October 2009
From the Curtis Law Group Blog:
Chapter 7 bankruptcy filings for residents of Orange County, Riverside County, and San Bernardino County continue to be high, as local bankruptcy attorneys can attest. Although few cities in these counties are immune, the concentration of chapter 7 filings tend to be higher in some cities more than others.
The Orange County cities with the most Chapter 7 bankruptcies filed during October 2009 are as follows:
Anaheim, Buena Park, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Mission Viejo, Orange, and Santa Ana.
You Don’t Always Have to Wait Eight Years to Get A Discharge in a Second Bankruptcy Case…
With the cost of living as high as it is in Orange County – particularly the cost of renting or owning a home in popular locations like Irvine, Laguna Beach, Newport Beach and Huntington Beach – it often means that people who have filed a bankruptcy case earlier in life must do so a second time.
The first bankruptcy case often comes about when someone in their 20s or 30s who rents in an average cost neighborhood such as Tustin, Santa Ana or Costa Mesa, runs into credit problems due to easy access to credit cards, car loans and loans for “toys.” A person filing bankruptcy in their twenties often elects to file a Chapter 7 “straight” bankruptcy case, because it’s best suited to their situation.
However, the same person might become unemployed a few years later - unable to pay their home loan payments on the home they purchased in a family community such as Mission Viejo, Rancho Santa Margarita, Foothill Ranch or Laguna Niguel. If this is the case, a bankruptcy plan may be needed to bring home loan or tax payments current – something that a Chapter 13 “payment plan” bankruptcy can help with.
The good news is that the Bankruptcy Code does not limit the number of times a person can file for bankruptcy. So, it is likely that a second bankruptcy case can be filed. The Bankruptcy Code does have limits, though – a minimum amount of time must pass before a debtor can file a second bankruptcy case and obtain a discharge of his or her debts.
More good news: The Bankruptcy Code allows people to file a bankruptcy case as soon as two years (yes, 2 years!) after the first case and obtain a discharge – depending upon the type of case previously filed and the type of case to be filed. So don’t be discouraged if you find yourself in need of a second bankruptcy – it happens more often than you might think. Talk to an attorney or lawyer about your situation. He or she may be able to help.
How to Pay Off Your Current Car Loan in Bankruptcy with a New Loan and Only Owe the Current Value of the Car…
Orange County, California is the car capital of the United States – if not the entire world. Look down any street in one of the beach towns – or even Irvine, Laguna Hills, Aliso Viejo or Rancho Santa Margarita, for that matter – and you will see rows of beautiful new cars in parking lots and driveways all around you. Most of those car owners are making large payments on their cars, so here’s a tip for those who need to file a Chapter 7 bankruptcy case and also want to reduce their car loan balance and payments.
Many bankruptcy attorneys know that a debtor (borrower) may redeem a car when filing a Chapter 7 bankruptcy case. Redemption is a right granted under Bankruptcy Code Section 722 that gives the borrower the right to purchase an asset at its current fair market value when a Chapter 7 case is filed.
Most borrowers don’t have the available cash to buy their car out of the Chapter 7 bankruptcy estate, though. So, it would seem that Bankruptcy Code redemption doesn’t help most borrowers.
What most debtors – and even many bankruptcy attorneys – don’t know is that there are actually a few lenders that will give borrowers a new loan on their car – while in bankruptcy – to pay for a redemption of the car. So, many borrowers who otherwise wouldn’t be able to redeem their cars now can.
You might ask, “Why would a person want to take out a new loan to redeem their car”?
There are two really good reasons: The new car loan will be for the current fair market value of the car (almost always less than the balance of the existing car loan), and the payments will also be lower.
Often times redemption lenders are able to help a borrower “purchase” the car back for as little as one half the current loan balance and with one half the current car loan payments. If this seems like a good deal for you, you should ask your bankruptcy attorney about it…
Orange County Chapter 7 Bankruptcy Filings for October
The Orange County cities with the most chapter 7 bankruptcy filings for the month of October, 2008: Anaheim, Buena Park, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Lake Forest, Mission Viejo, Orange, Santa Ana, and Westminster. Orange County cities that also had a high number, especially considering their relative population, include Laguna Hills, Rancho Santa Margarita, and Tustin.
Bankruptcies Surpass the 100,000 Mark for October
This October, for the first time since the Bankruptcy Code was changed in 2005, more than 100,000 people filed for bankruptcy in a single month. Accounting for both businesses and individuals alike, the month of October yielded 108, 595 bankruptcy filings in the U.S. This number is an increase of 13% from the month of September.
Although the revision to the Bankruptcy Code in 2005 led to a reduced average number of bankruptcies during the past three years, the financial problems created by this year’s mortgage crisis and credit crunch have made filing for bankruptcy a necessity for many businesses and individuals who might have tried to avoid it at all costs in the past.
For more information: “Bloomberg Article”
Taken from the Rocky Mountain NewsOC Chapter 7 Bankruptcy Filings for September 2009
Orange County Chapter 7 bankruptcy filings for September continue to rise in 2009.
The cities with the most Chapter 7 bankruptcy filings in Orange County in September are as follows:
Anaheim, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Lake Forest, Mission Viejo, Orange, and Santa Ana.
Bankruptcy attorneys in Orange County affirm the report’s finding that the increase in Chapter 7 bankruptcy clients has not slowed so far in 2009.
Updated Median Income Figures for the “Means Test”
The U.S. Trustee Web has announced the new , updated median income figures for each state effective October 1, 2008.
The median income is an essential component of the “Means Test”, used to determine if a debtor qualifies to file for Chapter 7. If a debtor’s average household income is lower than the median income for the state, the debtor qualifies for Chapter 7. If a debtor’s average household income is higher than the median income, the rest of the “Means Test” should be applied.
As the median income involved in the means test is the statewide average, it does not matter whether you live in Orange County or Riverside County, or whether you live in Irvine or Santa Ana — the median income level used for the test is the same all over California. So even though residents of Orange County have a higher median income than many other California counties, an Orange County debtor is treated no differently when it comes to the means test than a debtor living in a city or county with a much lower median income level.
To see the updated Median Income Chart for California, as well as for all other states, click below:
Source: http://www.usdoj.gov.
Chapter 7 Bankruptcy Filings in Orange County, August 2009
Chapter 7 bankruptcy filings for the month of August 2009 have been most numerous in the following Orange County cities:
Anaheim, Fullerton, Garden Grove, Huntington Beach, Irvine, Laguna Niguel, Lake Forest, Mission Viejo, Orange, and Santa Ana.
Chapter 7 bankruptcy attorneys in Orange County have also seen a high number of bankruptcies filed in Costa Mesa, Rancho Santa Margarita, and Westminster.
If You Live in Orange County, This is Your Bankruptcy Courthouse
If you need to file bankruptcy and are a Orange County resident, then you will file your bankruptcy at the Santa Ana location of the United States Bankruptcy Court, Central District of California. The address of the Santa Ana Courthouse is:
Ronald W. Reagan Federal Building, 411 West Fourth Street Santa Ana, California 92701
Maps and directions from your specific locations can be found here.
Once you make it to the courthouse building, here are some extra directions:
* Courtrooms: Fifth and Sixth floors
* Chapter 7 Trustee meeting room: Third floor, rooms 3-110
* Chapter 13 Trustee meeting room: First floor, rooms 1-154
Senator Biden & Son Face Scrutiny Regarding Bankruptcy Bill of 2005
Senator Joe Biden, the Democratic Vice-Presidential nominee known for fighting for the middle-class, is facing increased scrutiny for his support of the Bankruptcy bill signed into law in 2005 – scrutiny that stems from work his son did for one of the major companies supporting the bill.
On August 24, 2008, the New York Times published an article entitled, “Obama Aides Defend Bank’s Pay to Biden’s Son.” The article states that a five-year consulting agreement between Hunter Biden and MNBA, a large financial services company, has raised questions about Senator Biden’s objectivity in voting to pass the Bankruptcy bill.
Although no lobbying was done by Hunter Biden on behalf of MNBA, it does not do a great service to Senator Biden’s image as a protector of the middle-class to have his son getting paid six-figures by one of the major companies lobbying in support of the Bankruptcy bill Senator Biden helped pass.
Methinks both sides are protesting too much – I doubt very much that Senator Biden is either in the pocket of MNBA or that he was completely unbiased in his support of the bankruptcy bill. Imagine a Senator from Delaware, a state that makes incorporating more enticing to companies than just about any other, supporting a bill helpful to a Delaware corporation – shocking!
The question is, was Senator Biden biased because he wanted to support a bill that would help Delaware companies, and hence, the Delaware economy, or was the bias more personal – was there some kind of unspoken “quid pro quo” with MNBA? I see no evidence in Senator Biden’s career to suggest the latter, and think it would be strange indeed if he did not work on behalf of companies from the state he was elected to represent. Of course, the bill affects not only companies, but citizens; but citizens are also employees, and companies supporting the bill employ a large number of Delaware citizens, which makes it even more difficult to speculate as to whether any bias Senator Biden had was proper or not. Perhaps in some cases, a man with a track record of honesty and “fighting for the little guy” should be given the benefit of the doubt, no?
Read the NY times article: http://www.nytimes.com/2008/08/25/us/politics/25biden.html
Chapter 7 Bankruptcy Filings in Orange County:
From the two weeks of August 13th – 27th, there were a total of 347 Chapter 7 bankruptcy filings in Orange County, California. The 10 cities or towns with the most filings in Orange County for those two weeks are: Anaheim, Fullerton, Huntington Beach, Irvine, La Habra, Mission Viejo, Orange, Rancho Santa Margarita, Santa Ana, and Tustin. All in all, chapter 7 bankruptcy filings in Orange County came from people across 41 cities and towns in the county.
Orange County Chapter 7 Bankruptcy Filings: Top Ten Cities for December 2009
The last month of 2009 brought with it familiar top ten cities with the most Chapter 7 bankruptcy filings in Orange County.
Research done by an Orange County bankruptcy law firm concluded that last month (November) the top ten cities were: Anaheim, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Mission Viejo, Newport Beach, Orange, and Santa Ana. For December, the only change to the list was that Aliso Viejo is in and Newport Beach is out. So for December 2009, here are the top ten Orange County cities with the most chapter 7 bankruptcy fililngs:
Aliso Viejo, Anaheim, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Mission Viejo, Orange, and Santa Ana.
Other Orange County cities in which chapter 7 bankruptcy attorneys have seen a high number of filings for December include: Buena Park, Laguna Niguel, and Rancho Santa Margarita.
Citigroup, Senators in Talks to Let Bankruptcy Judges Modify Mortgages
From DSnews online:
“New York-based Citigroup Inc. endorsed the proposed Senate bill that would give bankruptcy judges the power to modify mortgages with so-called ‘cramdowns,’ to force lenders to lower the burden on homeowners on Thursday, according to a story in The Wall Street Journal.
The “Helping Families Save Their Homes in Bankruptcy Act” was reintroduced to the Senate earlier this week by Illinois Democrat Sen. Dick Durbin, the Senate’s second-ranking Democrat. Durbin’s been working on the legislation for more than a year.
The deal, Senate staffers told The Wall Street Journal, is likely the first of several measures being crafted this year that propose to trim the principal owed by homeowners underwater on their mortgages.
‘This is the breakthrough we’ve been waiting for, to have a major financial institution support this legislation will create an incentive for others to come our way,’ Durbin told the Journal. ‘I want to congratulate Citi for being open-minded about this [and] playing a major leadership role.’
As written, the bill would allow judges to:
– Extend the length of repayment to lower monthly payments
– Replace variable interest rates with fixed rates
– Waive the bankruptcy counseling requirement for homeowners facing foreclosure to get homeowners in court faster
– Allow judges to waive prepayment penalties
– Maintain debtors’ legal claims against predatory lenders while in bankruptcy
A new component, added as a concession to lenders, would eliminate consumer loan forgiveness for lenders who have violated the Truth in Lending Act during bankruptcy proceedings, and would only subject lenders to fines.
Now that Citigroup has endorsed the deal, lawmakers hope other financial institutions will also offer their support. According to the Journal, some banks have indicated they would support the bill, marking a change of position for the industry, which previously argued cramdowns would raise the cost of mortgages for all buyers and overwhelm bankruptcy courts.”
Bankruptcy judges, and every bankruptcy attorney worth his salt, are hoping this measure passes, for the sake of millions of bankruptcy mortgage holders, thousands of whom live in Orange County. As Orange County bankruptcy attorneys can attest, the Santa Ana Bankruptcy Courthouse has seen it’s fair share of cases that could have been helped by this legislation. Here’s hoping Citibank leads the charge to finally get it done, and finally stem the tide of foreclosures in Orange County and across the country.
For More Information, click here
When Bankruptcy Makes Sense
From Newsweek online:
“In January, we’re supposed to sit down and organize our personal finances. This year I’ll risk my good-girl reputation with a subversive idea: go bankrupt in 2009. If you’re reaching the end of your rope, don’t try to hold on. Save what you can.
It’s painful and humiliating even to consider bankruptcy, let alone join that crowd in the courthouse corridor, waiting for your name to be called. Normally I’d say suck it up, cut spending and repay your consumer debt. But that’s not always possible, especially with an economic tsunami rolling over your home, job and health insurance.
Most families, honorable to the end, struggle longer than they should, says Katie Porter a law professor at the University of Iowa. By the time they give in, they’ve lost assets they could have used to start over again. That defeats the point of bankruptcy—to stop the self-blame and hopelessness that goes with bad luck and bad bills, and give yourself a second chance.
The right time to go bankrupt is when you’re financially stuck but still have assets to protect. You can use Chapter 7, the most popular type, only once in eight years, so draw upa ‘no kidding’ plan for living on your income when you’re finally clear. ‘If you’re out of work, try not to go bankrupt until you have a new job and can see what’s ahead of you,’ says Harvard Law School professor Elizabeth Warren.
It’s a mistake to tap your retirement accounts to make minimum payments on monstrous bills. IRAs and 401(k)s are largely protected in bankruptcy, as is most of your child’s 529 college-savings account. This money is your future. Leave it alone and use credit cards for your necessities. Card issuers know that some of their customers will fail. That’s why they charge elephant fees.
Your health is your future, too. You’re doing your family no favors by forgoing medical treatment because you can’t pay. Bankruptcy eliminates medical as well as consumer debt…”
The article goes on to cite a California bankruptcy attorney, stating that “you can file for Chapter 7 bankruptcy, wipe out your consumer debts and still keep your home, provided that your mortgage payments are up to date.” For the above reasons, along with many other related reasons, Orange County residents should be aware of the advantage of filing for bankruptcy for those struggling with their finances. This is especially true for those who wish to keep their homes or other assets, as the article points out. Orange County is especially well suited to receive this advice, as residents from Irvine to Santa Ana to Laguna Woods find themselves with assets to protect but too many bills to pay.
For More Information, click here
-
About this Blog
-
Bankruptcy Links
- Bankruptcy Assistance
- FileReady Bankruptcy Preparation
- Bankruptcy Attorneys
- Curtis Law Group
- Law Offices of Mark French
- Bankruptcy Blogs
- Atlanta Bankruptcy Blog
- Bankruptcy Home
- Bankruptcy Litigation Blog
- Bankruptcy Prof Blog
- Business Bankruptcy Blog
- Chicago BK Blog
- In the Red
- Northern California Bankruptcy Blog
- Orange County Bankruptcy Blog
- Riverside County Bankruptcies
- Bankruptcy Courts
- Bankruptcy Court, California Central District
- Bankruptcy Tax Professionals
- Van Sickle & Co.
- Blog Directories
- A1 Weblinks
- BlogHub
- Hyper Info
- Blogroll
- Huntington Homes
- Real Estate Attorneys
- Martinez Law Group
-
Subscribe
-
Share
Subscribe to our RSS feed