GM is emerging from bankruptcy and has several new techniques it plans on implementing to reinvent its brand. One of those tools is a plan to market its automobiles through eBay auctions in California. If the program is successful there, GM plans on expanding the auctions to other areas of the country. Gm said that it plans to earn revenue and pay back the government loan faster than scheduled.
If you need a SAN DIEGO BANKRUPTCY LAWYER, call attorney Jeffrey Larkin at 1.877.256.3946 for your free consultation. Located in North County San Diego, this CARLSBAD BANKRUPTCY ATTORNEY offers free consultations to determine if bankruptcy is right for you. Call today!
For more details, Please visit our website: http://www.live-debt-free-now.com
When you file a bankruptcy petition, there are certain documents you need to provide so that the Trustee can do his or her due diligence. This involves comparing the information in the bankruptcy with the supporting documents to ensure the information in the petition is correct and complete. If the Trustee’s review of the information reveals any red flags, the debtor will be examined on these issues at the 341 Meeting of Creditors.
Depending on what you own, the following is a non-exhaustive list of routine documents that need to be provided to prepare a case for filing:
Certificate of Credit Counseling (get from www.personalfinanceeducation.com)
CCP 703.140 Waiver (if married and one spouse is not filing)
Real Estate Valuation (comps or appraisal)
Real Estate Payoff (recent mortgage statement showing balance owed on all mortgages/equity lines)
Copies of Recorded Deeds of Trust on Real Estate
Copies of Recorded Grant Deeds (if jointly owned property)
Policy Declaration of Coverage on Real Estate
Loan Advance Documentation (evidence of disbursement if recent refinance or equity loan)
Bank Statements for the 6 Months Prior to Filing and Account Balances on the Date the Petition is Filed.
Retirement/401k/Pension Statements (most recent)
Valuation of Motor Vehicles (www.KBB.com trade in value)
Payoff on Financed Vehicles (10 day payoff or recent statement showing balance owed)
Vehicle Registration
Proof of Insurance on Vehicles (declarations page showing coverage limits)
Copy of Vehicle Purchase Contract for Vehicles Purchased within 120 Days Prior to Filing
Income Verification (6 months pay advices, profit and loss statements or other evidence of income)
Last 2 Years of Tax Returns
Divorce Decree/Marital Settlement Agreement/Domestic Support Order Information
Proof of Insurance on Business (self-employed; liability, workers comp. etc.)
If you need to retain a SAN DIEGO BANKRUPTCY ATTORNEY, call the Larkin Law Firm at 1.877.256.3946. Attorney Jeffrey Larkin is one of the most accomplished SAN DIEGO BANKRUPTCY LAWYERS in the region and will be happy to answer any questions you may have. Don’t hesitate to call SAN DIEGO BANKRUPTCY ATTORNEY Jeffrey Larkin today.
For more details, Please visit our website: http://www.live-debt-free-now.com
A CARLSBAD SAN DIEGO BANKRUPTCY ATTORNEY answers the question: What is a bankruptcy Trustee and what is his/her role in the bankruptcy process?
A bankruptcy Trustee is a court appointed officer. He or she is not a judge. A bankruptcy Trustee is not required to be an attorney, however many are. Those that are not attorneys typically have some kind of financial background. Generally speaking, the role of the Trustee in a Chapter 7 case is to review the bankruptcy schedules to determine whether there is any property available to be liquidated for the benefit of creditors. If there is property available, the Trustee’s job is to quickly and efficiently liquidate the property to create a pool of income for creditors. Once there are assets to liquidate, a notice is sent to all creditors advising them that there will likely be a pro-rata distribution in the case. Creditors are given a certain amount of time to file a “proof of claim” form in which they attach evidence of the debt they are owed. Provided the creditor timely and correctly files the proof of claim, they will be entitled to share in the distribution of money that the liquidated asset generates. If a creditor fails to timely file a proof of claim, they do not get paid in the bankruptcy case and the debt is still eliminated.
For the most part, the role of a Chapter 13 Trustee is different from a Chapter 7 Trustee. While the Chapter 7 Trustee looks for assets to liquidate, it is the rare exception when property is taken and sold in a Chapter 13 proceeding. In Chapter 13, a repayment plan is proposed to repay a certain percentage of the debt owed to creditors. Once approved, the Chapter 13 Trustee’s function is to administer the plan according to its terms. There is a distribution scheme the Trustee follows, and debts such as recent taxes and back child support are given priority over general unsecured creditors like credit cards and medical bills. In Chapter 7, once all non-exempt assets have been liquidated and the money has been paid out, the Trustee’s job is complete and the case is closed. Under Chapter 13, the Trustee’s job is complete once all plan payments have been made and the Trustee has administered all of the funds to creditors according to the plans terms.
If you need to consult with a CARLSBAD SAN DIEGO BANKRUPTCY LAWYER call Jeffrey Larkin at 877.25.NEW.HOPE for a free consultation today.
For more details, Please visit our website: http://www.live-debt-free-now.com
The automotive industry and other blue collar industries aren’t the only ones hurting in this economic environment. The Phoenix Coyotes, a National Hockey League (NHL) team located in Glendale, Arizona, has begun bankruptcy proceedings as the team claims to have lost $76 million dollars over the course of the last 3 years. The bankruptcy proceeding may be bad for fans of the team in Phoenix, because a move is for the team. The situation has garnered a bid of $212.5 million from wealthy Canadian and BlackBerry mogul Jim Balsillie who wants to move the team to Hamilton, Ontario, Canada. However, the NHL is reluctant to have the team relocate, preferring that Chicagoan Jerry Reinsdorf purchase the team and keep the Coyotes in Glendale. Regardless of who ends up purchasing the team at the end of bankruptcy proceedings, the NHL insists that its board of governors is the only body that can decide whether or not the team relocates. However, it will be up to Judge Redfield Baum to decide who is truly in charge of the team and whether the team’s filing of chapter 11 bankruptcy is valid.
If you need to consult with a SAN DIEGO BANKRUPTCY ATTORNEY or a SAN DIEGO DEBT RELIEF LAWYER, call Jeffrey Larkin at 1.877.256.3946 for your free consultation. Stop harassing calls from creditors. Seek the advice of SAN DIEGO BANKRUPTCY LAWYER Jeffrey Larkin today.
For more details, Please visit our website: http://www.live-debt-free-now.com
According to CARLSBAD BANKRUPTCY ATTORNEY Jeffrey Larkin, when you file a bankruptcy petition, there are certain documents you need to provide so that the Trustee can do his or her due diligence. This involves comparing the information in the bankruptcy with the supporting documents to ensure the information in the petition is correct and complete. If the Trustee’s review of the information reveals any red flags, the debtor will be examined on these issues at the 341 Meeting of Creditors.
Depending on what you own, the following is a non-exhaustive list of routine documents that need to be provided to prepare a case for filing:
Certificate of Credit Counseling (get from www.personalfinanceeducation.com)
CCP 703.140 Waiver (if married and one spouse is not filing)
Real Estate Valuation (comps or appraisal)
Real Estate Payoff (recent mortgage statement showing balance owed on all mortgages/equity lines)
Copies of Recorded Deeds of Trust on Real Estate
Copies of Recorded Grant Deeds (if jointly owned property)
Policy Declaration of Coverage on Real Estate
Loan Advance Documentation (evidence of disbursement if recent refinance or equity loan)
Bank Statements for the 6 Months Prior to Filing and Account Balances on the Date the Petition is Filed.
Retirement/401k/Pension Statements (most recent)
Valuation of Motor Vehicles (www.KBB.com trade in value)
Payoff on Financed Vehicles (10 day payoff or recent statement showing balance owed)
Vehicle Registration
Proof of Insurance on Vehicles (declarations page showing coverage limits)
Copy of Vehicle Purchase Contract for Vehicles Purchased within 120 Days Prior to Filing
Income Verification (6 months pay advices, profit and loss statements or other evidence of income)
Last 2 Years of Tax Returns
Divorce Decree/Marital Settlement Agreement/Domestic Support Order Information
Proof of Insurance on Business (self-employed; liability, workers comp. etc.)
If you need to consult with a CARLSBAD BANKRUPTCY LAWYER, call attorney Jeffrey Larkin today at 1.877.25.NEW.HOPE today.
For more details, Please visit our website: http://www.live-debt-free-now.com
A CARLSBAD BANKRUPTCY ATTORNEY answers the question: How much property will I lose if I file for bankruptcy?
In the vast majority of bankruptcy cases, debtors are able to keep all of their real and personal property. It is the rare exception that property is taken.
Bankruptcy law allows debtors to use certain exemptions to protect property, both real and personal. Most debtors are able to keep the property they own because its value or available equity in the property falls within available exemption limits. The exemptions available to a debtor are determined by a number of factors including what state you live in, and how long you have resided there.
Debtors concerned about losing specific property in a Chapter 7 should consider Chapter 13, which allows individuals to keep property that would otherwise be sold for the benefit creditors in a chapter 7, provided a general rule is adhered to. As long as the debtor contributes to their unsecured creditors, a dollar amount equal to the “non exempt” value of the asset, the law says the debtor can keep the asset. For example, lets assume you have an asset that is worth $10k, and all the available exemptions have been maxed out, such that the $10k asset is non exempt. In a chapter 7 bankruptcy, this asset would be taken by the trustee, sold, and the money used to distribute to your creditors on a pro rata basis. Under chapter 13, however, as long as you pledge an equal $10k to your unsecured creditors over the course of your chapter 13, you can keep the asset. A knowledgeable bankruptcy attorney would be able to tell you what property, if any, is subject to liquidation for the benefit of creditors, before filing, so an informed decision can be made as to how best to proceed in your particular situation.
If you need to consult with a CARLSBAD BANKRUPTCY LAWYER, call the Larkin Law Firm at 1.877.25.NEW.HOPE. Mr. Larkin is also a RIVERSIDE BANKRUPTCY ATTORNEY.
For more details, Please visit our website: http://www.live-debt-free-now.com
According to USA Today, bankruptcy filings have increased from last year. This comes as no surprise to anyone as the economy remains dire. University of Illinois Law Professor Robert Lawless explained that he believes the increase may be due to people filing for bankruptcy too soon and that bankruptcy should only be used as a last resort.
If you need to consult with an ESCONDIDO BANKRUPTCY ATTORNEY or a CARLSBAD BANKRUPTCY ATTORNEY, call the Larkin Law Firm at 1-877-25-NEW-HOPE today.
For more details, Please visit our website: http://www.live-debt-free-now.com
I have retained an attorney for bankruptcy protection and have notified my creditors, but they keep calling and harassing me. What should I do?
In a perfect world, creditors would cease all contact with a debtor once they are informed that the debtor has hired representation. Legally speaking, once a creditor has notice that an individual has representation, all communication is supposed to go through the representative. Unfortunately, this is not always the case. Usually upon hiring bankruptcy counsel, cease and desist notices are generated and sent to creditors advising them of the representation, and informing them to cease any and all contact with the represented party. Because most debt collectors are unsophisticated and do not possess sufficient knowledge of the applicable law, they oftentimes claim they are entitled to attempt collection until the bankruptcy case has been filed and there is an actual bankruptcy case number to reference. This is not the case.
If you sent your creditors a cease and desist notice, have indicated that you have hired representation, and they continue to harass you, the best thing you can do is to get as much information as possible. Advise them of your representation and ask the creditor for their name and employee ID number, if any. Write down the date, time, and phone number the call is coming from. It is recommended that this information be kept on a detailed call log sheet. The more detail, the better off you will be. In some of the more egregious cases, lawsuits can be filed against these creditors for their continued harassment. The more information you can gather in support of your claim, the stronger your case will be, and the more likely you will receive monetary compensation as a result.
For a free consultation with a CARLSBAD BANKRUPTCY ATTORNEY, call Jeffrey Larkin of the Larkin Law Firm at 1.877.25.NEW.HOPE. Mr. Larkin is also a RIVERSIDE BANKRUPTCY ATTORNEY.
For more details, Please visit our website: http://www.live-debt-free-now.com
