If you are faced with a Notice of Default being filed by the lender on your home or confronted with a Notice of Trustee’s Sale to complete a foreclosure, you may have legal remedies to discuss with an attorney. Federal and state laws provide legal requirements for lenders and protections for homeowners. It may be possible for you to take advantage of these laws in your current situation. Don’t go through this process without a lawyer on your side. I know the legal steps to take to protect your home and want to help you.
Chapter 13 is an remedy to stop the foreclosure of your home. The chapter 13 process provides up to 60 to cure past due house payments in an organized plan. In some chapter 13 cases, the bankruptcy court permits a modification of the loan under court supervision. The loan modification program has recently provided by the Bankruptcy Court for those case assigned to a specific bankruptcy judge. This program is available in the Santa Ana Division, Riverside Division and Los Angeles Division to name a few.
Don’t Delay! Call my office to schedule a free consultation to discuss your options.
BANKRUPTCY ATTORNEY | SANTA ANA, CA
Bankruptcy Attorney: Charles Daff
ocbklaw.com can now be found by using charlesdaff.com.
Charles Daff is located at 2107 N Broadway, Suite 308, Santa Ana, Ca. 92706.
State Bar No: 76178
Charles Daff is a Certified Bankruptcy Specialist with The California State Bar
bankruptcy, chapter 7, 11, 13, personal bankruptcy, business bankruptcy, foreclosure, debt relief
BANKRUPTCY-CHAPTER 7 TRUSTEE
What does a chapter 7 trustee do is best answered according to the National Association of Bankruptcy Trustees. as follows:
Although their obligations are many and varied, the Chapter 7 Trustees’ primary goal is to liquidate assets for the benefit of creditors where possible. Chapter 7 Trustees distribute approximately $1.5 billion each year to creditors. In approximately 90% of the Chapter 7 bankruptcy cases filed, there are no assets available for liquidation, either because assets are exempt (protected) by debtors or encumbered by secured creditors. In all cases, Chapter 7 Trustees must investigate the debtor’s affairs, examine the debtor under oath, and submit reports to the bankruptcy court and Office of the U.S. Trustee.
The Panel Trustee will review the debtor’s petition and schedules after they have been filed with the Court. The Panel Trustee may request additional information from the debtor to review in conjunction with the debtor’s petition and schedules. The Panel Trustee specifically reviews the debtor’s exemption schedules to determine whether the debtor has properly followed the state or federal exemption laws. The Panel Trustee formulates questions to ask the debtor at the Section 341 hearing regarding the debtor’s assets, liabilities, income and expenses. The Panel Trustee serves as the hearing officer for the 341 hearing. Each debtor is sworn and examined by the Panel Trustee and the creditors are allowed the opportunity to ask questions which is moderated by the Panel Trustee. After the Section 341 hearing, the Panel Trustee will object to exemptions that have been improperly claimed. The Panel Trustee must file an objection to the claimed exemptions within 30 days of the Section 341 hearing. The Panel Trustee will seek turnover of assets held by the debtor or other parties and will arrange for their eventual sale. The Panel Trustee may also seek to recover assets conveyed by the debtor prior to the filing of the bankruptcy. This could include payments made by the debtor to its creditors within 90 days of the bankruptcy filing or 1 year if the payments were made to related parties of the debtor. The Panel Trustee will cause a notice to be given to all creditors to file their claims with the Bankruptcy Court. The Panel Trustee will then pay creditors according to the priority level they have been given by the Trustee. After all funds held by the Panel Trustee are distributed, the Trustee will seek approval of the Court to close the bankruptcy case. National Association of Bankruptcy Trustees is the source of the above information.
BANKRUPTCY ATTORNEY | SANTA ANA, CA
Bankruptcy–Avoid Judicial Lien on Homestead Property
Bankruptcy- Chapter 7 and Chapter 13: If you filed a bankruptcy case and are confronted to find that a judicial lien remains on your real property(your residence) , you have a remedy. It is not uncommon for a debtor who owns real property to neglect to avoid the judicial lien during the case. Typically, the discharge is entered by the court and the case is closed. Months or even years after the discharge the debtor goes to sell or refinance the real property to discover that the lien is still enforceable. Fortunately for the debtor, the lien can be avoided under Bankruptcy Code section 522(f)(1), if the lien impairs the debtor’s homestead exemption.
The housing market increased market value in real property over the past years. Many debtors are creating their new life with a fresh start their bankruptcy case. The surprise to sell the real property or to refinance to find the abstract of judgment remains on the real property does not have to derail the plan. The Bankruptcy Court allows a debtor to re open the bankruptcy case and allows the debtor to file the motion to avoid the judicial lien. The lien is avoided by the Bankruptcy Court after a motion and right to a hearing is provided to the creditor. This applies to the real property that the debtor declared as his or her homestead in the bankruptcy case. The homestead exemption applies to the debtor’s residence. This procedure works in Chapter 7 and Chapter 13 cases.
Charles W. Daff is a State Bar Certified Specialist in Bankruptcy with more than 39 years experience. The firm represents consumers and business owners in Chapter 7, Chapter 11, and Chapter 13 bankruptcy. Charles also serves as a Chapter 7 Bankruptcy Trustee in Riverside and San Bernardino Counties currently, as a result of his appointment by the U.S. Department of Justice in 1987.
bankruptcy, chapter 7, 11, 13, personal bankruptcy, foreclosure, re open case,
avoid lien, abstract judgment, refinance, sell,