Recent Blog Posts

Chapter 7 or Chapter 13 Bankruptcy?

Ventura Bankruptcy Attorney — Mon, 19 Mar 2012 14:45:00 GMT

If you have found yourself in financial trouble and do not know how to get out of debt, the situation can seem very hopeless. Unfortunately, many hard-working individuals and families throughout America are finding it difficult to stay on top of their expenses. Many people believe that filing for bankruptcy should be a last resort, however, if done properly, bankruptcy can be an invaluable tool for struggling families.

Chapter 7 bankruptcy was designed to let individuals get a fresh start. The crippling debt is eliminated and people are given the opportunity to get their lives back on track. Nevertheless, there are some cons as well as benefits. For example, you could lose all of our property and assets to cover part of the debt and your credit rating will be negatively affected. Chapter 13 bankruptcy is different as it does not cover all of the debts. Instead, it organizes the debt and sells off some of the assets. Through a repayment plan that runs of several years, people are able to completely get rid of the money they owe. To learn more, talk to a Ventura bankruptcy lawyer from our legal team.

Landmark Church Sold to Pay Debt

Ventura Bankruptcy Lawyer — Thu, 15 Mar 2012 00:00:00 GMT

The famous Crystal Cathedral in Garden Grove, California was sold in order to help pay for the ministry's $40 million debt. Although Crystal Cathedral Ministries is currently in bankruptcy, the internationally broadcasted services will still go out every week. Rev. Robert Schuller, now in his eighties, has been preaching "the power of possibility thinking" since the 1950s, but the recent church split has not done much to help his reputation. Since the split, Schuller and his family have tried to bring intellectual property claims against the ministry, but so far they have objected. If they paid the family, they would not be able to pay their creditors.

If you have questions about filing for bankruptcy or the complications that could arise along the way, please talk to a Ventura bankruptcy attorney from our legal team. We have years of experience in helping families and individuals in Southern California and will investigate every aspect of your case in order to get you the help you need. Contact a Ventura bankruptcy lawyer from the team today to learn more!

What Happens After I File Bankruptcy

Bryan Diaz — Thu, 15 Dec 2011 22:22:00 GMT

Exploring into the unknown world of bankruptcy can be a scary proposition. Our client frequently ask the following questions:

Is there a trial? Do I have to take the stand? Will I be cross-examined? When will the judge approve my bankruptcy?

First, let’s talk about what happens (or doesn’t happen) in a normal or “typical” Chapter 7 bankruptcy case.

1. You won’t see the judge. That’s right. Bankruptcy is primarily an administrative process so a typical Chapter 7 goes like this:

Case filed -> 341 hearing -> wait 60 days -> discharge (forgiveness of debt). There is no bankruptcy judge who reviews your case, looks at your credit card statements, asks you questions, etc. Assuming no one objects to your case, your discharge will be entered. Chances are, if you are standing in front of the judge in a Chapter 7 case, something has gone wrong.

2. Meeting of Creditors “341 Hearing”

After your case is filed, there is one meeting you must attend. It’s called the Meeting of Creditors (because creditors can attend) or “341 Hearing” (referring to the bankruptcy code section that requires the hearing). The most important thing to remember about the meeting is: (1). show up; (2). bring your government issued photo ID and proof of social security card ; and (3). relax.

In general, the meeting lasts 3-5 minutes. That’s right. 3-5 minutes! It won’t be anything like what you see on TV (you know all that Law & Order stuff is just TV drama, right?). There’s no judge. The meeting is conducted by the Trustee who’s assigned to your case and despite the name of the meeting, creditors rarely show up. Just to give you an example, in the last 100 meetings I’ve attended, I only had 1 creditor show up and it was the ex-wife of my client. Angry friends, ex-spouses, and family members show up. Discover, Chase, and Bank of America don’t. Why? Because unless you’ve committed fraud, there’s nothing for them to ask you. There’s nothing to talk about.

3. No news is good news. After the 341 Hearing, there is a 60 day waiting period where creditors and the trustee can object to your case. Assuming no one objects, the judge will sign an order discharging your debt. From the day you file until discharge typically takes 3-4 months.

For a free consultation, contact a Ventura Bankruptcy attorneyfrom Bryan Diaz Law, P.C.

When Is the Right Time to File Bankrupcty?

Bryan Diaz — Wed, 14 Dec 2011 17:37:00 GMT

We are asked this question frequently and the response we usually provide our clients is as follows:

You should consider filing for bankruptcy if:

1. You are borrowing from Peter to pay Paul. If you've been playing musical chairs with your credit cards, borrowing from Chase to pay Discover, it's definitely time to speak with a professional about your finances.

2. Paying the monthly minimum on your credit card. This may be one of the most worst mistakes clients make. By making the minimum payment, you are basically repaying interest only. The average credit card loan will take 33 years to repay if you pay the minimum amount. That's a really long time!

3. Insufficient disposable income. Disposable income is the money you have left over at the end of the month after paying all of your bills. If you are in the red every month because you have too much debt, it's time to get help. Another good indicator is if you're charging groceries because you don't have enough money to buy milk.

4. Your wages are being garnished or you have pending lawsuits. This should be fairly obvious. If you have creditors knocking on your door - time to get help.

5. You can't sleep or you are worried about debt. Frequently, I'll meet with clients that have not slept for months, have been fighting with their spouse or just plain "stressed out" because of debt. Don't make the mistake we see most often - waiting too long.

For a free consultation, please contact a Ventura Bankrupcty Attorney from BRYAN DIAZ LAW, P.C., Ventura County's Top Bankrupcty Attorneys at (805) 652-1284.

Welcome to our Ventura Bankruptcy Blog

Bankruptcy Attorney — Thu, 01 Dec 2011 00:16:00 GMT

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