Los Angeles Bankruptcy Attorney » Debt Solution

Tax Savings with real estate

admin — Thu, 13 Oct 2011 15:47:14 +0000

Under our existing tax code, we are able to deduct the interest and property tax that we pay in any given year from our gross income. This is basically the federal government subsidizing the purchase of our homes, according to Jeff Lowe, Real Estate Professional. Mr. Jeff Lowe, explains it like this. If your initial mortgage is $150,000.00 and your loan is at eight percent then in your first year, you would be paying $9,969.27 in interest alone. Under the tax code, you can reduce your taxable income by $9,969.27. Your property taxes are all deductible thereby your taxable income even more. This is one of the attractive incentives in home ownership and one of the factors that Jeff Lowe, explains to his clients when they are considering buying a home.

Bankruptcy Discharge

admin — Thu, 18 Feb 2010 04:38:04 +0000

I know many of you want to know – what does discharge mean to me? In the world of bankruptcy getting a discharge means that the court is discharging your debts. That means that your creditors can no longer go after you for your debts. At least those that were discharged.

Means Test

admin — Sun, 03 Jan 2010 21:52:49 +0000

Chapter 7 is the bankruptcy relief most often sought. On filing, all assets pass to an estate administered by a trustee, who liquidates all nonexempt assets of value. Creditors can file claims against the assets and the claims are paid in accordance with the Code.

If you are an individual, you can get a discharge of all debts, other than debts declared nondischargeable under 11 USC Section 523, unless a creditor can establish a basis under 11 USC Section 727 to deny your discharge.

Your eligibility for Chapter 7 relief is governed primarily by the “means test” and the credit counseling and other requirements of 11 USC Section 109. The credit education provision require that an individual receive a briefing on available credit counseling opportunities and assistance in performing a budget analysis from an approved, non-profit budget and credit counseling agency during the 180 days before filing for bankruptcy.

You must also complete a instructional personal financial management course before discharge is granted.

The means test is applicable to people with primarily consumer debt. The test is set forth in Bankruptcy Code Section 707(b). Under it, a person may not proceed under Chapter 7 if an objective formula-based analsis of the person’s income and expenses indicates that they will be able to repay some or all of what they owe to unsecured creditors.

If you have desires to retain nonexempt assets then you have to consider Chapter 13.

Big Step

admin — Wed, 25 Nov 2009 04:50:07 +0000

Filing for bankruptcy is a big step. One that will follow up around for seven to ten years, depending on the route that you take.

If you file for Chapter 7 , most of your unsecured debts are written off within 90 days of filing. The bankruptcy will stay on your credit report for 10 years. While debts will be forgiven, you’ll have to sell some of your property, with the proceeds distributed to your creditors. In most cases, this means you’ll lose your home (if you own it), as well as any expensive items such as art and jewelry, and pricey consumer electronics.

Chapter 13, on the other hand, is a repayment plan: You set up a three- or five-year schedule with your creditors. Chapter 13 bankruptcy remains on your credit report for seven years. With this type of bankruptcy, you get to keep all of your property, including your home.

You might be a candidate for Chapter 7 if you have no assets to lose, like a house or a car, and if after you pay for your basic monthly expenses you have no money left to pay off debts. Chapter 7 essentially wipes the slate clean, but you’d most likely lose any valuable possessions.

Filing For Bankruptcy

admin — Thu, 12 Nov 2009 17:52:57 +0000

BANKRUPTCY

Due to today’s economic climate, the threat of having to file for bankruptcy has become an unkind reality for many people who never thought that they would find themselves in that unenviable position. In 2005 laws were passed in order to dissuade bankruptcy filings, however, after a brief decline those same filings are now at or beyond pre-2005 levels. If you now find yourself to be among those needing assistance with their financial situation please call the Law Offices of Sakaida & Bui.

The Law Offices of Sakaida & Bui can help you through an uneasy process. Afterall, our sole mission is to provide assistance in a difficult time. Our knowledgeable attorneys can advise you not only if filing for bankruptcy is right for you, but what type of would be most effective in your particular case. We will walk you through the process step by step and ensure that you have all the information and support that you need to allow you to get the fresh start that you deserve. Call our office today and take the first step towards a new financial future.

Bankruptcy Help

admin — Thu, 15 Oct 2009 05:04:44 +0000

Are you getting harrased with collectors calling you, day and night. Do you owe money on your credit cards. Are you looking for a way out of deep end.