Orange County Bankruptcy Law Blog

Orange County City Facing Bankruptcy

Like many of the county's across California, Orange County is facing rising living expenses and dangerous California Public Employees Retirement System payouts. One of the most recent cities to ...
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Why You Should Avoid Payday Loans

Everywhere you go you can see various businesses advertising Payday Loans or Cash Advance Loans. People who are in desparate need of money often find themselves susceptible to these type of loans. ...
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Nationwide Bankruptcy Filings Down for 2012

The total number of bankruptcy filings for all federal courts decreased by 14% in 2012, with a total number of 1,261,140 cases filed last year. (Should be noted that this number is for Fiscal Year ...
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Who Is Notified or Able to Know About a Personal Bankruptcy Filing?

Filing for bankruptcy is a very personal thing. Because of the stigma associated with filing for bankruptcy, most people want the process to be as discreet as possible. One of the major concerns is ...
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American Express to pay $112.5 million for unlawful practices

Earlier this month American Express reached a settlement with the Consumer Financial Protection Bureau (CFPB) , the Federal Reserve, and the Federal Deposit Insurance Corp (FDIC) agreeing to pay ...
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Discover Bank to Refund $200 Million to Customers

Discover Bank has agreed to refund some of its customers $200 million and pay fines of $14 million based on its use of decpetive telemarketing tactics. Discover Bank came to this settlement after ...
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OC Bankruptcy Filings Decline for August 2012

Orange County bankruptcy filings were down 23.8% for the month of August 2012, with a total of 1273 cases filed. Compare this to August of 2011 where there were 1615 bankruptcies filed. As a whole, ...
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What Happens To My Bank Accounts When I File For Bankruptcy?

People often ask what happens to their bank accounts once they file for bankruptcy. The answer depends on whether or not your bank is also your creditor. Your bank is your creditor when you owe the ...
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Can I Discharge My Student Loans Through a Bankruptcy?

When people ask whether student loans can be eliminated by filing bankruptcy, the usual answer given is an emphatic "NO!". However, it is possible to have your student loans discharged with ...
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What happens if I do not pay back my student loans?

If you fail to make payments for your student loans, these loans will eventually go into default. Defaulting on a student loan is pretty much the same as defaulting on any other type of student loan. ...
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Should I Pay Back Debts to My Family or Friends Before Filing For Bankruptcy?

The short answer to this question is NO! The reason why you should avoid paying off a debt owed to a relative, friend or business associate is that the Bankruptcy laws considers these people as ...
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What happens to my co-signers if I file for bankruptcy?

Often times when someone takes out a debt they will have a co-signer for that debt. The co-signer becomes jointly responsible for repaying that debt. This means that if the person who holds the debt ...
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California's Unemployment Benefits Have Decreased By 50%

The Employment Development Department (EDD) indicated that California's unemployment payouts have dropped from $2 billion to $1 billion since June 2010. Two factors that caused California's ...
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What are the consequences of a short-sale?

The consequences of short sale vary depending on your personal credit history and circumstances. Compared to a foreclosure, there is less of a hit on your credit by doing a short sale. Your credit ...
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Is Unemployment on the Decline?

According to Automatic Data Processing National Employment Report (ADP), U.S businesses added 72,000 jobs in June of 2012 and 163,000 jobs in July of 2012. Based on ADP's reports, an average of ...
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Alma Rosa California Winery Files for Chapter 11 Bankruptcy

The "father" of Santa Barbara Pinot Noir has recently filed for Chapter 11 bankruptcy On July 27, 2012, Richard Sanford filed chapter 11 bankruptcy for his third winery at Alma Rosa, in ...
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What are the tax consequences of a short-sale?

When an individual can no longer afford their mortgage, they may opt to do a short sale. In the case that the banks have negotiated a deal to short sale their home for a price less than the amount ...
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What are the tax consequences of filing for bankruptcy?

Simply put, there are no tax consequences for debts that are discharged through a bankruptcy. Normally the IRS treats any cancellation of debt as income. Whenever there is a cancellation of debt, the ...
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When Should You Delay Filing For Bankruptcy?

If you are contemplating bankruptcy, you might want to consider delaying the filing process for your own advantage. Waiting to file for bankruptcy may be advantageous when: Recent High-Income: if your ...
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Should You File for Bankruptcy Before or After Getting a Divorce?

Often times filing for divorce and filing for bankruptcy go hand in hand. Many people considering divorce wonder if it is better to file for bankruptcy before or after the divorce proceeding. A couple ...
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What Information is Needed for a Bankruptcy

Filing for bankruptcy is not east. If hiring an attorney, you should be prepared to show your attorney a honest financial picture. Make sure to prepare: List of secured creditors – i.e. mortgage ...
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What NOT to do when preparing for bankruptcy

If you are considering filing for bankruptcy there are some very important things you should avoid doing as these things may have an effect on your future bankruptcy. Things you should not do include: ...
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Is San Bernardino the next city for file for bankruptcy?

The city of San Bernardino is set to become the third city to file for bankruptcy this year in California after Stockton and Mammoth Lake. The city has been suffering from a massive budget shortfall ...
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What to look for when hiring a bankruptcy attorney

When searching for a bankruptcy attorney, it is important to be reminded that although bankruptcy costs are a factor, they should not be the sole determining factor. It is important to find an ...
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How much does a bankruptcy cost? Why do attorney's fees differ so much?

There is no set price when determining the cost of bankruptcy. A bankruptcy attorney calculates an estimated cost after obtaining information and determining the complexity of your case. Some ...
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