Can I File Bankruptcy on my Own without an Attorney?

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Tuesday, July 6, 2010

RIVERSIDE COUNTY BANKRUPTCY ATTORNEYS INTRODUCE NEW INFORMATIONAL LEGAL GUIDE SERIES Who is the Bankruptcy Trustee?

The Bankruptcy Trustee is an Attorney assigned by the court to excercise control over your property durign the pendency of your Bankruptcy case. You can not give away or transfer any property while your case is open. You will get the name and address of your Trustee a couple of days after you file your case. The Trustee will also be responsible for reviewing your petition. The Trustee's primary duty is to obtain as much money as possible for any of your creditors. In order to determine if any funds are available for the creditors the Trustee will verify your income, property, assets, and review your exemptions listed. In addition the Trustee will conduct your 341A meeting with your creditors at which time he will most likely have a few questions for you regarding your petition. The Trustee gets paid a flat fee in a chapter 7 case and a percentage of the funds distributed to the creditors.

About the Law Offices of Cortright, Valentine & Associates

For more information, visit http://www.cortrightandvalentine.com or for a free consultation call (951) 200-7505. To learn about our new video series please visit us on www.avvo.com

“We look forward to meeting with you!”

Law Offices of Cortright, Valentine & Associates

27186 Newport Road, Suite 1

Menifee, CA 92584

(951) 200-7505

More Free Bankruptcy Information

Monday, July 5, 2010

Comprehensive Chapter 7 Bankruptcy Filing Instructions

Chapter 7 Filing Process

The filing of a bankruptcy case is governed by the rules of the bankruptcy court where you will be filing. Always read the rules before filing your case or even filling out the paperwork. Where you file will usually be the county in which you reside, as long as you have lived there the greater part of the last six months. See www.uscourts.gov to locate your court.

You do not need to be represented by an attorney to file bankruptcy. However, if you are not very business or computer-literate, it would be in your best interests to seek the assistance of an attorney. If you use a paralegal service to file your case, be aware that there are set guidelines as to how much a bankruptcy petition preparer can charge, which they are required to disclose to you.

The bankruptcy petition consists of the petition itself, the schedules, some local forms, and the Means Test. The Means Test determines whether you qualify for a Chapter 7 based on your current monthly income. The current monthly income received by the debtor means the average monthly income received over the six calendar months before commencement of the bankruptcy case, but not including social security income.

Before any person can file for bankruptcy, they must obtain credit counseling from an approved provider. See your local court’s website for a list of approved providers. The class will take 1-2 hours and there is a fee (usually under $50). Businesses can file Chapter 7 bankruptcies, but are not required to take the credit counseling class.

You can access your local court’s website to complete and print all the forms required of a Chapter 7 filing. For the Central District of California, the following forms are required of an individual debtor:

1. * Statement of Social Security Number (Official Form B21)

2. * Voluntary Petition

3. Exhibit C – if applicable

4. Exhibit D - Individual Debtor’s Statement of Compliance with Credit Counseling Requirement

5. Statement of Related Cases

6. Notice of Available Chapters [required for individuals whose debts are primarily consumer debts

7. Summary of Schedules and Statistical Summary of Certain Liabilities and Related Data

8. Schedules A through J

9. Declaration Concerning Debtor's Schedules

10. Statement of Financial Affairs

11. Chapter 7 Individual Debtor’s Statement of Intention

12. Disclosure of Compensation of Attorney for Debtor (for petitions of persons who are represented by legal counsel or where an attorney has prepared the paperwork)

13. Declaration Re Limited Scope of Appearance Pursuant to LBR 2090-1, (if applicable)

14. Copies of all payment advices (pay stubs) or other evidence of payment received by the debtor from any employer within 60 days before the filing of the petition and optional form Debtor’s Certification of Employment Income Pursuant

15. Statement of Current Monthly Income and Means Test Calculation

16. Verification of Creditor Mailing List

17. *Master Mailing List

18. *Certificate of Credit Counseling

An “emergency filing” can also be filed. This happens when you are unable to complete all the documents before you need to file (usually to stop a trustee sale of real property or wage garnishment). To file on an emergency basis, the items marked with an asterisk (*) above are the minimum documents needed to file. The balance of the documents will be due within two weeks of filing. If you cannot complete the credit counseling before you file, you can file without it, but must provide a declaration as to why you could not complete the counseling before filing.

After completing all forms, sign and date them, then make a copy. Bring them with you to the court clerk along with cash for the filing fee ($299). The court will also take postal money orders and checks drawn on an attorney’s account. The clerk will “file” the documents and give you a receipt that shows your case number, hearing date, and Judge/Trustee assignment. The hearing date will usually be in about 4-6 weeks.

Within a week after filing, the clerk will mail a Notice of Case Commencement to you and all your creditors. This is the notification the creditor will receive that will require them to stop making harassing phone calls and collection attempts. It also sets forth the hearing date, time, and location, and other important deadlines for creditors.

You are required to mail your last tax return to the trustee assigned to your case within one week before your hearing date. When you go to your hearing, you must bring your social security card and driver’s license, and it is best to bring a copy of your petition documents and tax returns though not required. The hearing will be short, often taking five minutes or less and the trustee will ask you a few questions about your case. The trustee will then dismiss you or may continue the hearing to another date if additional documents are requested or if your paperwork needs to be amended.

You will need to take a class on personal financial management before your case can be discharged. The Debtor’s Certification of Completion form and the certificate must be filed within 45 days of your hearing. The discharge will come in the mail usually about 3-4 months after your hearing. At that time, your debts have been discharged and you can start fresh with your life.

About the Law Offices of Cortright, Valentine & Associates

For more information, visit http://www.cortrightandvalentine.com or for a free consultation call (951) 200-7505. To learn about our new video series please visit us on www.avvo.com

“We look forward to meeting with you!”

Law Offices of Cortright, Valentine & Associates

27186 Newport Road, Suite 1

Menifee, CA 92584

(951) 200-7505

Wednesday, June 30, 2010

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Tuesday, June 29, 2010

For Immediate Release

RIVERSIDE COUNTY BANKRUPTCY ATTORNEYS INTRODUCE NEW INFORMATIONAL LEGAL GUIDE SERIES

Posted on AVVO Today

While Attorney fees are a consideration when filing Bankruptcy, Do not let them be the determinative factor.

Usually when individuals or businesses are considering bankruptcy their personal finances are tight or they would not be considering filing bankruptcy. But in addition to Attorney fees you need to consider other variables such as the experience of the Attorney, how many bankruptcies has he filed? Does he have an adequate staff to assist him in preparation of your petition? Do you feel comfortable with your potential Attorney?

Bankruptcy is its own little niche in the legal profession; it has its own specific detailed requirements that must be met in order for the proceeding to be completed smoothly. Very specific documents have to be filed on a very specific and tight time frame. If your attorney is not used to the specific requirements your bankruptcy case might not go as smoothly as you want. So take the time to question your potential attorney on his or her experience, how many cases do they file a month? Do they file both chapter 7 and chapter 13s, and how many of each? Also trust your gut, if you are not comfortable with the consultation and you do not think the Attorney is knowledgeable enough do not retain him.

Chapter 7 Bankruptcy fees usually are charged at a flat rate between $1,500 and $2,000 based upon the experience of your attorney and the complexity of your case. Additionally you can expect to be charged the court filing fee of $299 plus credit counseling fees and credit reporting fees.

Chapter 13 Bankruptcy fees are different from district to district due to guidelines imposed by the Bankruptcy Court. Where I practice in the Central District we are limited to $4,000 for the attorney fees, plus the court filing fee of $274, credit counseling fees, and credit reporting fees. It is important to remember that in a chapter 13 bankruptcy your attorney will be representing you for between three and five years.

Chapter 11 and Chapter 12 Bankruptcies are usually charged at the Law Offices hourly rate. These are very complex matters and required an Attorney who specializes on these types of cases. You can expect to pay an initial retainer in the amount of $15,000 to $20,000 just to get your case started. Then based upon the complexity of your case your fees will be billed at the hourly rate of the Law Office.

Most Attorneys offer payment plans that can help ease the stress of coming up with the funds to retain an Attorney. But those that offer payment options usually require the total amount due to be paid in full before your case is filed. Make sure to talk to your prospective Attorney and read the contract so you completely understand what you are being charged.

About the Law Offices of Cortright, Valentine & Associates

For more information, visit http://www.cortrightandvalentine.com or for a free consultation call (951) 200-7505. To learn about our new video series please visit us on www.avvo.com

“We look forward to meeting with you!”

Law Offices of Cortright, Valentine & Associates

27186 Newport Road, Suite 1

Menifee, CA 92584

(951) 200-7505

Sunday, June 27, 2010

Bankruptcy Attorney News- For Immediate Release

For Immediate Release

RIVERSIDE COUNTY BANKRUPTCY ATTORNEYS INTRODUCE NEW INFORMATIONAL LEGAL GUIDE SERIES Personal and Business Chapter 7 Bankruptcy

Posted on AVVO Today

Chapter 7 bankruptcy is the most common type of bankruptcy. It is also known as "liquidation" in the Bankruptcy Code and is often referred to as "straight" bankruptcy.

Chapter 7 Bankruptcy

Filing Chapter 7 enables you to eliminate most, if not all, of your debts. You file under Chapter 7 if your debts are largely unsecured, such as loans, credit cards and judgments. The debts are discharged and they never need to be repaid. Imagine suffering terribly under the heavy burden of debt, month after month, and suddenly, all that suffering is gone and you are debt free! That is what debtors report experiencing when they file Chapter 7 bankruptcy.

The Petition

The process starts with the preparation and filing of documents called the bankruptcy "petition". After filing, a "trustee" is appointed to administer the bankrupt estate and to ensure the smooth and equitable application of the law. Approximately four weeks after the commencement of the chapter 7 bankruptcy case, the debtor appears for the meeting of the creditors. Any debts that are discharged are never ever repaid by the debtor or by anyone else. Legally, it is as if the debtor never owed the debt. You can file Chapter 7 bankruptcy no sooner than every eight years.

Automatic Stay

Bankruptcy law requires that the moment you file bankruptcy, there is an automatic stay that prohibits virtually all creditors from initiating or continuing any efforts, legal or otherwise, to collect debts you owe or to seize property of the bankrupt estate. This is known as the "Automatic Stay" and is one of the most powerful of all Federal laws. This means that the moment you file, evictions, repossessions and foreclosures must stop, at least for a while; you cannot be sued and existing lawsuits must come to a halt; creditors and collection companies cannot harass you or enforce money judgments against you. Even the government itself cannot come after you for civil debts that you owe, including income taxes.

Keeping Property

If you have secured debts such as a car payment or a mortgage, you can still file Chapter 7 and retain the property by continuing to make the payments as usual. You are under no obligation to surrender any secured property you want to retain. You are in control and it is up to you to decide what you want to keep and what you want to surrender. When you retain us for your bankruptcy, we will provide you access to more detailed information on this topic, including how you can keep assets you may not think are possible to keep.

About the Law Offices of Cortright, Valentine & Associates

For more information, visit http://www.cortrightandvalentine.com or for a free consultation call (951) 200-7505. To learn about our new video series please visit us on www.avvo.com

“We look forward to meeting with you!”

Law Offices of Cortright, Valentine & Associates

27186 Newport Road, Suite 1

Menifee, CA 92584

(951) 200-7505

Bankruptcy Attorney News- For Immediate Release

For Immediate Release

RIVERSIDE COUNTY BANKRUPTCY ATTORNEYS INTRODUCE NEW INFORMATIONAL LEGAL GUIDE SERIES

Posted on AVVO Today

The legal answer is yes you can represent yourself in the Bankruptcy Court. I see people there on a weekly basis who have completed their own petition and are representing themself, both in front of the Bankruptcy Trustee, and the Bankruptcy Judges. I must say that while they are representing themselfs they are having varying degrees of success. It is not uncommon for either the trustee or the Bankruptcy Judge to advise them that they really should retain an Attorney.

The problem is that the bankruptcy petition is very lengthy, and the means test can be reather complicated. The bankruptcy trustee along with the Bankruptcy Judge expect and require that every document be properly completed and submitted in a timely fashion. Failure to do it right endangers your case and can lead to dismissal. The judges are rather intollerant and do not like to grant continuances to correct the petition.

I guess the best advice I can give it to give you the same advice my wife gives me when I attempt to fix something around the house, she tells me to hire someone who knows what they are doing. While maybe I can muddle around and get something fixed, it will most likely cost me more time and money to do it myself then to have a professoinal do it right the first time.

About the Law Offices of Cortright, Valentine & Associates

For more information, visit http://www.cortrightandvalentine.com or for a free consultation call (951) 200-7505. To learn about our new video series please visit us on www.avvo.com

“We look forward to meeting with you!”

Law Offices of Cortright, Valentine & Associates

27186 Newport Road, Suite 1

Menifee, CA 92584

(951) 200-7505

Friday, June 25, 2010

Bankruptcy Attorney News- For Immediate Release

For Immediate Release

RIVERSIDE COUNTY BANKRUPTCY ATTORNEYS INTRODUCE NEW INFORMATIONAL LEGAL GUIDE SERIES

Posted on AVVO Today

The Automatic Stay is one of the funadametnal debtor protections provided by the bankruptcy laws. It goes into effect against virtually all creditor activity the moment the bankruptcy case is filed with the court. Usually people have been harrassed by creditors for an extended period of time and need some relief from that harrassment.

A creditor with a claim that arose before commencement of the bankruptcy filing must stop all collections efforts. The stay puts a stop to all collections actions including credit card debts, lawsuits, foreclosure actions, repossession attempts, judgments, and wage garnishments. The automatic stay puts a temporary stop to any phone calls or letters from any of the above listed collectors.

The protection is automatic in most cases, no hearing is held, no judge's signature is required. It is simply invoked by the filing of the bankruptcy and the assignment of a case number. All creditors are immediatly bound by the stay and they will go through great lengths to avoid violating it, as willful violation can result in severe penaltys against the creditor. The stay usually remains in place until the conclusion, dismissal, or discharge of the bankruptcy unless the creditor brings a motion for relief from the stay.

The stay is temporary and does terminate automatically upon the occurence of specified events, ie a hearing for relief, or dismissal or discharge of the bankruptcy case. If a secured creditor wants to move forward with their collection actions prior to the end of your bankruptcy they will need to file a motion with the bankruptcy court. The creditor will file what is called a motion from relief from the automatic stay. This motion details the reasons they feel that they should be able to move forward with collection actions against you. Usually the motion is based upon the creditors argument that their collateral is losing value and if they do not move forward they will suffer additional losses. A secured creditor will most likely seek relief from the stay if the property with significant value is subject to unacceptable risk, is rapidly depreciating in value, or when one is significantly behind on their mortgage.

One exception to the automatic stay is if multiple cases have been filed by the same debtor. An example would be that someone files a case that gets dismissed and then immediatly files another case. The stay is still automatic for the second filing but if a third filing is required then the stay is not automatic. In this case a motion would need to be brought before the bankruptcy judge to obtain stay protection.

About the Law Offices of Cortright, Valentine & Associates

For more information, visit http://www.cortrightandvalentine.com or for a free consultation call (951) 200-7505. To learn about our new video series please visit us on www.avvo.com

“We look forward to meeting with you!”

Law Offices of Cortright, Valentine & Associates

27186 Newport Road, Suite 1

Menifee, CA 92584

(951) 200-7505

Monday, June 21, 2010

Bankruptcy Attorney News- For Immediate Release

For Immediate Release

Can I File Bankruptcy on my Own without an Attorney?

RIVERSIDE COUNTY BANKRUPTCY ATTORNEYS

For more information, visit http://www.cortrightandvalentine.com or for a free consultation call (951) 200-7505.

“We look forward to meeting with you!”

Law Offices of Cortright, Valentine & Associates

27186 Newport Road, Suite 1

Menifee, CA 92584

(951) 200-7505

www.thebankruptcy-lawyer.com
www.theworkerscompensation-lawyer.com
www.thepersonalinjury-lawyer.com

Bankruptcy Attorney News- For Immediate Release

For Immediate Release

How much can one expect to pay to file a bankruptcy with an attorney?

Chapter 7 Bankruptcy Costs

Prices vary by State and even districts within a State, in the Central District of California the Attorney Fees range from around $1500 to $2000, depending on the attorneys experience and the complexity of your case.

Chapter 13 Bankruptcy Costs

A Chapter 13 Bankruptcy is significantly more complicated then a Chapter 7 Bankruptcy, in fact many attorneys do not even do Chapter 13s. In the Central District of California the maximum an attorney can charge is $4,000 for the attorney fees, this is a limit placed upon attorneys by the court. In a Chapter 13 usually an attorney will allow you to make a down payment and put the remainder of the fees into the court repayment plan. It is important to remember that the costs are higher since the attorney will be representing you on your case for up to five years.

Additional Fees

Chapter 7 Court Filing Fee $299 Chapter 13 Court Filing Fee $274 Credit Counseling Fee $40 a class, two required Other miscellaneous fees are charged and will be detailed in your retainer agreement with your attorney.

RIVERSIDE COUNTY BANKRUPTCY ATTORNEYS

For more information, visit http://www.cortrightandvalentine.com or for a free consultation call (951) 200-7505.

“We look forward to meeting with you!”

Law Offices of Cortright, Valentine & Associates

27186 Newport Road, Suite 1

Menifee, CA 92584

(951) 200-7505

www.thebankruptcy-lawyer.com
www.theworkerscompensation-lawyer.com
www.thepersonalinjury-lawyer.com

Thursday, May 20, 2010

Bankruptcy and Chapter 13

One of the questions frequently asked by our clients is when do we think their home will regain their value and equity? I recently read an article in Money Magazine in the May 2010 issue that discussed this very point. It stated that the average homeowner in California is 35% underwater and they estimate that it will take till 2028 to recover.

Our clients are often trying to make the difficult decision on if they should keep their home or walk away. I usually advise them to consider how long they plan on staying in their home, do they like where they live, and to think about their long term goals. If you are only planning on staying in your home a short time there is not a very good chance of breaking even, the longer you stay the better chance you have of breaking even or eventually getting back some of your equity.

If you goal is long term it is also a good idea to consider doing a chapter 13 bankruptcy if you have a second mortgage/heloc/line of credit on your home, as they can be stripped through bankruptcy. By stripping a second mortgage you can make it so that you are not as upside down on your home and put yourself in a spot where you can recover your equity quicker.

About the Law Offices of Cortright, Valentine & Associates

For more information, visit http://www.cortrightandvalentine.com or for a free consultation call (951) 200-7505. To learn about our new video series please visit us on http://www.youtube.com/LawOfficeofCVA.

“We look forward to meeting with you!”

Law Offices of Cortright, Valentine & Associates

27186 Newport Road, Suite 1

Menifee, CA 92584

(951) 200-7505

See all of Kevin's answers

Friday, May 14, 2010

Read answers relating to Bankruptcy that Attorney Kevin Cortright has answered!

AnswersPowered by Avvo.com

Q: Going into Chapter 7 with a pending workers comp award in southern California...Am I at risk of losing my Workers Comp money?: I have been waiting a long time and settlement appears to be coming. I know that workers comp payments appear to be exempt under either ca system of exemption...but what about a large lump sum? It could be $40-80k. Please help.

Posted 4 days ago in Bankruptcy

A: Kevin's answer: Workers Compensation settlements can generally be exempted since they are meant to cover some sort of permanent disability, thus compensating you for future loss of wages do to the disability. There are specific exemptions which your attorney will used to protect any settlement that you receive. But as always an attorney will need to look at your complete financial situation to determine which exemptions can be used for your specific case. Take the time to review my website as there is some helpful information there that will assist you in analyzing your situation. Disclaimer: Attorney's response is not intended as legal advice and is intended for informational purposes only. Inquirer should seek the advice of a duly licensed attorney within that jurisdiction. www.cortrightandvalentine.com

Posted by a user, 13 minutes ago.

Q: im consedring letting my car go back to the bank how long does it take before they start to garnish your wages: i cannot afford to pay for my car any longer im falling further into debt and do not qualify for chapter 7 bankruphtcy

Posted 3 days ago in Debt Collection

A: Kevin's answer: It seems that if you can't pay your car payment then your financial situation should be bad enough to qualify for bankruptcy. While you may not qualify for some reason for a chapter 7 there is also the chapter 13 option. Sometimes when you think there are no options you can be wrong, I would highly recommend that you consult with an attorney so all of your financial situation can be evaluated. Very rarely do I meet with a client that we can not establish a plan that can help their situation. Take the time to review my website as there is some helpful information there that will assist you in analyzing your situation. Disclaimer: Attorney's response is not intended as legal advice and is intended for informational purposes only. Inquirer should seek the advice of a duly licensed attorney within that jurisdiction. cortrightandvalentine.com

Posted by a user, 20 minutes ago.

Q: Is it possible to clear a line of credit and modify a loan when you file bankruptcy?: we have a home loan with bank of america 703,000 and line of credit also with bank of america about 200,000 .we stop pay both of them about a year ago because we had a hard time (we work in real estate and constraction) We did try to modify the loans ,but it was with a scam company we did not recive notice of sale yet ,but the lawyer that we working with now ask us to do bankruptcy and he will modify the first loan and clear the line of credit he said it will work for sure .what do you think about it .please give us your advice . p.s we can pay the new amount that he gave us now,he said that it wil be around 2.5%-3% for the loan after it. Thank You and have a great weekend.

Posted about 9 hours ago in Bankruptcy

A: Kevin's answer: A second mortgage can be eliminated or stripped in a chapter 13 bankruptcy. A lawyer would need to review your complete financial situation to see if you qualify as there are limitations. Click the link below and you can read some comprehensive information on chapter 13 bankruptcy that will give you a better idea of what to expect in a chapter 13 bankruptcy. Disclaimer: Attorney's response is not intended as legal advice and is intended for informational purposes only. Inquirer should seek the advice of a duly licensed attorney within that jurisdiction.

Posted by a user, about 1 hour ago.

Avvo.comView Kevin's profile

Thursday, April 29, 2010

Bankruptcy Attorney News- For Immediate Release

For Immediate Release

RIVERSIDE COUNTY BANKRUPTCY ATTORNEYS INTRODUCE NEW INFORMATIONAL VIDEO SERIES

Posted on YouTube Today

Bankruptcy can be one of the most stressful decisions you will make in your life. Often, when people are seeking information about filing for bankruptcy, they feel that they are at the end of their rope. The stress of paying bills, calls from bill collectors, lawsuits, wage garnishments, threat of foreclosure, repossessions or just not having enough money to pay for the necessities of life can be overwhelming.

“Most clients coming into our office have misconceptions regarding bankruptcy law. They have heard things from friends, family, or the media that are simply not true. It is very important that people take the time to learn the truth so they can make a well informed decision,” says Kevin Cortright, Bankruptcy Attorney at Cortright, Valentine & Associates. He goes on to say, “Bankruptcy can be a scary experience, especially if you have never been through it before. Our clients are often living in fear about their financial situation and embarrassed for even having to consider bankruptcy. Our job as Bankruptcy Lawyers is to help alleviate those fears and educate our clients about the bankruptcy process.”

That was their motivation for creating a new informational video series to report to people the truth behind the bankruptcy myths. In their video series people can lean how hiring a bankruptcy attorney can:

-Let them immediately stop paying credit cards

-Stop bill collectors from calling

-Stop lawsuits

-Stop wage garnishments

-Stop foreclosures

-Eliminate second mortgage/home equity/HELOC

-Stop repossessions

These educational videos are for those seeking information about bankruptcy where they can now access important news about the laws in Riverside County regarding Chapter 7, Chapter 11, Chapter 12 and Chapter 13.

About the Law Offices of Cortright, Valentine & Associates

“We look forward to meeting with you!”

Law Offices of Cortright, Valentine & Associates

27186 Newport Road, Suite 1

Menifee, CA 92584

(951) 200-7505