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Friday, 04 January 2013 01:11

Gary & Kimiko Gill

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Gary and Kimiko Gill had enough to worry about when they took a major pay cut. Then the law firm they hired to help modify their home loan went
belly-up. A bank foreclosure notice soon followed, giving the couple nine days before their Contra Costa County house of nearly 20 years was set to be sold. An additional affront: the foreclosure notice came just days before Christmas 2010. “When you’re 65 like I am, it’s kind of hard to start over,” Gary Gill said, who lives with his wife in Pittsburg, slightly northeast of Concord. “This was something we’d worked hard for and it was going to be taken away from us.”


Then a timely brochure arrived in the Gills’ mailbox with a letter from the Sacramento law offices of Louis White Attorneys at Law offering its services. Gill was skeptical at first, having paid monthly to the bankrupted Southern California firm with no return. Lacking other options and up against a deadline, he and his wife took a leap of faith. “[Jamil White] told me, ‘Mr. Gill, I will work for you. I’m not going to give you any BS. I can’t promise you anything, but I will do my best for you,’” Gill recalled. “As I’d talked to him, I got the feeling that he was going to help us.” Like so many Americans caught up in the busted
real estate market, the Gills never expected to find themselves in need of help. Gary had held two jobs for 16 years – one in in a food manufacturing plant, the other as a daily newspaper deliveryman for an independent contractor.


In 2001, he and his wife took over the business. They earned good money and employed more than a dozen subcontractors. That lasted several years until the newspaper farmed out its home-delivery services and left the Gills with rack and store deliveries only. “I was making good money. The economy was booming
and I was booming,” Gill said. “Then the market crashed.” Gary and Komiko resorted to completing the rack and store deliveries themselves. They started their days at 1 a.m., returned home five hours later for what Gill called “a little power nap” and then made the rounds again to collect unsold newspapers and money from the stores. Without the home-delivery portion of the business, they could no longer afford their mortgage payments.

In 2009, Gill and his wife secured the services of an Irvine-based law firm that they learned about on TV. They paid a monthly retainer and, several months later, agreed to join the firm’s class-action suit against their bank. Once they signed on, they never heard from the company again. When they checked the web site for updates on the case, they learned the law firm had declared bankruptcy. That’s when the Gills got the Louis White Attorneys at Law mailer and drove to Sacramento to meet with White in person. He and his team quickly secured a 30-day stay on the Gills’ foreclosure and got to work on their case. Two more month-long extensions followed. By March, White’s office called with good news: a deal had been reached with the bank.

The couple’s monthly mortgage payments had been reduced by $1,100. Gill was delighted; his wife of 42 years even more so. She said, “We’re just so happy, so relieved that we can stay here. I can never, never say thank you enough to Louis White for helping us, and Alex – who handled my case – was on top of everything. She let me know exactly what was going on. They kept pushing and pushing and it worked out great.” Life has returned to normalcy this past year for the two. They still get up in darkness to start their day and make their delivery rounds. The difference these days, Gill said, is that they’ve got a little extra money to get them through the month.

Did you know? Many borrowers don’t have a broad understanding of the duties of a real estate agents, brokers or lending institutions. They may not realize when these agents or institutions are out of compliance with the law, and an evaluation of the loan may be required to
determine compliance.

 Bankruptcy Attorney Lawyer Firm Best Affordable Sacramento CA
 Chapter 7 | 11 | 13

Thursday, 20 December 2012 17:45

Affordable Loan Modification Attorney Sacramento

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Affordable Loan Modification Attorneys Lawyer Firm in Sacramento

Wednesday, 19 December 2012 23:11

Thank You

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Thank You, One  of our attorneys will contact you shortly.

Affordable Personal Injury Attorneys Lawyer Firm in Sacramento CA

Tuesday, 04 December 2012 09:19

Commercial Loans

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Commercial Loans

Tuesday, 27 November 2012 21:59

Chapter 13

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    Chapter 13 Filing

    A chapter 13 bankruptcy (wage earner’s plan) enables individuals with regular income to develop a plan to repay all or part of their debts. Here, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor’s current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period “for cause.” If the debtor's current monthly income is greater than the applicable state median, the plan generally must be for five years. During these time periods, the law forbids creditors from starting or continuing collection efforts.

    Chapter 13 offers various remedies for financially distressed individuals. Chapter 13 offers debtors the opportunity to save their homes from foreclosure by creating a repayment plan to cure delinquent mortgage payments. However, the debtor must make the regular mortgage payments that come due after the chapter 13 filing commences. Chapter 13 also allows individuals to reschedule secured debts and extend them over the life of the chapter 13 plan, allowing for lower payments. Chapter 13 also has a special provision that protects third parties (co-signers) who are liable with the debtor on “consumer debts.” Finally, chapter 13 consolidates the debtor’s outstanding debt under one repayment plan, streamlining the payment process.

    A chapter 13 case begins by filing a petition with the bankruptcy court serving the area where the debtor has a residence. Any individual is eligible for chapter 13 relief as long as the individual’s unsecured debts are less than $360,475 and secured debts are less than $1,081,400. A corporation or partnership may not be a chapter 13 debtor. In addition to providing the assigned case trustee with copies of relevant tax returns or transcripts, the debtor must also file with the court:


        • Schedules of assets and liabilities;
        • Schedule of current income and expenditures;
        • Statement of financial affairs; and,
        • Schedule of executory contracts and unexpired leases.

    Individual debtors with primarily consumer debts have additional document filing requirements, including the following:

        • A certificate of credit counseling;
        • A copy of any debt repayment plan developed through credit counseling;
        • Evidence of payment from employers if any, received 60 days before filing;
        • A statement of monthly net income;
        • Any anticipated increase in income or expenses after filing; and,
        • A record of any interest the debtor has in federal or state qualified education or tuition accounts.

    In order to complete the Official Bankruptcy Forms that make up the petition, statement of financial affairs, and schedules, the debtor must provide the following information:

        • A list of all creditors and the amount and nature of their claims;
        • The source, amount, and frequency of the debtor's income;
        • A list of all of the debtor's property; and,
        • A detailed list of the debtor's monthly living expenses, i.e., food, clothing, shelter, utilities, taxes, transportation, medicine, etc.

    When an individual files a chapter 13 petition, an impartial trustee is appointed to administer the case. The chapter 13 trustee both evaluates the case and serves as a disbursing agent, collecting payments from the debtor and making distributions to creditors.

    Filing the petition under chapter 13 “automatically stays” (stops) most collection actions against the debtor or the debtor's property. However, filing the petition does not stay all types of actions, and may be effective only for a short time in some situations. The stay arises by operation of law and requires no judicial action. As long as the stay is in effect, creditors generally may not initiate or continue lawsuits, wage garnishments, or even telephone calls demanding payments. The bankruptcy clerk gives notice of the bankruptcy case to all creditors whose names and addresses are provided by the debtor.

    Between 20 and 50 days after the debtor files the chapter 13 petition, the trustee will hold a meeting of creditors. During this meeting, the debtor testifies under oath regarding his or her financial affairs and the proposed terms of the plan. In order to preserve their independent judgment, bankruptcy judges are prohibited from attending the meeting of creditors. The parties typically resolve problems with the proposed repayment plan either during or shortly after the creditors’ meeting.

    The debtor must file a repayment plan with the petition or within 15 days after the petition is filed. The repayment plan must be submitted for court approval and must provide fixed payments to the trustee on a biweekly or monthly basis. If approved, the trustee then distributes the funds to creditors according to the terms of the plan. If the court declines to confirm the plan, the debtor may file a modified plan. Despite paying creditors less than full payment on their claims, the trustee pays out claims based on priority, where certain classes of claims get paid out first – priority claims, secured claims, then unsecured claims if there remains sufficient disposable income over the applicable commitment period.

    As a general rule, the discharge releases the debtor from all debts provided for by the plan or disallowed, with the exception of certain debts. Debts not discharged in chapter 13 include certain long term obligations (such as a home mortgage), debts for alimony or child support, certain taxes, debts for most government funded or guaranteed educational loans or benefit overpayments, debts arising from death or personal injury caused by driving while intoxicated or under the influence of drugs, and debts for restitution or a criminal fine included in a sentence on the debtor's conviction of a crime.

    Due to the complexity of federal and state bankruptcy law, it is best that you contact an experienced attorney to guide you through the process If you feel that your bills have just become too much to bear.

Tuesday, 27 November 2012 21:59

Chapter 11

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coming soon

Tuesday, 27 November 2012 21:59

Chapter 7

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Chapter 7 Filing

A Chapter 7 filing, otherwise known as “liquidation,” does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's non-exempt assets and uses the proceeds of such assets to pay off creditors. In exchange, the debtor is entitled to a discharge of some debt. While the debtor may keep certain “exempt” property, part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.

To qualify for relief under chapter 7, the debtor is subject to the “means test.” If your current monthly income is less than the median income for a household of your size in your state, you pass the means test and qualify for chapter 7 bankruptcy. However, for those whose household income exceeds the state median, the means test computation becomes more complex and involves whether the debtor has enough disposable income to pay off at least a portion of the unsecured debts.

One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a “fresh start.” In a chapter 7 case, a discharge is only available to individual debtors, not to partnerships or corporations. Although an individual chapter 7 case usually results in a discharge of debts, the right to a discharge is not absolute, and some types of debts are not discharged. Moreover, a bankruptcy discharge does not extinguish a lien on property.

A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business. In addition to providing the assigned case trustee with copies of relevant tax returns or transcripts, the debtor must also file with the court:

    • Schedules of assets and liabilities;
    • Schedule of current income and expenditures;
    • Statement of financial affairs; and,
    • Schedule of executory contracts and unexpired leases.

Individual debtors with primarily consumer debts have additional document filing requirements, including the following:

    • A certificate of credit counseling;
    • A copy of any debt repayment plan developed through credit counseling;
    • Evidence of payment from employers; if any, received 60 days before filing;
    • A statement of monthly net income;
    • Any anticipated increase in income or expenses after filing; and,
    • A record of any interest the debtor has in federal or state qualified education or tuition accounts.

In order to complete the Official Bankruptcy Forms that make up the petition, statement of financial affairs, and schedules, the debtor must provide the following information:

    • A list of all creditors and the amount and nature of their claims;
    • The source, amount, and frequency of the debtor's income;
    • A list of all of the debtor's property; and,
    • A detailed list of the debtor's monthly living expenses, i.e., food, clothing, shelter, utilities, taxes, transportation, medicine, etc.

Filing a petition under chapter 7 “automatically stays” (stops) most collection actions against the debtor or the debtor’s property. However, filing the petition does not stay all types of actions, and may be effective only for a short time in some situations. The stay arises by operation of law and requires no judicial action. As long as the stay is in effect, creditors generally may not initiate or continue lawsuits, wage garnishments, or even telephone calls demanding payments. The bankruptcy clerk gives notice of the bankruptcy case to all creditors whose names and addresses are provided by the debtor.

Between 20 and 40 days after the petition is filed, the case trustee will hold a meeting of creditors. During this meeting, the debtor testifies under oath by answering questions regarding the debtor’s financial affairs and property. In order to preserve their independent judgment, bankruptcy judges are prohibited from attending the meeting of creditors. Within 10 days of the creditors’ meeting, the trustee will report whether the case is eligible under the means test.

Many debtors who file chapter 7 bankruptcies have no assets. However, for those that do, the trustee organizes the assets for liquidation in a manner that maximizes the return to the debtor's unsecured creditors. The trustee pays out claims based on priority, where certain classes of claims get paid out first. The individual debtor’s primary concern in a chapter 7 case is not how the trustee sells assets but how the debtor can retain exempt property and receive a discharge that covers as much debt as possible. Generally, unless a party in interest files a complaint objecting to the discharge or a motion to extend the time to object, the bankruptcy court will issue a discharge order 60 to 90 days after the date first set for the meeting of creditors.

Due to the complexity of federal and state bankruptcy law, it is best that you contact an experienced attorney to guide you through the process. If you feel that your bills have just become too much to bear, contact Louis | White to determine whether bankruptcy is right for you.
 

 

 

Tuesday, 27 November 2012 21:26

Loan Modifications

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Loan Modifications and Louis | White, the Mortgage Relief Experts

Many people have tried on their own to obtain modifications from lenders who refuse to help. (See why lenders refuse to modify your loan here). Unfortunately, many people’s mortgages are vastly underwater – their property is worth significantly less than they owe. Louis | White Attorneys at Law, can outline a plan that fits your situation to restructure your loan finally making it affordable for you. Our goal is two-fold: force your lender to reduce your monthly payment by placing you into a low interest fixed rate loan and to keep you in your property.


Without the proper assistance, it is extremely difficult to obtain a positive result. The mortgage relief professionals at Louis | White has had tremendous success forcing lenders into modifying home loans and can help you truly achieve a positive result. Our mortgage relief negotiators understand exactly what it takes to achieve the best results on your behalf. Contact us for a free consultation and let us get you back on track.

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