Category: Bankruptcy Information

Information about bankruptcy, the process, and some of the basics one should to be aware of

fraudulent transfer California

Fraudulent Transfer California: Top Keys

Posted by Hale Andrew Antico on

Fraudulent Transfer in California: Top Keys

Fraudulent transfers. Voidable or fraudulent conveyances. They go with these 17 words: “Have you sold, transferred, or given away anything worth more than $3,000 in the last four years?” It’s a 341(a) question bankruptcy attorneys can recite in their sleep, and one that can cause our debtor clients to have nightmares. The reason is the trap known as fraudulent transfers, voidable transfers, fraudulent conveyances, and the like.

Fraudulent transfer in California comes up typically here in Chapter 7 bankruptcy. Also known as a fraudulent conveyance, it can get your friends and family in hot water. It’s one of the top tips recommended to do or avoid before filing bankruptcy. Fraudulent transfer grief can even include the recipient being taken to court in a lawsuit, and forced to give up something they own. It’s terrifying and a nightmare. Worst of all, it can all happen with the purest of intentions.

That’s right: fraudulent conveyance doesn’t even require fraud.  More on that in a bit.

Continue reading “Fraudulent Transfer California: Top Keys” →

bankruptcy dos and don'ts

12 Crucial Tips Before Filing Bankruptcy

Posted by Hale Andrew Antico on

12 Crucial Tips to Do (and Avoid) Before Filing Bankruptcy

Los Angeles Bankruptcy lawyer explains what to do and don’t before seeking a fresh start

If you’re thinking about filing bankruptcy, what you do you beforehand has more of a bearing on the success of your case than how well the papers are completed. As a longtime Los Angeles bankruptcy attorney, I must make the best of the circumstances that are presented to me. Sometimes these situations are, shall we say, less than ideal.

What follows, in no particular order, are just some of the things I wish the people I meet with had done, or avoided doing, before we met for the consultation.

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chapter 13 bankruptcy in los angeles

Chapter 13 Bankruptcy Ultimate Guide

Posted by Hale Andrew Antico on

Chapter 13 Bankruptcy – the Ultimate Guide

What is Chapter 13 bankruptcy? Chapter 13 bankruptcy is like debt consolidation, but better. It’s a solution for people who have some money to pay some of their debts back. In five years from now, paying minimums on all your debt, you’d still owe much of your debt. It’s because of that darned interest, and you’re barely paying principle. Chapter 13 bankruptcy fixes the interest problem.

Continue reading “Chapter 13 Bankruptcy Ultimate Guide” →

chapter 7 bankruptcy los angeles

The Ultimate Guide to Chapter 7 Bankruptcy, Explained

Posted by Hale Andrew Antico on

Chapter 7 Bankruptcy – The Ultimate Guide

What is Chapter 7 bankruptcy? Glad you asked. It’s for someone who can’t repay their debts, because their income is low enough that they can’t afford to. However, not everyone qualifies for this out of the different chapters of bankruptcy, and even if you did qualify for Chapter 7 bankruptcy, you could lose assets. There’s always some element of risk in a Chapter 7, which is why I put together this: the ultimate Chapter 7 bankruptcy guide.

Continue reading “The Ultimate Guide to Chapter 7 Bankruptcy, Explained” →

bankruptcy attorney

3 Reasons You Need a Bankruptcy Attorney

Posted by Hale Andrew Antico on

3 Reasons Why You Need a Bankruptcy Attorney

Technically, you don’t need a bankruptcy attorney. But going through this process without one is crazy, and the few pennies saved can cost you your bank account, car, or house. To help explain, here are five reasons why you should retain a Los Angeles bankruptcy lawyer.  (Specifically, one who’s been voted best bankruptcy attorney four times and chosen by L.A. bankruptcy lawyers to be President twice).

1. Bankruptcy lawyers can give legal advice

Trust a licensed lawyer.

Sure, you can have a paralegal prepare your documents. But that’s all they can do. They cannot practice law, and cannot even tell you whether you should do a Chapter 7 or a Chapter 13. Only a lawyer (and preferably a bankruptcy attorney) can give legal advice.  Sometimes, legal document assistants give advice, and they’re violating California law.

Only a bankruptcy attorney who has passed the California Bar can give you legal advice. There are lots of people who didn’t pass the bar who claim to know as much as a lawyer. But legally, without a bar license, they’re only allowed to type the information you give them. You are completing the papers yourself, and they just take what you say and type it up. They may offer to do more, but now they’re veering into practice of law territory. And if they’re wrong, you have no one to complain to. They’re not accountable for their mistakes and innocent consumer debtors get burned.

A bankruptcy attorney, not a dabbler.

Once you’ve decided to retain an attorney for your debt solution, you don’t want just any lawyer. You will want a legal professional skilled and experienced in this very specialized field of law.  Not just anyone, but a bankruptcy attorney.

Just because a counsel files bankruptcy cases doesn’t make them a bankruptcy lawyer any more than riding in an airplane a dozen times makes you a pilot. There are lots of attorney dabblers out there who will file bankruptcy cases. They’ll also take car accident cases, divorce and custody matters, and then help you plan your will and living trust. But they lack the experience and insight to stay focused on the changes (and danger spots) of this narrow field of law.

At Los Angeles Bankruptcy, I only file bankruptcy cases, and have stayed focused as a laser beam on this field for two decades. When the law changed in 2005, a lot of bankruptcy lawyers fled the field or diversified taking on dog bite cases or whatever because things became slow. I kept doing only bankruptcy. When the housing crisis and Great Recession came in 2009, I got busy, and saw a flood of new dabblers trying to make a buck off the disaster.

When the economy recovered in the years after 2014, bankruptcy filings went down, but I remained specialized on just bankruptcy. Now that COVID and lockdowns wrecked havoc with the economy in 2021, the future is uncertain. But what is certain is that I continue to practice bankruptcy cases, and only bankruptcy cases. I’ve helped thousands of people and discharged over $50,000,000 in credit card debt. This dedication is what makes a bankruptcy attorney, and is what you want. There are just a handful of us in Los Angeles. I’m one of them, and would like to help you, too.

 

2. It’s affordable with a payment plan

Affordable payment plan

A good Los Angeles bankruptcy lawyer has an affordable payment plan. This is how we’ve been able to stay in business for two decades, helping people who don’t have a lot of money.  When you consider that you’re going to discharge tens of thousands of dollars of debt, paying a skilled professional a fraction of that is smart insurance.

You are able to file bankruptcy on your own to try to save a few bucks. But at what long-term cost? “It’s just forms!” Many people who try to do all their own forms end up having their cases dismissed, and maybe have to wait 6 months or more to file again, even if they want an attorney to help them. In the meantime, all their bills and debts and creditors can call again at home and at work or even sue or foreclose.

Protecting your assets

And even if the bankruptcy case you file yourself doesn’t get dismissed, you have to worry about whether the bankruptcy trustee can take some of your stuff. You can try to research yourself exemptions and whether you can use a wildcard and homestead, but it can be confusing. And again, a paralegal can’t help you with bankruptcy exemptions because that’s practicing law without a license.

A skilled bankruptcy lawyer can advise you before you even file your case what risk you may have. Then, in preparing to file, can take steps to minimize any exposure or risk you’ll lose things by properly filling out exemptions.

And while you might think, “how hard can this be?” There’s still a lot of confusion among bankruptcy attorneys about the California homestead exemption, the L.A. County median home sale price, and gotchas on how to lose the homestead exemption.  There are tons of ins and outs, nooks and crannies, and one wrong step and you lose your house. Trust a professional with your valuables. Otherwise, you’re literally betting your house.

3. We’re respected by peers and appreciated by clients

So you’ve reviewed bankruptcy FAQ, learned about the types of bankruptcies,  know you need to file bankruptcy and now decided to retain a bankruptcy lawyer. But now you just need to find someone that can trust. A lawyer who specializes in consumer debt to help you with something that will shape your financial life for years to come.

Respected by other bankruptcy lawyers

We are humbled to have been chosen by some of the best Los Angeles bankruptcy attorneys to be President of the cdcbaa, the largest association of consumer debt lawyers in Southern California. Then after guiding the organization through the COVID chaos, Hale Andrew Antico was elected President for a second term in 2021, and continues to serve on its board of directors. Mr. Antico doesn’t just attend continuing legal education webinars, he hosts and moderates the panels attended by other bankruptcy lawyers.

Prior to leading cdcbaa, Mr. Antico was selected by his peers and bankruptcy judges and trustees to be President of the Southern California Bankruptcy Inn of Court. This is an organization of bankruptcy judges, bankruptcy trustees, and of course debt lawyers. The Inn of Court’s focus is on elevating the practice of law with presentations while also building relationships between the different groups of members above

Appreciated by clients

Hale Antico was honored to be voted best bankruptcy lawyer in local newspapers not once or twice, but four times.  This shows a level of trust and appreciation by clients who know the level of service we provide.

Further, we are blessed to receive so many 5-star reviews on Yelp and Google.  This is important when trying to find an attorney not only skilled and experienced in this nuanced specialty, but with the care and compassion for what can be an emotional decision and process.

Summing Up

In short, you want not just an attorney, but a bankruptcy lawyer to help you with a confusing maze-like procedure.  You’re also going to want someone with an affordable payment plan, who is able to protect your assets so you don’t lose things in the bankruptcy. And finally, you want someone who is respected by other Los Angeles bankruptcy attorneys, and appreciated by the thousands of clients he’s helped for twenty years.

The choice is simple: Hale Andrew Antico of Los Angeles Bankruptcy .net. I’d be honored to have the opportunity to help you.

 

Contact us

For most people, it really pays to contact a lawyer who knows this area. You get what you pay for. Don’t delay: set up a consultation with an affordable bankruptcy lawyer and let us help you now.


    should i file bankruptcy

    Should I File Bankruptcy?

    Posted by Hale Andrew Antico on

    Should I File Bankruptcy?

    Whether to File Bankruptcy – Do Not Feel Guilty

    You didn’t choose this path, but here you are. Sometimes bad things happen to good people.  We have plans and they sometimes don’t work out. You never thought you’d be asking yourself, “Should I file bankruptcy?” No one does. But you’ve tried other options and they’re not working. So now you’re searching, researching, hoping. And that’s what bankruptcy is about: new life, relief, starting over, hope.

    It’s Not Your Fault

    Events are swirling around you, the ocean we all swim in has turmoil all around us.

    • Gas prices are higher.
    • Dangers from recession
    • Inflation is at record levels
    • Housing prices are dropping
    • Stockholders and 401k owners hurt by recent stock market “corrections”
    • Global COVID pandemic affecting jobs, businesses, and pay
    • Uncertainty about war and trade.
    • The credit crunch is in full swing.

    All of this is not your fault.

    Life Happens

    On top of this, we all have individual surprises. Some can be good, but many can be disastrous financially. Every person that reaches out to me had something unexpected happen in their life. Something they didn’t plan for. No way to see it coming. It can be any number of things:

    • Pay Cut
    • Medical Emergency or Sickness
    • Law Suit
    • Divorce
    • A Failed Business
    • Job Loss
    • Accident

    Just one of these things is enough to put people behind. This Los Angeles bankruptcy attorney has seen situations where 3 of these happened to the same person at once. No one can plan for this. You didn’t plan for it.

    But it happened. If you’re lucky, you had savings before the disaster. But then you drain the savings, maybe even empty your retirement, as you hope things turn around tomorrow, next week, next month. But life doesn’t turn the corner. And along with your savings getting emptied, your hope gets drained with it.

    Things are swirling out of control, you feel powerless, caught in an ocean, bobbing with the tide, trying to keep your head above water.

    Swallowing your pride, you ask, should I file bankruptcy?

    Credit Cards Are Not Blameless

    The big credit cards are not innocent victims here, for a couple of reasons.

    Firstly, since you were a tiny tike, the marketing companies have been trying to get you to buy into neighbor Jones’ dream. Be like Barbie. Get whatever you wanted. Go for it. If you didn’t have the cash, “charge it.” Older generations saved for things. Now, we’re just told to get what we want. Delayed gratification is for suckers.

    Secondly, we’re bombarded by messages from the credit card companies. We have famous celebrities asking us, “What’s in our wallet?” Do you think Samuel L Jackson is helping the credit cards for free? Of course not. Because Capital One knows we will trust a Jedi Knight urging us to carry a logo and charge to it.

    We have clients who were making over $100,000 last year and live in homes worth over half-million dollars. Then again, we have an 18 year old who started out in life with $35,000.00 in debt (thanks a lot, Master Card, Visa and Amex) due to “free” credit cards. Who gives an 18 year old a $5,000.00 credit line? The irresponsible credit card companies.

    The Credit Card / Debt Trap

    Thirdly, credit card companies have been enticing — pleading — for you to charge up at 23% (some 28.99%) for years. How many “account balance” transfer offers have your received? How many new extensions of credit card debt have you gotten? Here’s the trap: after you have established a decent payment history with a credit card company, they increase your credit limit. “Congratulations,” they say. Now that you have more credit, go out and spend it. Here are some additional checks that are as good as money. Spend away. They will keep upping that credit limit until you can barely make the minimum payment. When this happens (and it happens to a lot more people than you think), they own you.

    If you pay only the minimum payment on your Mastercard or Visa, you’ll be paying the minimum payments on that debt for 35 years or more. Is it any wonder people are stuck in this minimum payment trap? This is their game. It’s rigged against you. That you and millions of Americans struggle to pay minimum payments each month is not an accident.

    Don’t feel any shame. It’s time to take back control.

    Yes, but Should I File Bankruptcy?

    A lot of people ask should I file bankruptcy. Maybe. It’s an option. It may not feel like it, but you have choices at your feet. Granted, none of them is perfect. Each has its own drawbacks. But each also has it advantages.

    My goal is to help people. And the best way to help people is to empower them, inform them, let them know their choices.  One of these choices is a bankruptcy. It’s certainly not your only option. My heart is to teach you about it, then we can discuss it. That’s why I’ve taken the time to write all the bankruptcy information on this lawyer website, including articles to help you decide.

    Then, when we talk, I don’t try to “sell” or push this or any option. We’ll do this if and only if we both think this is what’s best for you. But it’s only worthwhile to me if it’s something that will truly benefit you. I don’t know that until I see the circumstances, we talk, and we’ve met.

    No website can answer “should I file bankruptcy” and even a lawyer can’t without knowing all about your unique situation. But after we’ve spoken, after I’ve explained your options, if you ask me then should I file bankruptcy, I’ll tell you my honest opinion about whether it would be best for you.

    Should I File Bankruptcy?
    Should I File Bankruptcy? Take back control from credit card debt

    The Thing Credit Card Companies Fear

    The only thing the credit card companies fear is the United States Bankruptcy Code and a skilled bankruptcy attorney. That is why, in 2005, credit cards lobbied Congress to the tune of over $100,000,000 in bankruptcy reform to get the bankruptcy laws changed to protect the credit card companies from you. They made it harder to file bankruptcy under Chapter 7, forcing more people to repay debt. If you are considering bankruptcy, the bankruptcy lawyers at Los Angeles Bankruptcy offer a helpful consultation to help you come to terms with your financial future. We understand.

    Take control, and feel no shame.

    You cannot control the economy, you cannot control pie-in-the-sky investors, and you cannot control voodoo accountants at multinational corporations or subprime loans or anything going on in Washington DC or Wall Street. But you can take control of your own financial situation back by contacting a bankruptcy lawyer.

    A Fresh Start

    Bankruptcy is about starting over and getting a fresh start. If you file bankruptcy, will get back in control of your financial future. Do not feel any shame for considering bankruptcy. In today’s economy, many people, from all walks of life, are in your situation.

    Credit Card Debt Management and Consolidation Services

    With Debt Consolidation Companies You Lose Control

    Credit card counseling and debt management services – it doesn’t work, in our experience. Numerous clients have come to us after using a debt management company like CCC and their ilk. Recognize “nonprofit” organizations like CCCS are funded by the credit card companies – are they on your side? No. Further, some counseling services require you to give them your paycheck. They take their fee, pay the credit card companies a payment, and then give you a monthly stipend. Don’t do this. Take control.

    Learn more of the frustrating side about consumer credit counseling services.

    Take Control of your Financial Future

    Don’t lose control of your financial future to debt consolidation companies. Did you know this: firstly, if you breach your contract with a debt management or consolidation company (aka credit counseling), you lose all the benefits you have gained – penalties and interest all gets put back. Secondly, the CCCS or DebtFreedomCryingEagle company doesn’t protect your credit but report negatively against your credit report as Debt Consolidation Service or Credit Management… a negative entry that tells creditors that you are a bad credit risk. Finally, and most importantly, debt management does not stop credit card lawsuits.

    Consumer bankruptcy and personal bankruptcy attorneys and lawyers are about empowering you. Don’t let someone else control you.

    Consumer Bankruptcy

    Consumer bankruptcy comes in two flavors: Chapter 7 and Chapter 13. There’s a big article I wrote if you follow the links below, but here I’ll just give a quick summary.

    Chapter 7 Bankruptcy

    Chapter 7 Bankruptcy is where you can’t pay your debts because you don’t have cash flow. It’s relatively quick. However, you can lose things if you have valuable assets. If you qualify here, you force the creditors to get nothing more. You’ve paid them enough! File bankruptcy, and you will likely keep your home and your car (if current) under the current state of the law (these are called California bankruptcy exemptions). But you’ll want to have a skilled bankruptcy attorney to help so you don’t lose anything. Read more about Chapter 7 Bankruptcy, with regard to liquidation.

    Chapter 13 Bankruptcy

    Chapter 13 Wage Earner Bankruptcy is all about forcing creditors to take payments based upon whatever you can afford, pending a bankruptcy trustee’s and bankruptcy judge’s approval. Filing bankruptcy under Chapter 13 forces creditors to settle up for dimes on the dollar.  Chapter 13 Consumer Bankruptcy applies when your income exceeds your monthly expense to some extent such that you are able repay some portion of the debt back. Once again, recognize a Chapter 13 Consumer Bankruptcy puts you back in control. Learn and read more about Chapter 13 Bankruptcy.

    Do I need a Bankruptcy Lawyer to File Bankruptcy?

    Of course, you are free to file bankruptcy on your own. That is your right. Beware the lure of thinking that because you can do your own taxes, you can do your own bankruptcy forms. There are many legal decisions to make just in the listing of your assets. Which value do I list? (The amount paid? Current value? Garage sale?) Do I need to list every CD and DVD I own? And this doesn’t even get into the topic of bankruptcy exemptions and protecting your assets. Let alone the complicated Means Test for Chapter 7! Making a wrong move could cost you possession of your goods and property. It really does pay to hire a bankruptcy lawyer.

    More Bankruptcy Information

    Getting Credit After Bankruptcy

    Will I get credit offers after my BK ? You will get credit after bankruptcy. This is a new beginning, and a fresh start. Some clients have been very concerned about the state of their credit after filing bankruptcy. It is a fact: a bankruptcy entry will appear on your credit report for 10 years following the discharge. This does not mean that you will not get a credit card, buy a home, or car for 10 years.

    Far from it; remember: creditors want you to borrow. Shortly after your bankruptcy discharge, we can almost promise that you will receive a credit card offer to help you get back on your feet (possibly from Providian). The fact is, you no longer have the majority of your debt; you have an ability to repay (income is freed up), and you can’t declare bankruptcy (Chapter 7) again for eight years. Further, the probability of a consumer declaring bankruptcy a second time in their lifetime is low (it does happen, but after most people do it once, they change their habits).

    Mortgage After Bankruptcy

    Can I Buy A House or Car After I File Bankruptcy ? Yes! You can buy a house after bankruptcy. A home loan is up to the discretion of the lender, obviously. However, many of them want your business. They may charge you a higher interest rate or points on your loan, but it certainly is possible to get a loan for a house after bankruptcy. How long? Figure on waiting two years: the bankruptcy will still be there on your record, but it will be a diminished factor which they consider. We work with mortgage lenders we can direct you to which will help you into your next home. So yes, you can and will get a mortgage after you file bankruptcy. You will get a fresh start.

    Read more about Credit After Bankruptcy

    Credit After Bankruptcy

    The Caring Bankruptcy Attorneys Here Understand

    Los Angeles Bankruptcy offers a helpful bankruptcy consultation. We are here to help you take back control of your financial future.

    CONTACT AN EXPERT TO GET OUT OF THE TRAP FOR A FRESH START…RIGHT NOW!


      california median income

      California Median Income Hits New High

      Posted by Hale Andrew Antico on

      California Median Income Reaches Historic Milestones

      The California median income is a good guide to how well residents in the Golden State are doing financially. The California economy (until the pandemic) was sitting pretty, and its citizens are earning income. The numbers used to qualify for a “straight bankruptcy” have broken some very notable milestones.

      Nov 2023 Update: The updated 2023 median income numbers were released, which took effect on November 1, 2023. The California median income for a one-person household is now almost $10,000 higher than when this article was written three years ago.  Read the updated median income piece.

      Continue reading “California Median Income Hits New High” →

      credit after bankruptcy

      Study: Credit After Bankruptcy Discharge is Likely

      Posted by Hale Andrew Antico on

      Study: Credit After Bankruptcy Discharge is Likely

      A bankruptcy study recently debunked a myth. You know the one, that bankruptcy will ruin your credit forever. Last week, LendingTree, the largest online lender, released study results about credit after bankruptcy discharge. It followed people after their case was completed. This is consistent with my article asserting that there is indeed credit after bankruptcy discharge.

      Continue reading “Study: Credit After Bankruptcy Discharge is Likely” →

      bankruptcy debt limits

      Is There a Debt Limit to Chapter 7

      Posted by Hale Andrew Antico on

      Is there a debt limit to Chapter 7?

      One question people ask is, “How much do you have to be in debt to file Chapter 7.” Unlike Chapter 13 bankruptcy, there is no debt limit to Chapter 7. It just becomes a matter of practicality. There are financial benefits to file Chapter 7 bankruptcy, but these must be weighed against the costs, monetary and otherwise..

      Too little debt for Chapter 7

      The Bankruptcy Code has no lower limit to file bankruptcy under Chapter 7. The only limit is common sense. One the one hand, if you owed someone a dollar, and the Chapter 7 filing fee is $335, most people would just pay the dollar. No brainer. Another example: if you owed someone $1000, the debt is greater than the filing fee, but now there are other costs you’d weigh, like the hit on your credit. Is it worth it to discharge $1,000 of debt but have a bankruptcy on your credit report? Most would say no. Each individual weighs their own personal limit line differently. Many people would agree that $20,000 or $30,000 of debt is a lot to ditch in a bankruptcy discharge. A debt amount that high may outweigh the cost of the bankruptcy filing fee, paying a bankruptcy attorney, and the credit report ding. While there’s no debt limit to Chapter 7, we bankruptcy lawyers do see a typical range of debt.

      Too much debt for Chapter 7?

      On the other hand, there’s nothing written in the law that has a specific dollar amount that becomes too much debt to file a Chapter 7 bankruptcy (note: this is in contrast to Chapter 13 bankruptcy, which has a maximum debt limit set by law in 11 USC 109(e), which periodically adjusts, so check current chapter 13 debt limits).

      There are other factors though that can stop a bankruptcy with too much debt. Firstly, the government looks at whether the debt was obtained in good faith. If someone unemployed for years has $250,000 of credit card debt, were they really intending to pay it back? Secondly, they look at the nature of the debts: were they luxuries like travel? Another factor is if the debts or discharge was obtained by fraud. Too much debt is situation specific. It may make sense for a business owner to have a lot of debt, but maybe not so much for a retired grandma.

      Summing up the Debt Limit for Chapter 7

      In short, there is no debt limit to file Chapter 7. Common sense factors would make it not worthwhile to file Chapter 7 bankruptcy for some. There is an upper limit that will get you on the trustee’s radar, though it’s not sure exactly what that number is. Like most things, if it’s reasonable it should work, though your mileage may vary.