Blogs

3 years 4 months ago

At JCH Law Firm, we are able to represent both Debtors and creditors with the same capabilities and we can do so throughout the greater Los Angeles regions including Orange County and Riverside.  Attorney Jeff Hsu has experience representing hard money lenders, and other secured and unsecured creditors involved in the bankruptcy process including Chapter 7 , 11, or 13.
In Chapter 7 cases, creditors must be vigilant to file 523 non-dischargeability actions or attend the 341 Meeting of Creditors.  In chapter 11 and chapter 13 cases, creditors may have to file objection to plans or disclosure statements, and/or file non-dischargeability actions during the bankruptcy process.
Remember, timelines in bankruptcy are critical and oftentimes creditors only get one bite at the apple or otherwise lose their opportunity to protect their claims.   Make sure this doesn’t happen to you.  Whatever your need, give us a call at 626-999-5959.
 
 


2 years 6 months ago

At JCH Law Firm, we are able to represent both Debtors and creditors with the same capabilities and we can do so throughout the greater Los Angeles regions including Orange County and Riverside.  Attorney Jeff Hsu has experience representing hard money lenders, and other secured and unsecured creditors involved in the bankruptcy process including Chapter 7 , 11, or 13.
In Chapter 7 cases, creditors must be vigilant to file 523 non-dischargeability actions or attend the 341 Meeting of Creditors.  In chapter 11 and chapter 13 cases, creditors may have to file objection to plans or disclosure statements, and/or file non-dischargeability actions during the bankruptcy process.
Remember, timelines in bankruptcy are critical and oftentimes creditors only get one bite at the apple or otherwise lose their opportunity to protect their claims.   Make sure this doesn’t happen to you.  Whatever your need, give us a call at 626-999-5959.
 
 


3 years 4 months ago

Wynn at Law, LLC Expands Southeastern Wisconsin Presence — Opens New Bankruptcy Office in Salem, Wisconsin
Lake Geneva, WI – January 28, 2014 – Wynn at Law, LLC, a Lake Geneva based law firm focusing on bankruptcy, real estate law, and estate planning, is excited to announce the addition of a Salem, Wisconsin office. Shannon Wynn, managing partner and attorney at Wynn at Law, LLC will head the Salem, Wisconsin based office. This marks two locations for Wynn at Law, LLC – one office located in Lake Geneva, Wisconsin and the second office located in Salem, Wisconsin.
“We’ve had remarkable success in Southeastern Wisconsin,” stated Attorney Shannon Wynn. “Thanks to our local community roots and reputation for success, we have been able to expand. The new law office location in Salem is much closer to the Kenosha County Center where bankruptcy hearings are held. This new location also helps us better serve our Kenosha County clients.”
Born and raised in Walworth County, Shannon Wynn‘s personal touch and local understanding help people in Southeastern Wisconsin get through difficult and confusing times in their lives. She is not only an attorney, but she is also a neighbor.
The new law office in Salem, WI is the beginning to an increased presence throughout Southeastern Wisconsin for Wynn at Law, LLC. As Wynn at Law, LLC continues to successfully handle bankruptcy, real estate, and probate law cases, one can look forward to new convenient locations that expand services to more Southeastern Wisconsin residents.
About Wynn at Law, LLC
Wynn at Law, LLC is headed by Shannon Wynn, an experienced bankruptcy, debt relief, real estate, and estate planning attorney. Attorney Wynn was born and raised in Walworth County. She graduated Valedictorian from Big Foot Union High School, completed an undergraduate degree at Vanderbilt University with honors, and graduated with honors from Marquette University Law School. She currently teaches at Marquette University Law School in addition to running her practice. Attorney Wynn has received the CALI Award for The Law Governing Lawyers, the CALI Award for Drafting the Wisconsin Real Estate Transaction, the AVVO Client’s Choice Award in Bankruptcy, and has received the Super Lawyers Rising Star award on several occasions. She is a member of the Wisconsin Realtors Association, National Association of Consumer Bankruptcy Attorneys, Wisconsin Bar Association, American Bar Association, Walworth County Bar Association, and A Day in Time Board Member.



3 years 4 months ago

Today-In-Bankruptcy (1)Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for January 28, 2014 Loehmann’s Locations Begin Shuttering Kyle energy storage company Xtreme Power files for bankruptcy Hawthorns Golf Club in Fishers files for bankruptcy


3 years 4 months ago

8225379965_6f0c22cddc_oDebtors who are considering filing for bankruptcy may wonder about the credit counseling requirement and why they have to complete it. In short, it is required since it is stated in the bankruptcy code. Yet, if you don’t complete it you may not be able to file your petition when you are ready to seek [...]


3 years 4 months ago

The Code Dictates The bankruptcy code is what governs every issue of a bankruptcy filing. Under chapter 7 bankruptcy law, the bankruptcy code dictates as to what must be done with regard to particular, secured property. For example, if you have a financed vehicle in a chapter 7 bankruptcy case, the bankruptcy code mandates that+ Read MoreThe post In My Bankruptcy Case, Why Do I Need To Reaffirm On A Car But Not On My House? appeared first on David M. Siegel.


3 years 4 months ago

National Collegiate Student Loan Trust OrganizationIf you’ve been sued for a private student loan by National Collegiate Student Loan Trust, there’s a good chance you have no idea who they are. Here’s what I know, and what you need to know.
Have a private student loan?
Chances are pretty good that National Collegiate Student Loan Trust is involved.
This entity isn’t a lender, servicer or guarantor of your loan. Instead, it’s a series of trusts that contain private student loans packaged and sold as investment vehicles.
Due to the convoluted ways in which these sorts of trusts operate, there’s some doubt as to whether anyone can prove where your loan ends up.
Here’s how it unwinds.

A Bank Lends Money For Private Student Loans
Federal students loans originate from the U.S. Department of Education, which lends the money to students.
But those funds are limited, and college is expensive. So many students look to banks as a way to make up the shortfall. We’re talking about well-known financial institutions such as:

  • JPMorgan Chase Bank, N.A.
  • Charter One Bank, N.A.
  • Bank of America, N.A.
  • RBS Citizens, N.A.
  • Union Federal Savings Bank

These, in the world of student loan securitization, are called the Originators.
The National Collegiate Funding LLC
Shortly after the bank lends you the money, the loan is transferred to an entity called The National Collegiate Funding LLC. This company has no function aside from hanging onto the loan until it’s ultimately transferred to into the trust.
They don’t collect your private student loan money, nor do they take any action whatsoever. They merely take the loans and deposit them into the trust.
In technical terms, this company is called the Depositor.
So Who Collects The Money?
Someone has to collect the money on the private student loan, right?
It’s not the bank. It’s not the depositor.
The Servicer is the company that collects the money on your private student loans. They send you bills each month and handle the accounting.
In return for this work, the servicer gets paid by the trust that owns the loans.
National Collegiate Student Loan Trust
There is more than one National Collegiate Student Loan Trust. In fact, there are many of them.
Each trust is identified using a numeric code; for example, there is National Collegiate Student Loan Trust 2007-3 as well as National Collegiate Student Loan Trust 2007-2.
Each separate trust holds a bucket of private student loan debts that have worked their way from the Originator to the Depositor. In fact, National Collegiate Student Loan Trust 2007-3 holds private student loan debt with a face value of $1,464,000,000.
Click here to see the Prospectus Supplement for National Collegiate Student Loan Trust 2007-3. Fair warning though: reading it will make your head hurt.
What Happens To The Loans Once They’re In The Trust?
Once the loans are safely in the hands of National Collegiate Student Loan Trust, bonds are sold to investors. Each bond entitles the investor to receive distributions from the trust based on the amount of money that comes in from private student loan borrowers.
The greater the percent of loans in the trust that paid, the better the return on the investor’s investment. But if too many of those loans go into default, the investors don’t make very much money.
How Trust Investors Minimize Their Risk
Investors minimize their risk in two ways.
The first involves the way in which the loans are piled into the trust. Some loans are riskier than others, so in theory they’re balanced out in the trust.
The second is far more interesting, and that’s the fact that the loans are guaranteed. Until 2008 these loan guarantees were handled primarily by The Education Resources Institute, Inc. (TERI), a nonprofit organization that touted itself as the largest private student loan guarantor in the county.
TERI filed for Chapter 11 bankruptcy in 2008 due in part to the acceleration of student loan defaults.
Who Owns YOUR Loan?
It’s difficult to say whether your private student loan is in a trust. Actually, it’s difficult to say which trust contains your loan.
That’s because each trust contains thousands of loans. Though each loan is supposedly on some master list, National Collegiate Student Loan Trust is seldom if ever willing to provide it to anyone.
They also don’t usually provide proof of the transfer of the individual loan from the bank to the Depositor to the Trust.
Much like the mortgage mess, there’s very little if any paper trail involved in the world of private student loan securitization.
If You’re Sued By National Collegiate Student Loan Trust
When someone sued you for a debt – any debt – some of what the creditor needs to prove includes:

  • that you took out a loan;
  • that the entity suing you owns the loan and the right to collect on the loan; and
  • that the amount of money that the entity claims you owe is the proper amount due.

Can National Collegiate Student Loan Trust prove that you owe the money? It depends on whether they can provide a copy of the signed Promissory Note.
Does National Collegiate Student Loan Trust own the loan and the right to collect on the loan? It depends on whether they can show that the loan went from the original lender to the Depositor to the Trust.
Is the amount they claim to be due correct? It depends on whether they can show a complete and accurate accounting of how they came to the amount they’re claiming.
There are more issues involved in defending a private student loan collection lawsuit brought by National Collegiate Student Loan Trust, but now you can see that it’s usually a good idea to fight the case and make them prove every element before you agree to pay them any money.
The picture above is taken from the Prospectus Supplement for National Collegiate Student Loan Trust 2007-3.


3 years 4 months ago

8224523321_8fa2ba91c8_oWhat is a bankruptcy petition? This is known as a formal application that plays a significant role in how your financial situation is communicated and reviewed by the bankruptcy court. This is lengthy documentation that includes information the court needs to know while allowing you to present your case.  It acts as a written request [...]


3 years 4 months ago

If you file bankruptcy with an attorney, you’re going to get assistance throughout the process. Your attorney is going to know exactly what needs to be done with your case. This all starts with the very first consultation. The attorney is going to be able to interview you, advise you, and notify you of potential+ Read MoreThe post What Are The Advantages Of Filing Bankruptcy With An Attorney? appeared first on David M. Siegel.


3 years 4 months ago

Bankruptcy of a CorporationYou have worked hard to get your corporation viable and profit-making, having invested large amounts of money and time and perhaps hiring employees to realize your business dream. Unfortunately, because of the economy or other factors, your business is struggling, creditors are hounding you, and you may even have lawsuits filed against you as well as tax issues.
You, or the corporate board, may have borrowed money to keep the corporation afloat and business may be picking up, but time is running short and there are legal actions that could threaten the continued viability of your business.
If this is your situation or you are experiencing something similar, you are not alone. There are often factors beyond your control that are adversely affecting your business, but there are steps you can take to keep your business going or to dissolve it and start anew. You can seek the services of a tax debt attorney if your main problems are tax related, or consult with a corporate bankruptcy attorney.
Bankruptcy is a dirty word to many people and businesses but it can be a useful tool for corporations to reorganize its debts and business operations or to discharge debts and dissolve the business.
How Can a Tax Debt Attorney Help?
Tax problems can be a major headache for any business. In some situations depending on the type of tax and how old it is, you may be able to discharge the debt in bankruptcy but there are other options, especially if you want your corporation to continue operating.
Offer in compromise
One option is an offer in compromise, which is an agreement with the IRS to pay it less than what your corporation owes. These agreements are best for you if your company is unable to work out an acceptable payment plan.
The IRS does not have to accept an offer in compromise and for this reason, you need competent legal counsel to make a professional representation to the IRS with full documentary support to give you the best opportunity for acceptance. In many cases, you can make a lump sum payment to satisfy your debt obligation for less than 50% of your tax obligation, or even much less than that in some cases.
Installment agreement
If you cannot make a lump sum payment to satisfy your company’s tax obligation, you may be able to make installment payments. Like offers in compromise, the IRS is not required to accept such an agreement. An attorney who has had success with the IRS in preparing and presenting installment agreements is essential to its acceptance.
Any of these options can save you thousands of dollars and offer you and your creditors the confidence that your business will continue to operate.
How Can a Chapter 11 Bankruptcy Help?
If you are incorporated and contemplating bankruptcy protection, your choices are either Chapter 11, a reorganization, or a Chapter 7, a liquidation. If you want to remain in business, then a Chapter 11 might be your best option given your circumstances.
Filing for bankruptcy can be a complicated process that only an experienced tax debt or bankruptcy attorney can handle. Before you file, you should consult with a bankruptcy attorney who has handled Chapter 11 petitions and corporate tax issues.
No Chapter 11 filing is the same. Your corporation may be in a forced involuntary bankruptcy proceeding under Chapter 7 in which case a Chapter 11 reorganization plan can enable your company to exit from liquidation of the corporate assets.  Another option may be liquidating the corporation so that the highest value is paid for business assets.
No More Harassing Phone Calls
The first benefit of bankruptcy protection is that all collection activity is enjoined, or must cease including any legal proceedings related to the corporate business according to the automatic stay provision in the bankruptcy code. Any violation of the automatic stay by creditors can subject them to severe penalties. This includes creditor phone calls and correspondence demanding payment.
Implement New and Effective Practices
Once you file, you and your attorney with the help of financial analysts in large and complex cases will prepare and present a debt reorganization plan to a committee of your creditors. Most creditors do want to be paid and are willing to be flexible but it helps if you can eliminate ineffective practices, unfavorable contracts and terminate nonproductive employees. In some cases, you may have to close stores while your attorney can renegotiate new contracts with suppliers or unions. Leases that are too restrictive or burdensome can be voided in a bankruptcy and redone on more favorable terms
If you can present a new plan for operations that appears reasonable and is workable, your creditors may be more accepting even if it means they will receive less than your financial obligations to them.
Chapter 7: A liquidation
For other businesses, you may have reached the breaking point and your counsel, financial advisers and others may conclude that a liquidation is best. Once you file, the trustee will take charge of your company and may continue to operate your business for a time but will then oversee the collection, marketing and sale of the assets. The corporate shares may continue to be sold, however, if not on Nasdaq or the New York Stock Exchange, then on the OTCBB or Pink Sheets. In a Chapter 7, the secured creditors, like banks, are paid first or their collateral returned to them, and the owners paid last, if anything remains.
Seek legal advice if your corporation is experiencing financial problems and is facing lawsuits or other legal action that could significantly affect your business operations.
Photo Credit: Dave Dugdale cc


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