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Is filing bankruptcy better than just not paying your debtors back?

dollars to pay debts

Many people feel really bad about the decision to file for bankruptcy, and there are a number of situations in which bankruptcy is not the right solution.  However, in many instances the people who feel bad cannot, despite their absolute best efforts, payoff the debts that they owe.  In such situations, is it better to just not pay your bills or is a more ethical to file for bankruptcy?

California foreclosure timeline

foreclosure house representation metaphor

A lot of clients come in worrying about their house being in danger of immediate foreclosure. By filing for bankruptcy at any time during the foreclosure process, you automatically pause this procedure and protect your home for a limited time. Here is a basic breakdown of the timeline of a typical foreclosure:

5 Reasons to Look Forward to Your 341 Meeting

341 meeting sign

One of the most unnecessary stressors for a bankruptcy client is anxiety about the 341 meeting.  Here are five reasons to be excited about the 341 meeting.

1. It won't take long. Most 341 Meetings will only last 3-5 minutes. The trustee will usually ask a few (yes, only a few) questions regarding your case, most of which are routine.

From Beginning to End: The Filing Process

filing bankruptcy documents

A lot of clients wonder what steps it takes to file a bankruptcy case. Below is a basic outline of our appointment schedule. We don't charge you for wanting to see us, and you are always welcome to add a follow-up, document drop-off or payment appointment if you choose.

At Lincoln Law, we understand that you are going through tough times so we don't hassle you for payments or to schedule appointments. The appointments below are always required.

Non-Recourse Loans: The California Anti-Deficiency Statute and Foreclosure

anti-deficiency statute and foreclosure

For many borrowers, the choice of whether to file bankruptcy depends on a determination of whether a home-owner will be liable for debt on his home following foreclosure.

California has enacted a very strong law protecting home-owners from deficiency judgments following a foreclosure.  This is called the anti-deficiency statute or non-recourse statute.  It says, in sum, that borrowers who take:

   1. purchase money loans
   2. on an owner-occupied residence

7 Reasons Every Mortgage Modification Success should consider Chapter 13 Bankruptcy

mortgaged house

In my office I increasingly see clients come in for consultations after having completed a mortgage modification. I wish that I saw it much more frequently. With its singular ability to entirely remove a second mortgage, bankruptcy is an excellent follow-up to mortgage modification. Here are 7 reasons why everyone who completes a mortgage modification should consider also filing for Chapter 13 Bankruptcy.

The Truth about Bankruptcy and your Second Mortgage

mortgage calculations of the house

One of the most exciting areas of bankruptcy law is the ability to discharge or remove a second mortgage.  For years the ability to remove a second mortgage was largely irrelevant as property values rose year after year.  Now the power of the bankruptcy court has become one of the most powerful consumer protection laws on the books.  It is important for every home-owner to know his right to adjust his home mortgage through the bankruptcy law.

How can bankruptcy help discharge my debts?

The Danger of the Short Sale

key of mortgaged home

Frequently the best way to get out of an upside-down mortgage without bankruptcy is to short sale a house. The basics of a short sale are that the lender allows the borrower to sell his real estate for less than is owed. In exchange for saving the lender the cost of foreclosure, the borrower typically expects to be forgiven of the remaining balance. The borrower must always look at the terms of the short sale contract.


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