All items from Los Angeles Bankruptcy Blog

The Los Angeles Bankruptcy Blogger has all kind of answers. Suppose your question is, “Do  I need bankruptcy?”
Sometimes, it helps to see things in a new light. To that, we have developed a unique bankruptcy self examination.
Take the test. Add your score. See where you stand.
Sharpen your pencil and get ready for an eye opener.
 
Take The Los Angeles Bankruptcy Test:
 
In the past 5 months, have you had one or more Payday loans?

• If the Answer is ‘yes’, give yourself 2 points.

Do you currently have anything on pawn?

• If the Answer is ‘yes’, give yourself 3 points.

Here is a shocking Los Angeles Bankruptcy Attorney Confession: “I Was a Teenage Bill Collector.”
Yep, it’s true. A cub reporter at  www.Laws.com dug up the dirt. Matthew Navitski, writing for Laws.com sleuthed the truth. Click link:  From Bill Collector to Bankruptcy Attorney, Leon Bayer. 
The Article exposes the shocking truth. Before I was a famous Los Angeles bankruptcy attorney, I was a teenage bill collector. It started innocently enough. I was in college. Maybe I was just too young to know what I was doing. But I needed money. And I needed a job.
I took a temp job for a small assembly company in Van Nuys. I was their bill collector. I was calling customers who hadn’t paid their bills. I did it well. And, I developed a taste for blood. I wanted more.
That was the beginning. Soon I had a succession of collection jobs. I worked relentlessly to move myself up. For a while I worked as a bill collector at a bank in Van Nuys.

Welcome to Los Angeles Bankruptcy Information. We provide practical advice and tips. Info you might not find any place else. Say, did you know that income taxes may be discharged in bankruptcy?
Los Angeles Bankruptcy Info Tax Resolution Help Begins Here.
As a general rule, bankruptcy does not get rid of taxes. But like most rules, there’s an exception. The bankruptcy law actually provides that income taxes are dischargeable. But only if you meet all the right criteria. Briefly, here are the requirements.  

• The taxes are more than three years old. The three-year period runs from the time the returns were due.  Plus add time for any periods of extension. Of course, this is all based on the bankruptcy filing date.
• If the return was not filed on time you still have hope. There must be more than two years since the return was filed;
• There has to be more than 240 days from the date of assessment before the bankruptcy is filed;
• There has been no fraud.

Los Angeles Chapter 13 cases have always been tricky affairs. They still are. But now maybe less so. New debt limits for Chapter 13 have just been announced. The new limits take effect on April 1, 2013.
There will be a few more people eligible to file than previously. This could make it easier in some cases to lien strip a 2nd mortgage. The Los Angeles Bankruptcy Court has previously ruled that the lien to be stripped counts toward the unsecured debt total. This has disqualified some people from Chapter 13 relief. Some of those can now be helped.
Let’s not forget how difficult Chapter 13 cases are. Less than 1% of all Los Angeles Chapter 13 cases filed without a lawyer are successful, (SEE HERE). The new debt limits won’t change that statistic. What will change is that experienced Los Angeles Chapter 13 lawyers will be able to help a few more clients than we previously could have.