Legal News Blog @sdbankruptcy-blog - Tumblr Blog

We're here to listen to your situation no matter how big or small.

www.GoldenStateLawGroup.com

Just like everyone else, celebrities sometimes face economic hardships...Sindbad.

David Atkins, the American stand-up comedian. In 2009, Atkins found himself in the top 10 of the 205 worst tax debtors in California, owing the station millions of dollars in personal income tax.

Despite putting his 2.5-acre hilltop home up for sale in 2010, Sinbad had to file for Chapter 7 bankruptcy in 2011. Need help in this troubled economy- we're here to help. www.GoldenStateLawGroup.com for any type of bankruptcy.

Just like everyone else, celebrities sometimes face economic hardships...La Toya Jackson.

Singer, songwriter, actress, and activist came into financial hardship in the mid 1990s. Her personal finances turned out to be a mess and Jackson had to file for bankruptcy to alleviate damages sought after for ending an entertainment contract early.

Need bankruptcy help like La Toya, we're here to listen. www.GoldenStateLawGroup.com

Bankruptcy Facts vs. Fiction – Married People Can’t File Bankruptcy Alone.

Many married people are confused or afraid to file for bankruptcy thinking that they have to enter as a couple. Nothing is as far away from the truth; you can file bankruptcy alone, even if you are married!

A bankruptcy official may want to see some evidence of your spouses’ income, but your bankruptcy will not have anything to do with your husband or wife. It won’t affect you husband or wife’s credit.

To find out more speak to our bankruptcy experts, we can offer you sound advice as to how you can file bankruptcy…and leave your spouse out of it. www.GoldenStateLawGroup.com

This is what happens when you try to hide assets in a bankruptcy…

An Iowa farmer has been sentenced to prison for lying to bankruptcy court about his assets. Authorities said Jay Freese borrowed money from Lincoln Savings Bank and then attempted to evade his financial responsibility by hiding his assets and misleading creditors, the court and investigators. Judge Linda Reade sentenced Freese to 18 months in prison during a Thursday hearing in U.S. District Court in Cedar Rapids. She also ordered him to pay a $5,000 fine and a $100 civil penalty. He will be on supervised release for three years following prison.

Authorities said Freese ran into debt problems with his hog operation. He obtained an operating loan from Lincoln Savings and put up equipment including a Bobcat, Kubota tractor and ATVs as collateral, according to court records. He later traded the ATVs for a corn-burning stove valued at $10,700, and not long after that, he filed for bankruptcy in 2009. Records allege he didn’t list the ATVs or the stove in his bankruptcy filing. At the time, he owed $354,000 to Lincoln Savings, court records state. Bank officials reviewed Freese’s bankruptcy and found he hadn’t listed assets that he had claimed in his loan. When Freese was questioned about the Bobcat and the tractor, he said he sold the equipment to a man who investigators later determined was his brother-in-law. Further investigation revealed there was no sale, but Freese had given his sister $5,700 in cash and told her to write a check for that amount so it would look like a payment for the equipment, records state. FBI agents searched Freese’s property and found the equipment. They also found five firearms, a boat, a snowmobile, a collection of farm toys and $22,102 in cash Freese hadn’t disclosed in the bankruptcy, according to court records. Need help contact us at www.GoldenStateLawGroup.com

What Happens When You Default on Your Home?

When you default on a loan secured against your home, the lender has the right to commence foreclosure proceedings to sell your home. This can occur unless you are able to make arrangements to catch up on the missed payments, or get a new loan that pays off the prior one (hopefully on terms you can afford).

Getting a new loan would require that there be more equity in your home, which means its value must have risen. It also assumes you have good enough credit to get the loan, as well as sufficient income to pay on it. Loan modifications can work, but lenders do not always allow them. Getting additional income to pay the higher amounts is a possibility for some, but not all, and is probably not the optimal solution. But what’s missing from this graphic? Filing a bankruptcy case! Chapter 13 Allows Time to Catch-Up In a Chapter 13 bankruptcy case your lender can be forced to accept payments on the past due amounts over a period of up to 60 months. This is a really powerful tool. Find out more at www.GoldenStateLawGroup.com

1 in 10 working Americans between the ages of 35 and 44 is getting his or her wages garnished.

How much money can collectors legally seize from people's wages and bank accounts? In about half the states in the country, collectors can seize 25 percent of your paycheck. In all but a handful of states, they can take everything in your bank account.

Debt collectors have been filing millions of lawsuits against working Americans that are resulting in wage garnishments. That's according to an analysis by the payroll services company ADP. Source: http://www.npr.org/2014/09/16/348709389/with-debt-collection-your-bank-account-could-be-at-risk HOWEVER if you file for bankruptcy - this all goes away! Find out more at: www.GoldenStateLawGroup.com

Bankruptcy Myths…Facts differ from Fiction.

The myth that a Bankruptcy will ruin your credit (and ability to get a house or car) for 10 years.

There is a very common myth that filing for bankruptcy ruins your credit score, FALSE! Bankruptcy will not prevent you from getting a good credit score.

Debt collection companies love this myth as it scares people away from bankruptcy. Bankruptcy will also not prevent you from getting a good low rate on a car or a house even as soon as two years after your bankruptcy!

It is true that bankruptcy can stay listed on your credit report for up to ten years. That is where the “Ten-Year” number comes from. However, after a little while, it is almost meaningless. Most people who filed bankruptcy improve their credit within months. Sometimes, bankruptcy can even IMPROVE your credit score.

Find out more at www.GoldenStateLawGroup.com

Just like everyone else, celebrities sometimes face economic hardships...Mike Tyson.

Former undisputed heavyweight champion of the world filed for Chapter 11 in August of 2003. $23 million in debt Mike had returned to the ring in 2006 to help clear some of the debts.

Now the 47-year-old says pigeon racing is his 'first love' and at one pointed owned up to 350 birds. Despite making about $400 million over the years, Tyson managed to squander his fortune. Facing big money problems - do what Mike did...file for bankruptcy. www.GoldenStateLawGroup.com

Another Sign of the Times Trump Plaza files Chapter 11.

Trump resorts in Atlantic City, N.J. filed for bankruptcy today and may shut down the Taj Mahal Casino as well.

The company filed in U.S. Bankruptcy Court in Wilmington, Delaware, saying it has liabilities of between $100 million and $500 million, and assets of no more than $50,000. It missed its quarterly tax payment due last month, and says it doesn't have the cash to make an interest payment to lenders due at the end of the month.

Donald Trump owns a 9 percent stake in the firm, but neither controls it nor has any involvement in it. He is suing the company to remove his name from the properties.

http://money.msn.com/business-news/article.aspx?feed=AP&date=20140909&id=17917035

In too deep with financial problems, let us help get you a fresh new start – even Uncle Donald would approve! Visit us at: www.GoldenStateLawGroup.com

1 in 4 Americans Swamped by Medical Debt

One in four people say they now owe more in medical debt than they have saved in an emergency fund, according to the Bankrate.com report released Thursday.

That problem is particularly acute for lower-income earners. Among people who make less than $30,000 annually, 44 percent revealed that their medical debt exceeds their emergency savings fund, Bankrate.com found.

If you are in this situation you can file a Chapter 7 or Chapter 13 and stop all medical debt collections and lawsuits against you. The automatic stay also prohibits your creditors from contacting you by phone, letter, or other means to demand payment. Once you have successfully completed your bankruptcy case all of your medical bills, dental bills, and hospital or doctor charges will be discharged (wiped out).

Learn about your bankruptcy options at http://www.GoldenStateLawGroup.com/

Just like everyone else, celebrities sometimes face economic hardships. Number 6 in our series...Larry King.

Larry King is an American television and radio host, actor, voice artist, and comedian. From 1985 to 2010, he hosted the nightly interview television program Larry King Live on CNN.

Like many he spent irresponsibly and was $350,000 in debt. He filed for bankruptcy in 1978 after a scandal in which his business partner accused him of stealing money.

Money woes like Larry? Visit us for help at http://www.goldenstatelawgroup.com/

Just like everyone else, celebrities sometimes face economic hardships. Number 5...Kim Basinger

This famous actress wanted to buy the small town of Braselton, Georgia for $20 million, with the dream of turning it into a tourist attraction that featured movie studios and a film festival.

Basinger's big plans never quite came together. In 1993, five years after she and her partners bought the town, she sold it for $1 million and later declared bankruptcy. Need help like her? Visit us at http://www.goldenstatelawgroup.com/

Payday Loan Stores multiply like Starbucks

We’ve been seeing many more of these so called Payday Loan Stores, popping up across San Diego, places that offer “fast cash FAST!”

So what’s the problem? A woman we’ll call “Mary” gets a divorce. To help cover monthly expenses she takes out a payday loan for $400 which charged her an extra $120 to borrow the money for 16 days. That alone is comparable to an annual interest rate of 684 percent.

The Snowball keeps on Rolling.

Mary, like so many others in the situation, didn’t have the full $520 to repay after 16 days, so she rolls over the loan for another $120 in fees. Before she was able to fully pay off this loan she rolled it over five times and paid $600 in fees on the original $400 loan.

But it’s a Legal Business.

Yes, payday loans are completely legal and governed by state law. Only 15 states have caps below 60 percent. But the industry is working hard to weaken those laws. Back in the 2008 election season, they spent nearly 30 million in Ohio and Arizona initiatives that would have removed caps. Voters in both states defeated these efforts.

What’s a person in debt to do?

First and foremost don’t take out payday loans! Learn to budget and setup a monthly savings plan, even it’s only a few dollars. A small sum in a bank can save thousands in loan fees.

Consider filing bankruptcy, it’s your legal right, and a great way to get back on your feet to get a fresh start. Find out more at: http://www.goldenstatelawgroup.com/bankruptcy-overview-bankruptcy-attorneys-san-diego.html

It’s always nice to start your Friday seeing a great review posted!

Posted on our local Better Business Bureau:

David Weil and his staff are amazing. They are professional and very experienced. Dave always returned my calls and he took the time to explain the process down the finest detail. Phil Jackson was great too… always available. Their services were very affordable and I am totally happy with my outcome. So glad I hired them!! Review By: CK on 8/22/14

Thanks CK!

Find us at: http://www.goldenstatelawgroup.com/

Just like everyone else, celebrities sometimes face economic hardships. Number 4 in our series.

M.C. Hammer - Birth name: Stanley Kirk Burrell Parachute pants icon and rapper with the hit "U Can't Touch This" and "Too Legit to Quit" had his greatest commercial success and popularity from the late 1980s until the late 1990s but filed for bankruptcy in April 1996 due to low album sales, $13 million in debt, and an extravagant lifestyle...but those pants!

Need help like Hammer? http://www.goldenstatelawgroup.com/

Just like everyone else, celebrities sometimes face economic hardships. Number 3 in our series.

Willie Nelson This country music singer-songwriter had to file for bankruptcy in 1990 after owing over 16 million dollars in Internal Revenue Service debt, his bank accounts and real estate holdings seized by the government. “To all the bills I’ve ever owned..”

Thanking about bankruptcy? Find out how we can help at www.goldenstatelawgroup.com

Trending Blogs

Recently Viewed Blogs

Legal News Blog