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Archive for May 2011

Why Do Lenders Deny Loan Modifications?
May 16th, 2011, Posted by admin |  Posted inBankruptcy |  No Comments »

A recent article issued by Bankrate.com titled "Why lenders nix loan mods" discloses some of the internal practices that are going on behind the scenes that are impacting the acceptance of loan modifications for Sacramento homeowners.  

If you are concerned about recourse from a foreclosed home, feel free to contact Attorney Michael Johnson an Elk Grove bankruptcy attorney. 

The information on this website is not intended as legal advice, does not imply an attorney client relationship, and you should consult with a professional or attorney regarding the details of your own personal facts and financial situation. Further the information is not warranted to be complete, accurate, or current.

 

Estate Planning Elk Grove – What is Probate?
May 8th, 2011, Posted by admin |  Posted inEstate Planning |  No Comments »

What is Probate?  Probate is a legal process that can possibly occur after someone dies to distribute property, pay debts and to resolve any other lingering personal issues.  

What's wrong with probate?

* Public process that is administered through the court system

* Long time delays to have the estate administered and reviewed by the court

* Expensive to retain a specialized attorney to guide and represent you through the process

However, not everyone who dies is required to have their estate go through probate.  In fact, those that properly prepare in advance prior to their death and set up a living trust that is properly funded  do not need to go through probate.   A living trust is  a fairly simple, affordable, and straightforward process.  Individuals and families should have a living trust Sacramento to avoid probate and to organize their affairs. 

To learn more about the benefits of a living trust feel free to contact Attorney Michael Johnson an elk grove living trust attorney for a free and confidential consultation. 

The information on this website is not intended as legal advice, does not imply an attorney client relationship, and you should consult with a professional or attorney regarding the details of your own personal facts and financial situation. Further the information is not warranted to be complete, accurate, or current.

 

Can I Transfer My Property to Someone Else Before I File Bankruptcy?
May 8th, 2011, Posted by admin |  Posted inBankruptcy |  No Comments »

I am often asked whether a person can transfer their property to someone else before filing bankruptcy.  In some cases, the question is presented innocently and other times with the intent to protect their property from being surrendered to their creditors.   For example, the other day as I was meeting with a man prior to filing his bankruptcy petition he asked me if he could transfer the car to his daughter.  I asked him why he wanted to do that right before filing bankruptcy.  His reply to me was that it didn't have anything to do with his bankruptcy, but that his daughter was turning 18 and he wanted to give one of his old cars to her as a birthday present.  In such case, his intentions seemed innocnent enough.  However, in other meetings I have had with individuals prior to the filing of their bankruptcy petition I am asked if they deed real estate to others or transfer title of their cars as a way making it appear as if they had fewer assets than they truly did.   In both cases, either innocently or with the intent to purposefully keep the property out of the reach of creditors the transfer of such property to another person is innappropriate. 

It is innapproprate to transfer an asset prior to filing bankruptcy.  Such a transfer may be considered and classified in a number of different ways.  First, such a transfer could be considered fraudulent.  Second, such a transfer could be classified as a "preferential" transfer that can be pursued and reversed by the trustee.  Also, such a transfer may be grounds for the denial of your bankruptcy discharge defeating the purpose of filing bankruptcy.   Thus, anyone filing bankruptcy should be extremely careful in the transfer of such property prior to filing bankruptcy.

To learn more about properly filing bankruptcy feel free to contact Attorney Michael Johnson an elk grove bankruptcy attorney for a free and confidential consultation. 

The information on this website is not intended as legal advice, does not imply an attorney client relationship, and you should consult with a professional or attorney regarding the details of your own personal facts and financial situation. Further the information is not warranted to be complete, accurate, or current.

 

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