Sunday, March 17, 2013

Changes are likely for CHAPTER 13

There are several significant proposed changes to the Chapter 13 plan, which could go into effect in 2014. The Advisory Committee on Bankruptcy Rules is expected to present a uniform Chapter 13 plan and submit it for comment in August 2013. The current version of this Model-Plan-and-Proposed-Rules-12-11-2012 consolidates several motions into the Chapter 13 confirmation process. For example, instead of holding the Debtor responsible for obtaining the correct claim amount pre-confirmation, the duty is shifted to the creditor to file its proof of claim within 60 days of the petition date. Thus, the proof of claim bar date would be decreased to 60 days from the petition, rather than 90 days from the first scheduled 341 meeting of the creditors. When considered with the 2010 amendments, these rules would appear to increase the burdens on mortgage servicers in Chapter 13 proceedings.
According to comments from the Chapter 13 Form Plan Working Group for the Advisory Committee, failure of a lender to file a timely proof of claim and participate in the confirmation process may waive both its claim in bankruptcy and its right to pursue the claim outside of bankruptcy. The plan and rules would be published for six months public comment in August 2013 and go into effect December 1, 2014, if approved at each stage of the rules making process.

Lets see what happens. If you are considering file for Bankruptcy, please contact RAXTER LAW - MENIFEE BANKRUPTCY ATTORNEY for more informaiton. The first consultation is free. Contact us at (951) 226-5294

Saturday, February 16, 2013

Introduction Video

Take a look at our new "introduction" video. We are planning to start a series of informational videos on a variety of legal subjects.

Sunday, December 30, 2012

Sunday, November 11, 2012

Sunday, November 4, 2012

Tips to make Bankruptcy successful

Bankruptcy is not an easy decision and the events that lead up to making that decision are streesful to say the least. Between the colleciton calls, wage garnishments, creditors, house payments, and everything else (not forgetting just living day by day) I decided to write down a few tips to make the process easier.


 This one takes the most work. A Chapter 7 bankruptcy petition consists of about 75-90 pages of documents. These documents contain information about your income, assets, expenses, debts, and financial transactions. The amount of information required is extensive. 

 If your Bankrutpcy lawyer asks you to provide informaiton such as dates/dollar amounts, do your best to provide the actual informaiton. Bankruptcy cannot be performed on guesses and assumptions. If I ask you when did you sell the car and for how much...your answer should be "August, 2012 for $3,800 to Jim Bob"...not...."Well, I think two or three years ago for about 3 bills"
The more information I have the better your bankrutpcy will go. But you knew that already, just gathering the documents and providing my office with everything will allow us to protect your assets and have a clear picture of the whole situation.


Remember, there is such thing as Lawyer-Client privledge. Please remember that when I ask you about your assets. If I do not know about them I cannot do my job properly and protect them.

There are many ways to protect assets, but again, this is assuming you told me about them. Disclose, Disclose, Disclose.......and Disclose.



 The Court, Trustee, or my office may and probably wil ask for stuff - and this goes without saying (or at least it should) when asked for stuff bring it to us asap. Trust me, I never ask for things I do not need for some reason or another.


 Before you start withdrawing money from a retirement account, IRA, 401k, or other plan to pay your to RAXTER LAW for a free bankrutpcy consultation. Once you remove funds from a protected account it will be subject to a creditors and will lose all protection. People have good intentions when they drawdown their accounts in an efforts to pay creditors, but in some circumstances this only delays the inevitable. Do not let your family be faced with the situation where you have withdrawn your retirements accounts, and still have to declare bankrutpcy.