The Bankruptcy Law Firm - Los Angeles Bankruptcy
Legal Representation Our Law Firm Offers To CREDITORS Include:
Filing Relief from Stay Motions for CREDITORS to move to lift the bankruptcy automatic stay so that secured creditors can proceed with foreclosure on real property and repossession and sale of secured collateral, and/or can proceed with lawsuits against persons/entities who have filed bankruptcy
Representing CREDITORS in objecting to confirmation of debtors' proposed Chapter 13 and 11 plans
Representing CREDITORS in bringing all types of adversary proceedings against debtors, including adversary proceedings seeking to keep debts from being discharged in bankruptcy and adversary proceedings seeking to deny Chapter 7 debtors any discharge
Preparing and Filing proofs of claims for CREDITORS; opposing Motions objecting to CREDITOR'S proofs of claim
Bringing an action (11 USC §727 adversary proceeding) in Bankruptcy Court on behalf of a creditor to ask the Bankruptcy Court to deny a discharge to the debtor where a debtor has filed a Chapter 7 bankruptcy and is seeking a Chapter 7 discharge
Bringing an action (11 USC §523 adversary proceeding) in Bankruptcy Court on behalf of a creditor to ask the Bankruptcy Court to hold that creditor's debt "nondischargeable" (ie, not discharged) in the debtor's bankruptcy case
Defending creditors in preference, fraudulent conveyance, and other actions brought against creditors by bankruptcy Trustees in Chapter 7 or 11 cases, and defending creditors in such adversary proceedings brought in Chapter 11 cases by the Chapter 11 "debtor-in-possession".
Representing Creditors in Appeals of Bankruptcy Matters to District Court, Bankruptcy Appellate Panel, Court of Appeals and US Supreme Court
Good News for Secured Creditors: The week of 12/8/09, the US House of Representatives again voted down the proposed legislation to allow bankruptcy judges to modify secured loans on individual debtors' primary residences in Chapter 13 bankruptcy cases. However, because President Obama's requests that mortgage lenders voluntarily modify home mortgages on primary residences that are "under water" has produced few meaningful voluntary modifications, pressure on Congress can be expected to continue, in 2010, and beyond, to pass legislation to force secured lenders to modify home loans.
The National Association of Consumer Bankruptcy Attorneys ("NACBA"), and many other groups championing the rights of consumers vow to keep pushing Congress to enact federal legislation authorizing bankruptcy judges to modify the terms of all loans secured by Mortgages/Deeds of Trust on individuals primary residences.
Under existing federal case law, such as In re Lam, in the Ninth Circuit (which includes California), junior secured loans on individual debtor's primary residences can already be "lienstripped" in Chapter 13 and 11 bankruptcy cases, if the junior secured loan is so far "under water" that it does not even have one dollar of equity available to pay the junior secured loan, after the senior secure loan is paid. With housing prices continuing to fall, more and more junior secured lenders have "no equity" for their loans to attach to, above the senior liens, and thus can be "lienstripped" in Chapter 13 and 11, from secured to general unsecured, through the Chapter 13 or 11 plan, so long as the Bankruptcy Court confirms (approves) the Chapter 13 or 11 plan, and so long as the individual debtor performs the confirmed plan long enough that the Debtor receives a Chapter 13 or 11 discharge.
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Phone Us at (310) 559-9224
The Bankruptcy Law Firm
10524 W. Pico Blvd.
Los Angeles, CA 90064
Phone: (310) 559-9224
Fax: (310) 559-9133
The Bankruptcy Law Firm
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