Written by San Francisco Bankruptcy Lawyer, Jeena Cho

In this economy, when couples are contemplating divorces, they are not fighting over who’s going to get the silverware, but who is going to pay the marital debt. Frequently, there are no assets to distribute in divorce – only debt. Divorces are of course expensive. It’s costly not just in terms of having to pay for two attorneys, but the emotional toll as well. Just this week, I met with a client who had racked up over $30,000 in attorney fees all in an effort to take on as little of the marital debt as possible. Now she is contemplating bankruptcy to get rid of the attorney fees.

So, is it smart to contemplate bankruptcy before the divorce? If you are on amicable terms with your soon-to-be ex spouse and the only issue is how the debt will be divided, it may make a Continue Reading »

Written by San Francisco Bankruptcy Lawyer, Jeena Cho

I came across an excellent article by a fellow Charleston Bankruptcy Lawyer. Russell DeMott, which addresses the impact of bankruptcy on credit report. If you are concerned about impact of bankruptcy on your credit report, consider the following:

Your Credit Rating is Already Screwed Up!

My answer to this question is usually the same: “you already have bad credit.”  The vast majority of clients who see me are delinquent on their debts.  This, of course, is why they came to me in the first place.  They have 30 day lates, 60s, 90s, lawsuits, judgments, and everything in between.

Having debts problems is like a tumor, though.  You get rid of it two different ways: (1) you pay off the debt–and that’s not an option much of the time, or (2) you file bankruptcy and discharge it.  If you do nothing, the tumor just grows and grows.  Continue Reading »

By: Jeena Cho

As a society, there are two things we don’t talk about. Death & Debt. Frequently, when people are experiencing financial distress, they go into denial mode. Instead of assessing their situation and tacking the problem, they deny thinking something will change. Of course, debt problems do not get better without proactive action. It gets worse. Interest rates continue to rise, you borrow from Peter to pay Paul.

If you are experiencing financial trouble, you should seek help. Go see a financial advisor, reach out and ask a friend or a family member. You will soon find that you are not alone in your problems.

For those of you that do not see any hope of being able to reduce your debt, we are offering a free seminar. If you do not want to attend in person, you can attend on the Web. It’s totally confidential. We’ll discuss the Continue Reading »

By: Jeena Cho

Can I get credit after bankruptcy? The simple answer is “Yes.” Most people will get offers for credit cards and cars after bankruptcy. Why? Because you can’t refile for 8 years (in case of Chapter 7 bankruptcy) and the creditors know they’ve got you. You can’t run and hide again. Most of these “deals” you get after bankruptcy are not deals at all. Here’s an example of one I’ve come across recently.

Our FDIC insured bank, has a Visa secured credit card that features:
- NO CREDIT CHECK OR INQUIRY
- Reports to all 3 major credit bureaus
- No annual fee
- 0% APR for 6 months on purchases
- Low $200 minimum deposit

It is perfect for people right out of bankruptcy.

Sounds great, right? No credit check? 0% interest rate? No annual fee? You’re thinking, where do I sign? NOT SO FAST! You must read the fine print before Continue Reading »

by: Jeena Cho

We’ve received several emails and calls regarding Mann Braken’s bankruptcy. Most common question being, “I was sued by Mann Bracken and they have filed for bankruptcy. What happens to my case?” First, it’s important to realize Mann Bracken was the law firm representing the plaintiff in your case. So, it’s not Mann Bracken suing you, but Discover, Chase, Bank of America, etc. Mann Bracken as the law firm has filed for bankruptcy, but the plaintiff in your case still has the claim against you. The law suit won’t be dismissed simply because Mann Bracken cease to exist. Most likely, the plaintiff in your case will get new counsel and the law suit will continue.

If you do have a pending case, it’s important to get legal representation in your case. We suggest you contact a lawyer regarding your particular law suit.

By: Jeff Curl, San Mateo Bankruptcy Attorney

In my recent experience, these three credit card companies seem to sue more quickly than other creditors.  Counsel for Chase mentioned filing something on the order of 5,000 new cases per month.  With such voluminous filings, it is their hope and desire that your will either pay them, or go into denial, bury your head in the sand and not do anything. 

The reason for hoping that you do nothing is that in California, after your are served with a summons and complaint, you have 30 days to respond to the complaint.  If you fail to do so, the creditor can request a default – at that point, the debtor essentially “wins.”  The default permits the creditor/prevailing party to obtain a judgment for damages.  With the default and judgment in its pocket, a prevailing creditor can seek to garnish Continue Reading »

by: Jeena Cho

One of the most common questions I get from clients is “can I keep a credit card through bankruptcy?” The answer is generally “no.” For many clients who has relied on credit cards to get by on a daily basis, it’s difficult to imagine life without one. It’s important to keep the end result of bankruptcy in mind – a life without debt. Imagine being able to have a savings, a retirement fund, or your set money aside for your children’s college fund. For many who has been living paycheck to paycheck, on the edge, it’s often difficult to imagine.

In general, any debt you owe must be listed on your bankruptcy petition. This means that even if you have a balance of $1 on a credit card, it must be listed. The opposite of this is also true. If there is a $0 balance, Continue Reading »

Latest Chase Controversy Part of a Pattern; Chase has a knack for infuriating its customers