James P. Doan Law Blog

There has never been a better time for a real financial “do-over.” We call it Bankruptcy.

Whether you consider restructuring your debt through a Chapter 13, or eliminating all of your unsecured debt...

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The following story is an unedited letter from a client detailing the difference that bankruptcy, and Doan Law Firm in particular, made in her life. She asked that we not publish her name.

When in debt and facing the potential of bankruptcy, we often feel like slaves to our debtor. We feel this because most likely we are....

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It’s quite amazing to look back in history and see the wide variety of famous individuals that have declared bankruptcy. Although they may be rockstars, actors, or athletes, they have had financial hard times just like the rest of us. After a few too many nights of partying, overspending, bad investments, or one bad business decision, they were prompted to pull the BK card.

To start, MC Hammer’s famous song “You Can’t Touch This” was exactly what he was... Read More

“But won’t bankruptcy destroy my credit?!” We have heard it time and time again and are sure you have had that thought once or twice, especially if you are contemplating filing. The truth is bankruptcy actually acts as a repair for your credit.

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Here is how it works: years ago, when home values were at their height, home owners used the equity in their home(s) to borrow against. They took out second mortgages, third mortgages, and even fourth mortgages. Those mortgages were secured by the equity in the home. But today, one in four California homeowners is upside down (where the liens against a property exceed the value of the property).  In many cases, debtors can completely eliminate junior liens either in...

Read the... Read More

Here is how it works: years ago, when home values were at their height, home owners used the equity in their home(s) to borrow against. They took out second mortgages, third mortgages, and even fourth mortgages. Those mortgages were secured by the equity in the home. But today, one in four California homeowners is upside down (where the liens against a property exceed the value of the property).  In many cases, debtors can completely eliminate junior liens either in...

Read the... Read More

In Orange County the first quarter of the year ended with a 65 month high in Bankruptcy filings.1,881 individuals and businesses filed for Bankruptcy Protection making it the highest one-month total since the Bankruptcy law was changed in 2005. This represented a 10.1% year over year increase and the highest number of Bankruptcy filings for the month in 11 years as reported by the U.S. Federal Bankruptcy Court.

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Chapter 7 & Chapter 13 Bankruptcy in California has risen substantially since 2005. With the recession and struggling economy, it is harder and harder for people to pay their debts. Last year the number of bankruptcies filed in the US hit a record high, 1.53 million. That equates to more bankruptcies than the entire decade of the 60’s!

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