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Michael Erik Clark
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Michael Clark’s Answers

6 total

  • Filed a Chap. 13 with help from my attorney, he did most of the papers and I went to LA, to file them.

    As this was an emergency Chap. 13, I was missing some schedules. I let the attorney and he again, helped but this time the schedules said Chap. 7. I did not catch this. Now I find out that the BK has been dismissed. Attorney did nothing for the mo...

    Michael’s Answer

    I am sorry to hear that this happened to you. Unfortunately in the past few years many attorneys have flocked to the practice of bankruptcy and have been learning on the job. Seek out an attorney who handles consumer bankruptcy cases exclusively and who has a good reputation in Chapter 13. You can have the bar to refiling lifted by filing a motion with the court. A good attorney will be able to assess your facts and see if you will be a good candidate for having the restriction for filing lifted. Do not mess around with attorneys who dabble in bankruptcy, especially Chapter 13 - it is a recipe for disaster.

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  • I am filing bankruptcy in California. Is there a process I need to do before using the #2 homestead exemption?

    My home has negative value, but I want to have exemption value for other properties. Also, do I list it as asset with minus value?

    Michael’s Answer

    You need to list all assets (including real estate) describing their value and identifying any secured claims against those assets. If it turns out that your property is worth less than what you owe the schedules will show as such. Since you mention that you "want to have exemption value for other properties" please note that California's homestead exemption only applies to your residence.

    This answer is NOT intended to create an attorney/client relationship and is for informational purposes only. I concur with the attorney from Houston in that you should seek the advice of a bankruptcy lawyer. If you get this wrong it can have significant consequences.

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  • 2nd mortgage and filing chapter 7 or 13

    I currently have a 2nd mortgage for my property. The value of the house is already under the 1st mortgage. I am planning to file chapter 7 due to my circumstances, and I completely understand that only chapter 13 could strip 2nd mortgage. Quest...

    Michael’s Answer

    You can try to negotiate with the lender before, during or after you file your bankruptcy regardless of the Chapter. Lots of possibilities and we have seen all of them accomplished by various clients. Having the advice of good counsel is strongly suggested though because there are many ways to make mistakes along the way.

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  • Went through a chapter 7 and had to give up my rental house in the bankruptcy was discharged in july 2010 title is still

    in my name how can i get it off the title

    Michael’s Answer

    There should be plenty of real estate brokers out there that will short sell the property. If it is in Southern California, call me and I can refer you to a short sale specialist. 626-332-8600

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  • I'm looking for a Chapter 13 lawyer with experience with cram downs before Vincent Zurzulo.

    If you fit the bill, send me a phone number so I can hire you for a couple hours.

    Michael’s Answer

    We have filed hundreds of successful Chapter 13 cases in Los Angeles and many of those with Judge Zurzolo. We have several offices throughout LA. Feel free to call us at 626-332-8600.

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  • In a CH13 BK, is it standard practice to add interest to each payment amount disbursed to a creditor by the Trustee?

    My CH13 was discharged, paid in full per the Chapter 13 Trustee and the National Data Center. For each monthly disbursement from the Trustee to the creditor, appears the amount disbursed to the creditor and just below that shows "interest" but thi...

    Michael’s Answer

    I assume you are talking about the Chapter 13 administrative fee. This is a fee that the Chapter 13 Trustee collects to fund her operation. It is standard and everyone in Chapter 13 pays it. It is a percentage that is calculated based on the amount of money the Trustee distributes through your plan of reorganization. Hope that helps

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