Jeena Jeehyun Cho's Answers

Received summons for a credit card debt under $3300. They are suing for payment. I have no income.

Depending on what other debts you have (credit cards, medical bills, etc), bankruptcy may be a good option. You may be able to wipe away your debts once and for all and kill the lawsuit at the same time. If the credit card gets a default judgment, they can put a lien on your checking account (or any other assets you may have). Jeena Cho www.jclawgroup.com

1 lawyer agreed with this answer

Stop paying cards or bankruptcy, which is worse over the long run ?

Bankruptcy stays on your record for 10 years. How long non-payment remains on your credit report will depend on how long you miss payments for. The more important thing to consider is that if you stop paying your credit cards, all of the interest rate will go up to default rate - somewhere in the neighborhood of 30%. In addition, there will be added penalties added on. Interest alone - at 30% = 17,000 per year! Your credit cards will most likely sell its debt to a collection company and you...

1 lawyer agreed with this answer

Which route better. BK(chptr7 or 13) or debt settlement -CA atty, help!

Another consideration for Chapter 13 would be your monthly vehicle payment and the interest rate. In Chapter 13, it's possible to reduce the interest rate on the vehicle as well as stretch the payments over 5 years. Jeena Cho JC Law Group 415-963-4004 Disclaimer: The information provided is not intended as legal advice. Please seek advice of counsel about your particular situation.

Excluding wife from California S Corp ownership of company applying for Chapter 7 bankruptcy

The answer to your question would really depend on whether your wife personally guaranteed the debts of the S-Corp. In general, most loans by small companies are personally guaranteed, so transferring her shares won't shield her from financial liablity. In addition, there may be possible fraudulent transfer issues should she transfer the shares without consideration. Disclaimer: Unless you have a fee agreement with JC Law Group, I/We do not represent you. This is strictly my opinion...

Debts & Monthly Expenses Exceeds Monthly Income, but advised that Bankruptcy is not an option.

When you say you cannot qualify for bankruptcy, I assume you mean Chapter 7. Chapter 13 is available for high income earners that does not have sufficient deductions to pass the Means Test. Unlike Chapter 7, there is a debt limit in Chapter 13. If you will run out of savings and unable to pay your debts/expenses, you should seek a second opinion regarding your situation. The worst thing you can do is to not address your debt problem. It costs money to file for bankruptcy. It does not make...

Bankruptcy Chapter 7 or 13?

I agree with my colleague. One additional point I'd like to address is your loan from your family. Those loans are most likely dischargeable through bankruptcy as well. It's important to list everyone you owe money to on your bankruptcy petition - this includes family members. If you have repaid any of the debts back to family, this may be considered an "insider" preferential transfer. This means the Trustee may go after the family members for the money you have paid. You have a lot of...

I was laid off this year and receiving severance pay for 6 months, Can this income be used for chapter 13?

One of the most important thing you have to be able to do in a Chapter 13 bankruptcy is demonstrate an ability to repay your debt. If your severance is ending in 3 months, it's doubtful you will be able to demonstrate an ability to complete a 3 or 5 year repayment plan. I'm not entirely sure why you want to be in Chapter 13. Oftentimes, Chapter 7 is a much better way to go since you can ditch all of your debt and it's a much shorter process. Without knowing more about your circumstances, it's...

Bill collector that has gone way past harrassment.

I'm sorry that this is happening to you. If in fact UCB is trying to get into touch with your employer or your mom in an effort to collect a debt from you, that would be in violation of both the Federal Fair Debt Collection Practices Act as well as the California Rosenthal Fair Debt Collection Practices Act. For an overview of these laws, please go to: http://www.dca.ca.gov/publications/legal_guides/dc_2.pdf. Most likely, they will claim that they are trying to locate you. Send them a...

If a debt collection agency did a unauthorzied withdrawl on my checking account what can I do?

There may be possible lawsuits your attorney can bring against the debt settlement company to get your money back. You many also consider contacting the Attorney General's Office: http://www.ag.ca.gov/ Many of these so called "debt settlement companies" are scams and both the US Attorney General and other Attorney General Office around the country has been cracking down on them. Jeena Cho www.jclawgroup.com

Bankrupcy

Assuming your debt is credit cards, or other dischargeable debt, you may qualify for chapter 7. Without knowing what assets you have, it's hard to know for sure. Please note that if your debt is child support, alimony, taxes, it will not be dischargeable. Jeena Cho www.jclawgroup.com