M. Wayne Tucker

I focus on individual, family, and small business asset protection and preservation through bankruptcy.  My team and I have helped hundreds of individuals, families, and small businesses restructure their finances to obtain relief from debt so they can move productively forward.

Through Chapter 7 clients have received a fresh financial start while protecting and preserving assets such as income, homes, cars, and retirement savings.

In Chapter 13 clients are reorganizing their debt to protect assets while making monthly payments to creditors. Reorganization usually results in reduced debt balances, reduced interest rates, payment of missed mortgage payments with no interest or penalties, payment of tax debt with no interest or penalties.

Examples

Relief from the Harassment of debt collectors

• Debt collectors call numerous times per day to intimidate and pressure debtors who clearly are already struggling. Most debt was incurred with the intent to pay it. Life happens. Income drops. Sickness hits. Accidents happen. Without much notice suddenly the debt is overwhelming and the strategy of paying every other month or alternating payments among creditors is simply not working. If it appears nearly impossible to get out of debt on your own within the next 24 - 36 months, bankruptcy is a realistic option. Creditors and their collection agencies can no longer harass you if the debt is discharged in a Chapter 7 or if it is being managed in a Chapter 13 plan.

Relief from income tax liability

• If a tax debt has been due for over 3 years and the tax return was filed at least 2 years before a bankruptcy, it is likely to be discharged in a Chapter 7 bankruptcy. Tax debt that cannot be discharged, may be managed to the taxpayer's benefit through a Chapter 13 payment plan.

Preventing or stopping wage garnishment

• If a judgment creditor has obtained a wage garnishment order, employers are required to take up to 25% of your take home pay from your paycheck. Your wages will be protected in a Chapter 7 or Chapter 13 bankruptcy. The employer will be relieved of taking the deduction and turning it over to the Sheriff. The automatic stay goes into effect immediately upon filing a bankruptcy petition, meaning that the wage garnishment order is stopped dead and the debt is discharged or managed through a Chapter 13 plan.

Preventing or stopping a lawsuit

• A lawsuit to collect money or seeking damages will be automatically stayed when a bankruptcy case is filed. The lawsuit cannot proceed if the debt or claim is discharged in a Chapter 7 or if it is paid through a Chapter 13 plan. If it is not dischargeable, the lawsuit cannot proceed without bankruptcy court approval.

Preventing or stopping foreclosure or repossession of a home, car, or other secured asset

• The sale or repossession of assets that secure loans will be stopped when a bankruptcy case is filed. After it is stopped, there is an opportunity to develop a plan to keep the property or to make a decision and arrangements for surrender. A vehicle can be surrendered in bankruptcy with no further obligation even if the loan balance exceeds the value of the vehicle.

Eliminating overwhelming debt and protecting retirement savings

• Bankruptcy law provides the tools to eliminate debt without depleting your qualified retirement savings. Most retirees are dependent on their retirement savings and social security income for daily living expenses. Bankruptcy can eliminate debt without touching the retirement accounts and SSI. The relief from the pressure of debt allows retirees peace of mind and financial security knowing that their retirement income will last longer and will be applied to a monthly budget free of debt payments.

Small business debt relief

• It's no secret, small businesses struggle to survive in SoCal. When the hopes and dreams turn into nightmares, bankruptcy provides an organized and controlled method of liquidating and/or possibly reorganizing to stay in business.

In addition to the practice of law, I enjoy road cycling and mountain biking and have biked many mountain trails in the Western United States.  I became a four wheel drive enthusiast and enjoy revisiting many of my favorite mountain bike spots but now with an engine, air conditioning and satellite radio. 

My wife and I enjoy a considerable amount of time as cheering fans at our 10 grandkids' sports and academic activities.