Bankruptcies and Foreclosures in Orange, Los Angeles, and Riverside County  

While some recent reports are display that the country may have seen the worst of the latest recession, bankruptcy and foreclosure statistics released for March and the first quarter of 2010 are indicating that consumers, businesses and homeowners are continuing to struggle. The biggest jump in bankruptcy filings was seen in Los Angeles County with the month of March 2010 recording a 75% increase over March of 2009. The skyrocketing pace of Chapter 7, Chapter 11, and Chapter 13 filings was not a one month anomaly as the county’s increase for the first quarter rose 65% over the first quarter of 2009. Orange County saw bankruptcy filings increase by 47.8% for March and 46.8% for the first quarter while Riverside County witnessed jumps of 55.2% for March and 54.4% for the quarter. Bankruptcy attorneys look at bankruptcy filings to be a lagging indicator for the economy, meaning that filings could increase over the next several months even if the overall economy continues to show modest gains.

Foreclosure statistics were also indicative of the pain being felt by homeowners as banks foreclosed on homes for the first three months of the year at a rate 35% higher than in the first quarter of 2009 as reported by RealtyTrac, an Irvine California based data collection company. Additional bad news lies in the possibility that the procedure will be accelerating over the near future as banks, no longer encumbered by foreclosure moratoriums and uncertainties over the guidelines of the Obama Administration’s failed HAMP initiative, start to attack their backlog of defaulted home loans. The foreclosure numbers, which include those homes lost to foreclosure or scheduled for sale at auction, were the largest on record for RealtyTrac which has been tracking foreclosure statistics since January of 2005. While foreclosure increases for Orange, Riverside, and Los Angeles Counties came in at lower-ranking rates than national statistics, rates still increased with the major care being that foreclosures on high priced homes are set to ramp up dramatically due to issues with liquidity and lack of need.

Part of the reason for the increase in bankruptcy filings could be directly related to the difficulties experienced by homeowners in getting their loans modified. In fact, wherever government programs and lenders have not delivered, the bankruptcy courts have. The benefits of Chapter 7 and Chapter 13 bankruptcy filings, thought by many to have been gutted by the bankruptcy code overhaul in 2005, are still available but are now best attained via representation by an experienced bankruptcy attorney. Homeowners are finding that they can stop, delay, or prevent foreclosures using Chapter 7 and Chapter 13 bankruptcy filings. Other benefits include the renegotiation of mortgage terms and the discharge of subordinated home loans if they have become unsecured due to a decrease in value of the residence.

For homeowners quest foreclosure ease, consulting a qualified bankruptcy attorney may open a new door in terms of a financial answer? to their situation. The Law Offices of Zhou & Chini specializes in helping consumers find these answers on the way to getting the best resolution possible. For more information on preventing foreclosure through a Chapter 7 or Chapter 13 bankruptcy filing, visit www.BankruptcyattorneyinCalifornia.com  or call (800) _____________    

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Should My Attorney’s Primary Focus Be Estate Planning?

The answer to this question really depends on your personal circumstances and what you will need.  Depending on your needs, you may just need simple wills, power of attorney, and health care documents or you may have a need for elaborate living trusts or revocable trusts. 

For example, if you have a limited number of assets and are passing your estate on to a single person, you probably only need simple documents assembled.  However, if you have a complicated family or financial situation or your estate is taxable, more elaborate documents will need to be created.

If you are in the situation where you really don’t require advanced documents, a specialized attorney is probably not required.  An attorney whose practice is broad should be sufficient for your situation.  However, if you are in the class where you do require more elaborate set of documents, they you will want to work with an attorney whose primary focus is estate planning and estate tax reduction.

How Many Years of Experience Should My Attorney Have?

Whether your attorney is a generalist or is specialized in estate planning, the more experience they have, the more exposed they are to the estate planning process and what is required.  They have had the chance to see how their estate planning documents perform when a client becomes disabled or dies.

The more an attorney has practiced estate planning law, the more documents such as wills, trusts, power or attorney, and health care documents have been revised and tweaked to make sure they handle everyday situations that their clients encounter.

So the simple answer is, the more experience better.  This will help give you a spirit of peace as you work with your attorney to prepare the documents that you require.

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