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September 1, 2018 By jenleelaw

Rule #1 – You are the Driver of Your Bus!

I recently read a book called “The Energy Bus” and it really reminded me of why I love what I do. I found myself wanting to be the character Joy. Sometimes gently, sometimes not-so-gently guiding people in the right direction. First, I highly recommend reading the book. It’s a quick, easy read, but life-changing.

It also reminded me of the number 1 rule that I strive to impress upon my clients, but I didn’t realize this was a “rule” before I read the book. That’s possibly because I’m not a big fan of rules in general, but that’s another article by itself.

You are the driver of your bus. So many people come to our office to talk about their debt and credit issues feeling dejected, hopeless, and out of options. My goal for every single person that comes in like that is to leave energized, hopeful, and full of options. But, it starts with you being able to see the light at the end of the tunnel. That’s our job. To give you a path to find the light and then energize you to keep working towards it.

Now, I can’t say it just like that. When was the last time your attorney said, “Come on in to our office, we’re going to talk about positive mindset to get everyone on board your energy bus!”?  I’d get locked up in a looney bin. But, I can practice what I preach and significantly impact the lives of my clients, just like Joy did.

Being the driver of your bus means taking control and steering your life the way you want it to go. That’s easier said than done, but it also can start with one small change. Don’t be afraid to find out what your options are. We talk to so many people who put off taking control so long that it’s negatively impacted their health, their relationships, their work, etc. What if you knew that taking control and finding out that there are options would result in better health, relationships, work, etc.? Would you be less fearful? You are the driver of your bus!

Here is a list of the rest of the rules. Some I like more than others. I definitely agree with getting rid of energy vampires in your life. Life is too short to hang around people who literally suck the life out of you! If you come into our San Ramon office, this will likely be hanging on the wall.

The full book title is The Energy Bus: 10 Rules to Fuel Your Life, Work, and Team with Positive Energy by Jon Gordon. It’s available on Amazon: https://amzn.to/2CcSfmy

On a final note, there is also a children’s version. Your kids are watching how you react to challenges and difficulties all the time and they will copy you. The best gift you can give your children is to teach them that they are the driver of their own bus. https://amzn.to/2PponFv

 

This is just a basic overview and is not legal advice specific to your situation. If you have questions about your rights when it comes to debt and credit, you should speak with an attorney in your area for legal advice. If you live in California or North Dakota and would like to speak with Jen Lee Law regarding your situation, please schedule an appointment on our scheduling site.

Filed Under: Bankruptcy, Bankruptcy Process, Credit

June 24, 2018 By jenleelaw

Will I Ever Be Able to Get a Car Loan Again?

New Car

One of the most common questions we get when discussing bankruptcy is, “Will I ever be able to get a car loan again?”

The answer is yes. And probably a lot sooner than you may think.

However, there is a lot of misinformation about there. I read an article this evening on a site that works with people in bankruptcy to get a car loan. You would think the information would be correct, since they purportedly work with people in bankruptcy, but there were some major red flags.

What Chapter Did You File?

If you file for Chapter 7, you can get a car loan as soon as 1 day after you file with some of the lending programs out there today. However, this article incorrectly states auto loans are not available during the Chapter 7 because “it’s possible for the car to be included in your bankruptcy, which could leave your lender holding the bag.”

That’s not how Chapter 7 works. Everything you own on the day that your bankruptcy is filed is what is included in your bankruptcy (also known as the bankruptcy estate). A car lender should never be left holding the bag because the loan is secured against the car. Bankruptcy doesn’t wipe out a secured loan and leave the lender “holding the bag.”

If you filed for Chapter 13 (which is a repayment plan over 3-5 years), you generally need trustee approval and there are often limits on the monthly payment and total amount that will be approved. Talk to your Chapter 13 attorney to make sure it’s a smooth process.

This article instructs you to bring your financing information to your bankruptcy trustee and that the trustee will present it to the court in a motion to incur debt.

No.

You should bring your financing information to your attorney. The attorney will coordinate with the trustee’s office to get approval. Depending on your court, a motion is probably not required at all and the trustee is never the one who will file the motion – you or your attorney (if you are represented) needs to do that.

Finally, the article states that there may be a hearing and “if all of your debtors agree,” it will be approved. Again, no. First, you are the debtor and you have creditors. Second, all of your creditors do not have to agree or approve of your car loan.

The bottom line is that financing is available at almost any stage of the bankruptcy process, but it’s important to know your local procedures and work with your attorney to understand the steps that are required.

The article I read is here.

This is just a basic overview and is not legal advice specific to your situation. If you have questions about your rights when it comes to debt and credit, you should speak with an attorney in your area for legal advice. If you live in California or North Dakota and would like to speak with Jen Lee Law regarding your situation, please schedule an appointment on our scheduling site.

Filed Under: Bankruptcy, Bankruptcy Process, Credit

July 31, 2017 By jenleelaw

What Does a Bankruptcy Trustee Actually Do?

When you are filing a bankruptcy case, it can be a little scary. Understanding the process will help to alleviate some of those fears. Some very common questions that come up are about who the trustee is, what is their job, and will they share your information with anyone?

Who is the Trustee, anyway?

The U.S. Bankruptcy Court, Central District of California says that “The Office of the U.S. Trustee is not part of the bankruptcy court but is an agency of the Department of Justice whose main role is to monitor the administration of bankruptcy cases, detect bankruptcy fraud, and appoint/supervise a group of trustees who can administer chapter 7, 11, or 13 bankruptcy cases. The Office of the U.S. Trustee is divided nationwide into 16 regions, and each region is supervised by one person whose title is ‘United States Trustee.’ The U.S. Trustee generally has the right to be present at any court hearing and can make motions and recommendations to bankruptcy judges.”

What is their primary role?

In a chapter 7 bankruptcy case, a trustee is appointed to review the financial information of the debtor, take control of the assets of the debtor, and sell or distribute these assets for the benefit of creditors. A trustee can also recover certain assets that were previously transferred and bring those assets into the bankruptcy estate.

In a chapter 13 case, a trustee is appointed to review the documents filed in the case, collect payments, monitor activity in the case and to report to the court on how well a debtor is meeting his or her obligations. If a debtor is not meeting obligations, the trustee can ask the court to dismiss the bankruptcy case.

In both chapter 7 and chapter 13, the trustee conducts the meeting of creditors to question the debtor about the documents filed and allow creditors to ask questions.

Can the Trustee Share My Information?

No. As with attorneys, trustees are not able to share your information with others outside of your case. That means, that even after a bankruptcy case has been discharged, a trustee cannot discuss your information with anyone at any time for any reason, except when it is necessary to your case.

This is just a basic overview and is not legal advice specific to your situation. If you are considering bankruptcy or are feeling overwhelmed by debt, you should speak with an attorney in your area for legal advice. If you live in California and would like to speak with Jen Lee Law regarding your situation, please email me at jen@jenleelaw.com or call 925-586-6738.

Filed Under: Bankruptcy, Bankruptcy Process

November 27, 2016 By jenleelaw

Too Much Debt For Bankruptcy?

Is there such a thing as having too much debt to file bankruptcy?  Actually, there is when it comes to Chapter 13.  Under the bankruptcy code, there is a maximum limit for secured debts and unsecured debts that can sometimes cause problems for planning a bankruptcy filing.

Living in California, where housing prices are very high compared to most parts of the country, this issue comes up more often than you would think.  For 2016, the limits are $1,184,000 for secured debts (such as mortgages, car loans, etc.) and $394,725 for unsecured debts (such as credit cards, student loans, some taxes).

What happens if you have too much debt for a Chapter 13? Sometimes, you can attempt a Chapter 11 filing, depending on what you are trying to reorganize and the nature of your debts.  In other cases, there are strategies that can be used to file a Chapter 13 after dealing with some of the debts or filing a separate bankruptcy from your spouse.  There also may be options for how your debt is categorized that may help you qualify for Chapter 13 relief.

Chapter 7 does not have debt limits.  However, a Chapter 7 is also used for very different reasons than a Chapter 13 and you may end up having to liquidate assets in a Chapter 7 (like selling real property or other assets) if the trustee determines that there are non-exempt assets that would benefit your creditors.

It is very important that you talk to an attorney before deciding if you should file bankruptcy and if so, what chapter you file under.  Understanding all of the options and whether you qualify will help you make the best decision for your situation.

 

This is just a basic overview and is not legal advice specific to your situation. If you are considering bankruptcy or are feeling overwhelmed by debt, you should speak with an attorney in your area for legal advice. If you live in California and would like to speak with me regarding your situation, please email me at jen@jenleelaw.com or call 925-586-6738.

Filed Under: Bankruptcy, Bankruptcy Process

June 2, 2015 By jenleelaw

Bankruptcy and the Supreme Court

Very rarely do I get to hear much about bankruptcy court rulings on the news. However, today was the exception to the rule. As you may have heard, the Supreme Court released their decision this morning in Bank of America, N.A. v. Caulkett.

The Supreme Court ruled that Chapter 7 debtors are not able to strip (or remove) underwater second mortgages. Stripping a second is fairly common in a Chapter 13 case, but there were judges in Florida (and I believe one judge in NY) who had previously ruled that Chapter 7 debtors could do this.

Bank of America was not thrilled that debtors were getting out of these underwater second mortgages, so it was appealed eventually all the way up to the Supreme Court.

Enough legal talk – so what does this mean for my clients in California? Well, it unfortunately means that debtors will still continue to have to go the Chapter 13 route to strip underwater mortgages. However, California was not one of the states allowing Chapter 7 lien strips, so it does not really change the current strategies I present to my clients.

This is just a basic overview and is not legal advice specific to your situation. If you are considering bankruptcy or are feeling overwhelmed by debt, you should speak with an attorney in your area for legal advice. If you live in California and would like to speak with me regarding your situation, please email me at jen@jenleelaw.com or call 925-586-6738.

Filed Under: Bankruptcy

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LEGAL ADVERTISEMENT. The information included on this website is not intended as legal advice. You should consult with a lawyer before acting on any information contained in this website.

Jen Lee Law, Inc. is a federally designated Debt Relief Agency. Jen Lee helps clients file for bankruptcy protection under the laws of the United States.

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