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 DISCLOSURES REQUIRED UNDER 11 U.S.C. §§ 527 AND 342 NOTICE #1: Notice Mandated by 11 U.S.C. §§342(b)(1) and 527(a)(1)PURPOSE, BENEFITS AND COSTS OF BANKRUPTCY

Filing for bankruptcy under Chapter 13 helps financially distressed debtors save their homes.

A chapter 13 Bankruptcy is a valuable tool to combat the mortgage crisis by allowing bankruptcy judges to "strip-down" mortgage debt in Chapter 13 when the mortgage principle exceeds the current market value of the house. The subprime mortgage crisis has caused and continues to cause many homeowners to lose their homes—often because they cannot afford their monthly payments once the initially low interest rate expires. Housing pundits estimate that between 2 and 3.3 million foreclosures will occur between 2007 and 2009, including 1 out of every five subprime mortgages made since 2005. Foreclosures are very costly to both borrowers and lenders--borrowers must bear the cost of relocating and lenders lose a high fraction of the value of the house by the time it is resold.

Foreclosure is extremely costly to both borrowers and lenders, and it would be in their joint interest to deal with the mortgage crisis by renegotiating many mortgages voluntarily. But very few renegotiations have in fact occurred. This is because most mortgages have been repackaged into mortgage-backed securities, where ownership is divided among multiple security-holders who have divergent interests. As a result, they are unlikely to agree on any changes in the loan terms. In addition, while all mortgages have a servicer who acts on the owners' behalf, most mortgage servicing contracts compensate servicers for the costs of foreclosing, but not for the costs of renegotiating. Another problem is that many homes in default have second mortgages, and the second mortgage holder can prevent the first mortgage from being refinanced unless the second mortgage is paid off.

Filing under Chapter 13 stops lenders from foreclosing and gives debtors extra time to repay mortgage arrears. Debtors can similarly use Chapter 13 to prevent repossession of their cars.

If you need help with filing a Chapter 7 Bankruptcy in California, please call our 24 hour hotline at 1-800-551-7922. Our professional San Diego chapter 7 bankruptcy attorneys are ready to help you get back on your feet and take back control of your life.

See What Our Clients Have To Say

Yelp Review

Roger C.

I reached out to BLC to help assist with a chapter 7 business bankruptcy and they provided excellent guidance, advice, and support through the entire process. In my case an adversarial action was filed by one of the creditors and attorney Ahren Tiller and his staff provided sound ...arguments which prevailed. Couldn’t have found a more experienced and supportive team to represent me in a tricky situation. I would highly recommend them to anyone making the difficult but sometime necessary decision to find financial relief. Read more
Yelp Review

Justin R.

Like many others before and during the pandemic, life happenings caused me to be in a financial situation to warrant bankruptcy. The BLC was super professional all the way through the entire process. Right after I paid for my Bankruptcy, I got sick and had to have surgery and recovery. Then we ...were in full Pandemic mode. They were gracious to delay my filing until I was recovered and ready to file. I could not ask for more. The process was over all quick and painless for a simple Bankruptcy like mine. I feel a weight has been lifted and I can rebuild. Thank you for all your arduous work and patience, Gabriel, Ahren, and their teams are knowledgeable and efficient. Read more
Google Review

Katey Huntley

Responsive, friendly, kind, extremely easy to work with! So knowledgeable and made this entire process painless. Very grateful!

Google Review

Lynn Molina

Gabriel Hanna, Esq and the staff at BLC helped me in a very difficult time. I appreciate all the help and care they gave my case.

Google Review

Linda Cramer

I can’t say enough of how much this bankruptcy law firm helped me with my financial situation. They were all so helpful, efficient and made the difficult time and process as quick and easy as possible. I would recommend them to anyone I know and am glad to give my public recommendation as well. T...hey truly deserve a five star plus rating. Read more
Yelp Review

Andrea N.

I am very happy with my experience with BLC. Bankruptcy is not something anyone wants to go through, however everyone at BLC made my experience pleasant and easy. The process was explained thoroughly and I had an easy time reaching out and connecting with my attorney. Anika Renaud-Kim was my attorney ...and she was nothing short of amazing! She was very patient and generous with her time. Ms. Renaud-Kim definitely made me feel at ease and comfortable through the entire process. Read more
Facebook Review

Lidia Paramore

they did a great job for me, helped me anytime I needed something, my Lawyer Gabriel Hanna is the best, gave lots of confidence all the time..thanks BLC I will.always recommend you, I’m very grateful for your service!!!

Yelp Review

Rachael C.

When searching for information I had called a few different firms and received consults. BLC was the only one who didn’t shy away and provided answers and information during the consult. Once I agreed to move forward, they were supportive, informative, and eased my anxiety through the whole process.... I can’t recommend them enough. Read more
Google Review

Emily Martinez

AmazingI had many questions and uncertainties and the carefully explained it all and made it easy to understand. They facilitated a fast and easy process making this scary difficult thing simple

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Legal Disclaimer: The Bankruptcy Law Center is a California Licensed law firm with attorneys licensed in the state of CA, NY. Attorney Ahren Tiller is responsible for this advertisement. Bankruptcy Law Center’s principal office is located at 1230 Columbia st. Suite 850 San Diego, CA 92101. Prior results listed on this site do not depict or in any way infer a prediction or outcome.We are a debt relief agency proudly providing options to people with financial problems. View our Privacy Policy

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