I write this post to clarify the definitions of a “bankruptcy attorney” and a “debt relief agency” (“DRA”) because, at least according to one recent client, there is a substantial amount of confusion over these terms. A bankruptcy attorney is an attorney (or lawyer), licensed to practice in the courts of whatever jurisdiction he is…
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Los Angeles Bankruptcy Blog: Current issues, comments, questions and answers in bankruptcy law.
Monthly Archives: September 2008
Short Sales or Foreclosures: Which is Better?
There is an epidemic of people defaulting on their mortgage payments, as everyone knows. Real estate brokers are pushing hard to have people do “short sales” on their properties, instead of allowing them to go to foreclosure. In most circumstances, this is a very bad idea. What is a short sale? A short sale occurs…
Will Obama Change the Bankruptcy Laws?
Of the many important issues in this year’s presidential race, bankruptcy laws still rank among them, at least in Barack Obama’s view. For those who don’t know, the bankruptcy laws were dramatically complicated in 2005 after years of lobbying by the credit card industry, and numerous vetoes (or at least threatened) by President Clinton. The…