Mortgage Refinance Calculator

This “tool” is really nice.  If you want to refi your mortgage and get a lower interest rate, you have to pay points, appraisal, other costs etc.  You’re actually in the hole for a while.  Is it worth it?  This calculator is just my style – SIMPLE and gives you a straight answer.  You can get it here.

Bringing an Action in Federal Court versus State Court.

On another list serve an attorney asked if there was any benefit to bringing an action in federal court versus state court (assuming there is diversity).  My friend Gary Wallace’s answer is great.

There are a great many differences between the two forums.  Here are some:

1.    Filing fees differ, especially post-complaint filing.  E.g., MSJ fee now $500 in state court.  Non-refundable $150 jury fee must be posted very early in the case (or waiver may result) (CCP 631).  Typical motion fee: $60.  It can add up.

2.    Time to respond to complaint: 21 days in federal court vs. 30 days in state court.

3.    Recording of proceedings:  Under federal law, each session of court and every proceeding designated by rule or order of the court or by one of the judges shall be recorded verbatim by shorthand, stenotype, stenomask, or electronic sound recording equipment. The method of recording may be elected by the district judge.  In contrast, budgetary constraints have greatly reduced the availability of court reporters in state court proceedings and there is little or no electronic recording. Read more…

San Fernando Valley Bar Association; Bankruptcy Section Program; “Settling with the Trustees” Friday, June 16, 2017, at 12 noon

Email from Steve Fox

Dear All:

This is the monthly message I send to you.

The SFVBA Bankruptcy Section monthly meeting will be this Friday.  The topic is a good one, one that we have gone back to repeatedly over the years because of many requests that we update and repeat the program. Each time, the panel of trustees and trustee attorneys look at the recent issues.  One issue will look at trustee efforts to go after the homestead exemption following the sale of the homestead.  Another will look at the goings on in a chapter 7 case where the trustee sold the family residence to a third party,  the various issues which arose and how the parties and the court dealt with the issues.  In that case, the IRS asserted that its penalty claim against the debtors had to satisfied from the Debtor’s homestead monies.  This particular case had its share of drama too. Read more…

US Trustee’s FY 2016 Annual Report on Criminal Referrals

From the report (which you access here):

The United States Trustee Program (Program or USTP) made 2,158 bankruptcy and bankruptcy-related criminal referrals during Fiscal Year (FY) 2016. This represents a 1.3 percent increase from the 2,131 criminal referrals made during FY 2015.  The five most common allegations contained in the FY 2016 criminal referrals involved tax fraud, false oath or statement, concealment of assets, bankruptcy fraud scheme, and identity theft or use of false/multiple Social Security numbers.

Of the 2,158 criminal referrals, as of January 9, 2017, formal criminal charges had been filed in connection with 16 of the referrals, 1,416 of the referrals remained under review or investigation, 723 of the referrals were declined for prosecution, and three were administratively closed.

Consumer Financial Protection Board Slaps Around Fay Servicing

“The Consumer Financial Protection Bureau (CFPB) today took action against mortgage servicer Fay Servicing for failing to provide mortgage borrowers with the protections against foreclosure that are required by law.”  The article on the CFPB website can be accessed here.

NextChapter Software – the best bankruptcy software!

This isn’t the typical substantive bk news I share but I recently started my own practice in Glendale and spent hours looking at different bankruptcy petition preparing software – Bestcase, CINCompass, etc.  Then I stumbled upon NextChapter when setting up my practice management software, Clio.  On Clio, there was a feature where you can sync your practice management software with NextChapter (that in itself is unheard of because I said to myself “great, the two softwares will “talk” to each other!)   So I looked into NextChapter and I was absolutely blown away!

No, I am not a paid spokesperson but I promised the CEO/Founder, a wonderful young women, that I would help spread the word about her amazing software.  Their customer service is amazing and their software is unmatched (plus it is much more affordable than the clunky competitors).  Here’s a link – https://nextchapterbk.com/

You can find me now at sevan@gorginianlaw.com

Proposed Amended Local Rules

This is the announcement re the comment period.  As they say, if you don’t speak up now, don’t start complaining later.  A redline of the amendments can be accessed here.

RE: REQUEST FOR COMMENTS ON PROPOSED LOCAL BANKRUPTCY RULES AMENDMENTS

The United States Bankruptcy Court, Central District of California, is proposing amendments to its Local Bankruptcy Rules, to become effective December 1, 2017, and is circulating the proposed amendments to the bar and public for comment.  A summary and redline of the proposed amendments is available on the Court’s website www.cacb.uscourts.gov under Rules, or by clicking here.

All comments on the proposed amendments will be carefully considered by the Court.  Please provide any comments on the proposed amendments as soon as possible but no later than July 7, 2017.

Comments concerning the proposed amendments must be submitted by email to bkcomments@cacb.uscourts.gov and include the name, email address, and phone number of the person submitting the comment.

KATHLEEN J. CAMPBELL

CLERK OF COURT

State Bar “Sections” to Separate from the State Bar, Effective as Early as January 1, 2018

From Jim Hill, Chairman of the Business Law Section of the State Bar:

The bar restructuring legislation, SB 36, passed unanimously in the Senate and has been sent to the Assembly for its consideration in the early days of the summer.  If all stays on track, we are looking for the Sections to emerge into the new entity as early as January 1, 2018.

The summary of Senate Bill 36 provides:    Read more…

Short Bio of Judge Maureen Tighe from the Insolvency Law Committee

The link to the bio is here.  The link also has the past bios created by the ILC.

Nice Explanation from the BAP of the Mechanics of Property Tax Sales in California

Judge Jury lays out the process very nicely in County of Imperial Treasurer Tax Collector v. Stadtmueller (In re RW Meridian LLC), — B.R. — (9th Cir. BAP February 2017)

California’s statutory scheme for tax sales Taxes on real property are secured by and serve as a lien on the real property for which they are assessed. Secured property taxes that remain unpaid at the close of the fiscal year (June 30) are deemed to be in default. Tax Code § 3436.  Properties which have been tax defaulted for a minimum of five years are subject to the county tax collector’s power to sell them to satisfy the outstanding defaulted taxes. Tax Code § 3691. [per FN 5, For nonresidential commercial property, the period is three years. Tax Code § 3691]  Sale is to the highest bidder at a public auction.  Public auction includes the internet. Tax Code § 3693.  Various notices and publication are required prior to the tax sale. Tax Code §§ 3351, 3361, 3371, 3701, 3704.7. Read more…