Personal Bankruptcy

Chapter 7 Bankruptcy Blog By Olenicoff & Zinser, PC

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California Expands Mortgage Deficiency Protections in Short Sales

Last year, California passed a law that prohibits first mortgage holders from pursuing individual homeowners for a deficiency after a short sale. However, this meant that second and third mortgage holders were still free to sue the homeowner for the balance due even if they consented to the sale, unless the short sale documents themselves [...]

New Credit Card Company Tricks

The Wall Street Journal recently had an interesting article on the different ways credit companies are trying to get around the new credit card laws. It looks like some of the credit card companies are already violating the rules. Let’s hope the new Consumer Protection Agency will have some power to stand up [...]

Lenders Suing Borrowers for Deficiencies in California

I am finding that more and more lenders are suing borrowers for deficiencies on their second mortgages in California. Citimortgage was the first and most aggressive, it appears that Wells Fargo and National City have joined the bandwagon.
A deficiency is created when there is a short sale or a foreclosure and the lender is [...]

Bankruptcy Myths – Part 1

There are a lot of myths floating around out there about bankruptcy. One that we hear all the time is that in a Chapter 7 bankruptcy, the trustee or court will take everything you own and distribute it to creditors. In the vast majority of California Chapter 7 cases, the debtor is able to keep [...]


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