According to CNN.COM in 2009 there were over 1.5 million consumer bankruptcies in the United States. Of these 1.5 million filings 62% are due to debtors not being able to pay their medical debts. According to cnn.com, those filing for protection under Chapter 13 or Chapter 7 bankruptcy were mostly middle-class and homeowners. According to the report many Americans are simply one illness from bankruptcy. This is due to the fact that when seriously ill many people lose their jobs and still have to incur medical costs. Our Garden Grove bankruptcy attorney, Rachelle Shakoori, has advised many clients who were forced to consider bankruptcy due to their medical bills. Call us today to setup a free consultation with an experienced and honest Anaheim bankruptcy attorney.

Our offices are conveniently located near South Coast Plaza close to Garden Grove, Costa Mesa, Huntington Beach, Fullerton, Fountain Valley and other Orange County cities. For advice about Orange County criminal defense or DUI attorneys please contact our sister firm at (714) 542-2188.

However, what our Orange County Chapter 7 attorney, Rachelle Shakoori, always tells her clients, the code does not discriminate against those who seek its protection. The fact that Ms. Braxton may have filed for bankruptcy more them ten (10) years earlier will not prevent her from filing for bankruptcy again. Nor will the fact that many of her creditors are luxury shops mean that she cant discharge those debts. Also, how much jewelry Toni will be able to retain is all controlled by the federal and local exemptions that apply to all petitioners. For instance our Anaheim bankruptcy lawyers will rely on exemption in the California and federal codebooks, while Bankruptcy attorneys in Georgia will look for protection in Georgia and federal laws.

In these hard economic times the option to restart one’s life and be able to renew one’s goals and aspirations is an important part of the American dream and one that should be cherished by us all. At the same time, we should all be concerned that no one takes advantage of the system by abusing it. The more the system is abused, the more likely that the major corporations will be able to push through legislation like the one in 2005 which drastically reduced the rights previously available. Our experienced Orange County Chapter 13 bankruptcy attorney is available to answer any questions you may have about filing for bankruptcy and whether you qualify or not. Call us today at 714-542-2188 for a free consultation.

Our Orange County bankruptcy attorneys know the importance of living a worry free life, especially in the golden years of our lives. By contacting our office we can explain all the myths about bankruptcy away for you and after a brief evaluation determine whether you are a good candidate to file for bankruptcy or not. We can also provide you information on the current homestead exemptions in California. Call us at 714-542-2188 and ask to speak to our experienced Santa Ana bankruptcy attorney.

Divorce is a leading cause of bankruptcy filings in the Los Angeles area. Consulting a Santa Ana bankruptcy lawyer or a bankruptcy lawyer in Orange County can help protect your rights.

The LA Dodgers is a hundred million dollar a year franchise, one which neither Frank nor Jamie wish to lose interest. Both are now fighting to establish ownership rights and at least some control over the big-money future earnings the team promises.

While such grand stakes are uncommon to most Orange County couples contemplating divorce, the financial reorganization that frequently accompanies the painful process of divvying up a lifetime of community property can often land either or both in an L.A. bankruptcy court.

Splitting up assets, deciding who takes control over which bills and who reaps the benefits of formerly joint income can be a financially devastating process during a time already rife with emotional stress. Seeking the advice of a bankruptcy attorney, who understands divorce, can help protect the rights of a spouse now facing bankruptcy along with the dissolution of their marriage.

For the McCourts, what is up for debate is whether or not Jamie signed away her ownership rights to the Dodgers in exchange for sole possession of the couple’s many residences, the LA Weekly reports.

Jamie says she never read the document, “trusting her husband when he said the document was designed to protect the couple’s home from creditors,” the LA Times article reports. Frank counters that his wife knew exactly what she was signing whether she read it or not. Now, a judge will decide whether the document they both signed gives Frank sole ownership of the team.

It is this practice, which maximizes a bank’s ability to charge overdraft fees, that most hurts consumers, particularly those who carry a low-balance account, according to an article in the Los Angeles Times.

Our Riverside bankruptcy lawyers and consumer protection attorneys fight for the rights of consumers who have been mistreated by banks, credit card companies, debt collectors or other businesses. The consumers most devastated by these kinds of charges are working class families who use their ATM cards, pay their bills on time, and work to set money aside for college educations for the kids and retirement for themselves.

Given the 9.8 percent joblessness rate in Orange County and a five-year spike in bankruptcy filings in the first quarter of 2010 alone, many Santa Ana and Riverside residents and consumers struggling to manage out-of-control debts on limited and diminished incomes are now seeking advice from Orange County bankruptcy attorneys with the hopes of better understanding their rights regarding bankruptcy and consumer debt.

Anyone with an ATM card knows that keeping track of your real-time balance can be a challenge. When a bank employs this higher-to-lower pay-out method, they are basically depleting your account of funds that may otherwise be available to cover multiple smaller charges.

What happens next is your account is then dinged with a $35-39 overdraft fee for each little charge, instead of one overdraft charge on a bigger ticket item. So, they cover your car payment, for example, but that gas purchase and run to the grocery and doctor visit co-pay comes with an overdraft fee that quickly adds up to hundreds of additional dollars.

What most consumers and certainly consumer protection advocates would rather see is a return to the chronological system of balancing consumer accounts wherein charges are processed in the order they are incurred.

From the Central District to Los Angeles County, Californians everywhere are fighting a similar battle fueled by surging credit debts, underwater mortgages and depleted retirement plans, the Orange County Register reports.

For those who are continuing to struggle, finding and talking with an experienced, understanding, Santa Ana bankruptcy lawyer or Ontario bankruptcy attorney can assist you in determining a course of action that will allow you to regain control of your life.

L.A. County alone has seen a more than 50 percent spike in filings from a year ago, while markets from Sacramento to Santa Ana to San Diego continue to make the “top 15” hardest-hit counties for bankruptcy filings.

And it isn’t just homeowners who are taking the hit. According to a recent post on entrepreneur.com, it’s small business owners around the state and nation who are adding to the fresh wave of bankruptcies flooding the courts.

A recent study of quarterly business filings by the American Bankruptcy Institute found that last year alone more than 60,000 companies filed bankruptcies nationwide, a number that has been steadily tracking upward since 2006 and is highest on record since 1994.

Meanwhile, ABI reports, more than 28,000 companies nationally have filed for bankruptcy during the first two quarters of 2010. If the trend continues, the country is on track to see another 60,000 companies fold this year as well.

With the closure of these small businesses, unemployment numbers continue to climb, further fueling the downward economic spiral ravaging the savings, credit ratings and dreams of California workers and entrepreneurs alike.

Both job seekers and employers are unsure about the future, leading to fewer hires and rising unemployment numbers. The housing market continues to stumble, and many Orange County homeowners are left watching helplessly as their savings disappear, their credit card debt increases and their credit scores tumble.

Many seeking advice from Orange County bankruptcy attorneys are being crushed by mounting debt, diminished income and plummeting home and commercial property values.

As many families struggle to stay afloat while considering their financial options, refinancing seems like a promising life-line. But according to a recent article in SF Gate, “lenders have been have been subjecting mortgage and refinance applicants to stricter and stricter criteria.”

In short, California homeowners, in their greatest time of need, are now facing a more challenging application process and lesser likelihood of refinancing approval.

The SF Gate article indicates that factor such as stricter income-verification standards and a more intense review of credit scores, paired with lender paranoia, restrictions on eligible income and inexperienced lenders can and do negatively impact a homeowner's chances to secure a low-interest refinance.

Finding and understanding, experienced and knowledgeable Santa Ana bankruptcy attorney can assist you in determining a course of action and help you regain control of your life.

Our team members will help you navigate the distinctions between filing a Chapter 7 or Chapter 13 bankruptcy, helping you deciding whether or not it is in your best interest to keep your home and putting a stop to harassing phone calls from debt collectors.

Many of those filing for bankruptcy in Orange County are dealing with unemployment and/or bad real estate debt. For some, a loan modification or government program could provide assistance. But for many, seeking the advice of a Santa Ana bankruptcy lawyer is the best option for putting an end to financial problems and to seeking a new financial beginning.

CNN reports the $1 billion will be available in loans at 0% interest for amounts up to $50,000. The loans are aimed at assisting the unemployed keep their homes. The remaining $2 billion will be distributed to homeowners in the five hardest-hit housing markets: California, Arizona, Florida, Nevada and Michigan.

Few states have been as hard hit as California when it comes to the real estate market. Throw in record unemployment and it's no wonder why so many consumers are struggling. We assist clients throughout the Los Angeles area as they put a stop to the harassment of creditors and bill collectors and seize control of their lives again.

For many, a Chapter 7 filing is the best option. Sometimes known as a liquidation bankruptcy, a Chapter 7 bankruptcy filing will result in the elimination of most debt. You may even be able to keep your home or automobile, although it may make financial sense to include them in the bankruptcy. These are options you can discuss with us during your free consultation. In other cases, a Chapter 13 filing may make the most sense and will provide a consumer with the time and space necessary to establish a repayment plan and satisfy debts with little or no disruption to their lives.

Aside from unemployment and foreclosures, other leading causes of bankruptcy filings include divorce, medical bills and credit card debt.

As our Santa Ana bankruptcy attorneys reported last month on our Orange County Bankruptcy Lawyer Blog, the number of consumers filing bankruptcy in Orange County increased 40 percent during the first six month of the year.

Nationwide, the 137,798 bankruptcies in June represent a 9 percent increase from last year, according to the American Bankruptcy Institute.

“Debt burdens, unemployment and an uncertain economic climate continue to weigh on consumers,” Samuel J. Gerdano, the institute’s executive director, said in the statement. “The pace of consumer filings this year remains on track to top 1.6 million filings.”

The most common reasons for filing Chapter 7 bankruptcy in the Los Angeles area include bad mortgage debt, credit card debt, medical bills and divorce.

Last year's 1.4 million consumer bankruptcy filings represented an increase of 32 percent over 2008. In fact, bankruptcies have increased steadily since the implementation of the Bankruptcy Abuse Prevention Act. That law, which was pushed through by the banking industry, sought to make it more difficult to file Chapter 7, or liquidation, bankruptcies. It establishes an income to debt ratio and can require a repayment plan in certain instances.

But the reality is that insurmountable levels of consumer debt is what drives bankruptcy filings. Bankruptcy offers consumers the most powerful tool available to stop debt collectors, foreclosure, or other harassment while a consumer regains control of their financial life.

Our Garden Grove bankruptcy lawyers continue to report on the record number of consumers who are filing for Chapter 7 or Chapter 13 bankruptcy protection as a result of the collapsing real estate market and the economic downturn. Speaking with an experienced bankruptcy protection lawyer is one of the best ways to restore financial freedom and recover from job loss, a medical emergency or the crushing weight of consumer debt that can come with an upside down mortgage or unmanageable credit card debt.

The U.S. Bankruptcy Court for the Central District of California, which covers San Bernardino, Riverside, Orange, Los Angeles, Ventura, Santa Barbara and San Luis Obispo counties, reports that 6,500 Orange County businesses and individuals filed for bankruptcy protection between January and July of 2010. That rate is 40.3 percent higher than a year ago.

While the numbers of bankruptcies continue to grow,the rate is slowing. By comparison, the number of filings increased by 77 percent between June 2008 and June 2009. Authorities place the blame for the strain on consumers on a number of factors, including:

-Unemployment: 9.5 percent

-Housing foreclosures: Up 3.8 percent in first half of 2010

-Consumer debt: 2.4 trillion in May.

California small businesses are also leading the nation in the number of bankruptcy filings. Orange County small business bankruptcies represented 8.6 of all filings.

Our Riverside bankruptcy lawyers and Orange County bankruptcy attorneys continue to report on the record number of consumer bankruptcies occurring in the Los Angeles area and throughout California.

An estimated 120,000 California consumers could seek bankruptcy protection this year. Real estate debt, credit card debt and medical bills are the primary causes of consumer bankruptcy filings.

The overhaul of the bankruptcy laws was heavily lobbied for by credit card companies five years ago. The new rules created an income-to-debt test for consumers wishing to file for Chapter 7 protection. Chapter 7 bankruptcy completely forgives most debt, including credit card debt, but the new rules require certain consumers to establish a repayment plan. A Chapter 13 bankruptcy is the traditional form of bankruptcy that establishes a repayment plan.

Either filing will stop bill collectors and other harassment that frequently results when consumers reach the financial breaking point. Both means of bankruptcy protection can provide a fresh start and an end to the crushing weight of serious financial problems.

Those who backed the new rules believed the large spike in bankruptcies right before the new laws took effect in 2005 was an anomaly that would not be repeated. Those of us who fight for the rights of struggling consumers on a daily basis knew better. Insurmountable levels of consumer debt are what drive bankruptcies. And the banks and credit card companies have played a key role in building the high debt levels of American families, even as these companies fought to make it more difficult to seek bankruptcy protection.

Bankruptcy filings in California and nationwide are now approaching the elevated levels of 2005 in the months before the new laws took effect. The huge numbers of filings have restarted the debate over whether irresponsible consumers or predatory lenders are primarily to blame.

One thing is certain, the predatory lenders have their advocates. Consulting a bankruptcy attorney in the Los Angeles area will help ensure that your legal rights are protected as well.

As our Garden Grove bankruptcy attorneys continue to report on our Orange County Bankruptcy Lawyer Blog, credit card debt is a leading cause of Chapter 7 and Chapter 13 bankruptcy filings in the Los Angeles area.

Bank Rate reports on some of the new rules that take effect today:

-Credit card offers will have a new look and new requirements. Fees and interest rates must be displayed in bold text and the interest rate must be in large font. Fees will be summarized in their own table.

-Those approved for a new credit card will receive a one-page summary of the agreement. Fees will be highlighted in a table and no longer buried in a 15- or 20-page agreement.

-Monthly statements will be easier to read, with important information on fees and interest rates clearly marked in summary boxes at the top.

-Minimum payment warnings will tell consumers how long it will take to pay a bill off by only making the minimum payments and how much it will cost.

-Account changes will no longer sneak through the mail in nondescript envelopes. They must now be disclosed in a box at the top of the statements.

Banks must also allow consumers to opt into overdraft protection, so that customers are no longer surprised by the multiple large fees that can come with over drafting your account several times using an ATM card. However, these changes have a dark side. It seems for every move the government makes to protect consumers, credit card companies create a new stream of income. Large membership fees, fees for card holders who do not use their card, and a reduction in card-member benefits are being reported. Banks are also instituting a variety of monthly and user fees on bank accounts and checking accounts.

If you are considering bankruptcy in Santa Ana or the surrounding area, speaking with an experienced attorney can help ensure that your rights are protected throughout the legal process. Bankruptcy can offer a fresh start for consumers struggling with credit card debt, foreclosures, bad debt, liens, or other financial problems in the Los Angles area.

The Orange County bankruptcy attorneys at the Shakoori Law Group continue to monitor changes in the credit card industry in the wake of recent federal reform meant to protect consumers against some of the industry's worst practices. Changes, including better notification requirements and a ban on raising rates on existing balances, may help consumers. But the industry is looking for other ways to make up for lost income, including high membership fees and higher initial interest rates on credit cards.

Credit card debt is one of the leading causes of bankruptcy in California and throughout the nation. Consumers facing high levels of credit card debt should consult a Riverside bankruptcy lawyer for a confidential appointment to discuss their rights. An interest rate hike -- frequently to 20 percent or higher -- can quickly overwhelm a struggling family and lead to thousands of dollars in additional interest and unaffordable monthly payments.

In this case, the bank, which is a unit of J.P. Morgan Chase & Co., is asking the court to overturn a lower court decision in California that revived a class-action lawsuit against the company. Chase argues that federal law at the time did not require it to give notice of rate changes to cardholders who were late on payments. The bank claims the initial contracts given to cardholders already contained provisions allowing increased interest rates for borrowers in default.

The Federal Reserve Board amended that law last year as part of a comprehensive overhaul of credit card practices. Banks are now required to give advanced notice of rate increases, even if the default rate was already specified in the initial contract language.

As our Orange County bankruptcy lawyers and San Bernardino bankruptcy attorneys recently reported, Orange County bankruptcies increased by 50 percent in April. In the Los Angeles area, 1 in 6 consumers filed for bankruptcy protection last year.

Nationwide, consumer bankruptcy filings fell to 136,142 in May, down nearly 6 percent from April. However, personal bankruptcy filings are up 9 percent from a year ago and up 15 percent when compared to the first five months of last year. In some areas of California, bankruptcy filings have increased more than 300 percent since the start of the economic downturn.

For struggling consumers, Chapter 7 bankruptcy allows for the forgiveness of most debt while a Chapter 13 bankruptcy can establish a repayment plan. Either filing will stop creditors from hassling you at home or work, and can also stop the garnishment of wages, foreclosure proceedings and other debt collection measures.

Bankruptcy filings could top 1.6 million this year, compared to the 1.4 million bankruptcy cases filed in 2009. California could account for nearly 10 percent of all bankruptcies filed nationwide this year, with an estimated 120,000 consumers expected to seek protection in bankruptcy court.

California ranks 8th nationwide in the number of filings based on population, with 6.26 bankruptcy cases for every 1,000 residents. Nevada, Tennessee, Georgia, Indiana, Alabama, Michigan and Ohio have higher rates. However, California has by far the highest number of bankruptcy cases of any state in the nation.

Credit card debt is one of the leading causes of consumer bankruptcies. The Orange County bankruptcy lawyers and the Santa Ana bankruptcy attorneys at the Shakoori Law Group assist residents in the Los Angeles are who are overwhelmed by consumer debt.

5 Ways to Reduce your Credit Card Debt:

1)Pay more than the minimum: Paying just the minimum will add years to the length of time needed to pay off your credit cards and will result in thousands of dollars in extra interest payments. A balance of $2,000 with a 19 percent interest rate will take nearly 8 1/2 years to pay off if you make just the minimum payment of $80 a month. Interest charges would total $1,179. Paying $160 pays the debt in under 2 years and saves nearly $1,000 in interest.

2) Ask for a lower interest rate: Some banks are willing to negotiate, particularly if you have not fallen behind on your payments. Reducing the interest rate on a $5,000 balance from 20 percent to 15 percent will save $300 a year.

3)Don't pay annual fees: In response to the economic downturn and consumer protection laws aimed at banning some of the most blatant practices employed by credit card companies in the past, many companies are now opting to charge card holders with an annual fee. Consider switching to a card with no annual fee. (A word of caution, closing an older, established account, can reduce your credit score).

4) Skip loyalty programs: These programs are good ... for the credit card company. Typically the costs associated with loyalty programs exceed any potential benefits.

5) Cut the plastic and pay cash: Studies continue to show that people are more aware of their spending habits when they use cash instead of credit.

While these tips are all good advice, there comes a time when some consumers need to honestly admit that they are in over their heads. Speaking with an experienced bankruptcy attorney can be the beginning of a fresh start. Chapter 7 bankruptcy in California is available to borrowers who meet certain income-to-debt ratios, while Chapter 13 bankruptcy will permit consumers to establish a repayment plan. Filing for bankruptcy protection will also immediately stop bill collectors and credit card companies from hassling you and your family.