Reaffirmation Agreement Policy of Doan Law

In a previous post, we had advised how it has long been Doan Law’s practice to not execute reaffirmation agreements except in very limited circumstances.  Reaffirmation agreements are harmful since they recreate personal liability on dischargeable debt, defeating the primary purpose of filing Bankruptcy in the first place.  Indeed, Bankruptcy Judge Mann recently used sanctions […]

Personal Financial Information Sold to Third Parties?

Did you Know your Personal Financial Information Can Be Sold by Credit Reporting Agencies? Most consumers have no idea that the major credit reporting agencies, Equifax, Experian, Innvois and Transunion, are selling and sharing their private financial information. Each of the major credit bureaus has over 200 million files. Credit reporting agencies can sell your […]


Student Loans are presently near One Trillion Dollars!  Americans now have more student loan debt than credit card debt!  Additionally, student loan debt default rates are now higher than the default rates for other debt.  The current default rate (more than 90 days behind) is presently 11%!  So what do you do if you have student loans?  […]

High Income and Expensive Real Estate Still Okay for Chapter 7

We often hear the phrases “I make too much money to file bankruptcy,” or “I have too much property to file for bankrutpcy.”  These myths are often untrue.  Recently, the San Diego Bankruptcy Court allowed debtors with income of $14,500 per month and over $8000.00 in housing expenses related to their “McMansion” to receive a […]

San Diego Court Allows Student Loans to be Wiped Out in Chapter 13 Bankruptcy

Recently, the District Court located in San Diego ruled that a student loan was discharged in a Chapter 13 Bankruptcy.  In that case over $75,000 in student loans were eliminated and the debtor was entitled to a refund of payments made after discharge!  Moreover, the debtor did nothing out of the ordinary to eliminate the […]

Another 90 Days Added to Foreclosures

On June 15, 2009, new legislation went into effect that could extend the foreclosure process by an additional 90 days.  Stay tuned, more on this blog to be published soon. Written by Michael G. Doan- Owner of the Carlsbad Bankruptcy office, Michael not only manages his business, but is also a highly skilled San Diego Bankruptcy […]

Bankruptcy Mortgage Cramdown Fails

In a crushing blow, the Cramdown legislation advocated by the Obama administration which would allow Bankruptcy Judges to modify mortgages in Bankruptcy has been voted against.  This legislation would have reduced principal balances to fair market value, lowered interest rates, amortized the loan over 40 years, and reduced payments.  Despite the measure failing, the Obama […]

Great Decision on 2923.6

Great Decision on 2923.6 Recently, a Ventura Judge denied a request to dismiss a lawsuit under 2923.6 which requires lenders to modify mortgages.  The transcript of that ruling can be found Stay tuned, more on this blog to be published soon. Michael G. Doan- Mr. Doan practices on the cutting edge of bankruptcy law, and was […]

Possibly No Cram Down Legislation?

Legislation to allow Judicial modificaiton of mortgages in Bankruptcy seemed like almost a done deal in February, 09.  Now it seems the opposite may ensue.  If this is the case, the housing market will surely not stabalize for quite some time.  Below is an excerpt from CQ Today on April 22, 2009:

New Bankruptcy Laws for San Diego: Mortgage Modification AKA “Cram Down”

New Bankruptcy Laws may soon go into effect to provide much needed and over due relief for San Diegan’s upside down on their residences.  Last week, legislation cleared the House and is on its way to the Senate. Stay tuned, more on this blog to be published soon. Written by Michael G. Doan-Owner of the Carlsbad Bankruptcy […]

What is the Latest News on Cram Down (Mortgage Modification in Bankrutpcy)

It looks like the “Cram Down” Bankruptcy Reform will not be part of the economic stimulas package presently before Congress.  But good news, is that President Obama will push for the Cram Down soon thereafter.  Per a recent email I just received:   I wanted to keep you in the loop on judicial modification, one […]

Why Does My Credit Report Still Show A Balance After Bankruptcy?

Probably because the creditor still wants their money!  Unless that creditor did not get notice of bankruptcy, reporting a balance is a very power debt collection tool and a popular tool by the debt collection industry to collect debts previously discharged in bankruptcy.  In prior articles, I had written how such acts will subject the […]

Bankruptcy in San Diego

San Diego is on track to set a record number of bankruptcy cases filed for 2009.  With the softening real estate market and struggling economy, San Diego is likely to have a higher increase in bankruptcy filings than most other bankruptcy courts across the Nation.  If you are experiencing financial difficulties, you are not alone. Stay tuned, […]

Possible New Bankruptcy Laws to Require Mortgage Modification?

Over the past two weeks, new legislation has been introduced into both the Senate and House which would allow mortgages to be modified on personal residences.  Such new sweeping bankruptcy reform would drastically change current laws which presently only provide for modification of junior mortgages.  Stay tuned, more on this blog to be published soon. […]

Good News! The Ninth Circuit Has Motivated Attorneys For Prevailing Plaintiffs!

For the past year, our local courts have reduced our fees requested when we prevail against suing creditors and providing other bankruptcy services.  While we did not agree with these decisions, we also purposely chose not to appeal since we were waiting for the decision of Moreno v. City of Sacramento, 2008 U.S. App. LEXIS 15951 […]

Does California’s New Laws For Same Sex Marriage Allow Joint Bankruptcy Petitions?

  No!  California and Federal Law are two different animals and Federal Law always trumps state law. The Supremacy Clause of the United States provides “This Constitution, and the Laws of the United States which shall be made in Pursuance thereof; and all Treaties made, or which shall be made, under the authority of the United States, […]