If you owe a debt to a bank or any other creditor and they agree to forgive or reduce the balance of the debt, the canceled amount of the debt may be taxed by the Internal Revenue Service.
Los Angeles based mall owner files for Chapter 11 business bankruptcy. According to Los Angeles Times article, one of the largest mall owners in Southern California with locations in Burbank, Northridge, Torrance and Carson has filed bankruptcy to reorganize its debt structure.
Chapter 11 Bankruptcy filings and other consumer and business bankruptcy filings by businesses located in Manhattan Beach Torrance Hermos Beach Redondo Beach Carson Gardena Lomita Lawndale Palos Verdes have seen a dramatic increase over the last 12 months period as our local economy goes through the current recessionary cycle. Chapter 11 Bankruptcy filing by General Growth Properties could have a ripple effect to other local businesses which rely on these malls for their own survival.
Chapter 11 bankruptcy attorneys provide business protection through the bankruptcy courts which typically allows a bankrupt company to hold off creditors and operate as normal while it develops a financial reorganization plan. Most Chapter 11 bankruptcy plans and Chapter 7 liquidation bankruptcies provide pay out of few cents on the dollar to its general unsecured creditors. Chapter 11 bankruptcy is available to both individuals and businesses of all size.
Michael Jackson Behind on Mortgage Payments
Los Angeles Tax Attorney- Los Angeles County Public documents shows Los Angeles based superstar Michael Jackson has failed to make mortgage payments on a Los Angeles home that he has used for many years. Documents do not show whether he is behind in his tax payments.
Foreclosure documents filed with the Los Angeles County Recorder’s Office by his mortgage lender indicate Michael Jackson has been delinquent with his home mortgage payments over the last several months. Michael Jackson’s Los Angeles home is located in Encino, an area in the San Fernando Valley of Los Angeles County.
As the housing market and the mortgage businesses continue to crumble, even the once wealthy mortgage lenders are facing tax problems. Los Angeles Tax Problems for Mortgage Brokers With the wave of recent foreclosure filings and bankruptcy filings in Los Angeles, Long Beach, Pasadena, Torrance and other areas of Los Angeles County, home prices may continue to deteriorate.
Los Angles Bankruptcy Attorney – As Los Angles area bankruptcy and foreclosures sky rocket, the Bush administration and Congress are considering new proposals for the government to rescue hundreds of thousands of homeowners whose mortgages are higher than the value of their houses.
Los Angles Bankruptcy Attorneys have noticed many high income neighborhoods in the Los Angeles are facing negative equity position in their homes.
Not since the Depression has a larger share of Americans owed more on their homes than they are worth. With the collapse of the housing boom, nearly 8.8 million homeowners, or 10.3 percent of the total, may lose their homes.
A bill introduced in the U.S. Senate last night will change the bankruptcy law to allow Los Angeles Bankruptcy Court Judges and Los Angeles Bankruptcy Attorneys to modify loans held by Los Angeles homeowners on the verge of losing their homes in Los Angeles and California through foreclosure.
The amendment to Bankruptcy Law, S.2636, allows Los Angeles Bankruptcy and Tax Attorneys to provide modifications to mortgage loans on the Los Angeles homewoners’ “principal residence” who meet certain income and expense criteria.
Los Angeles Bankruptcy Court May Stop Foreclosure by Modifying Home Loans
As the housing prices gradually decline in the Los Angeles area, foreclosure and bankruptcy attorneys in the Los Angeles area have been inundated with inquiries by consumers desperate to save their homes.
Los Angeles Times is reporting that to help homeowners, six of the largest U.S. mortgage lenders, including Los Angeles based Countrywide, announced today they will halt the foreclosure process while they try to work out a new payment scheme with the delinquent borrowers. This new plan is dubbed “Project Lifeline,” and set to identify borrowers more than 60 days delinquent and stall any foreclosure proceedings by much as 30 days while new loan terms may be negotiated.
This “new” plan is not really new. Most banks have been extending additional grace period beyond the statutory foreclosure timelines to accommodate delinquent home owners. In this market, most banks do not want to foreclose on the homeowner. If you can show any reasonable cause or provide a plan which can demonstrate your ability to catch up on your arrears, most lenders have been holding off the foreclosure process in some cases as much as 6 months.