Articles

What is a default judgement?

Default Judgment results when a defendant (the person being sued) fails to respond or answer a complaint filed by a plaintiff (the person filing the lawsuit).  The law affords a defendant 30 days to file an answer, and when this does not happen, the court will enter a default judgment against the defendant, and deny the defendant an opportunity to …

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Are your children protected if you are not around tomorrow?

If you take the necessary steps of preparing a will and naming a proper guardian, you will decide the future of your minor children. However, if you should pass without a will and fail to designate a guardian, the courts—not you—will decide who takes care of your minor children.

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When Using Your 401 (k) to pay Credit Card Debt is a Bad Idea

While we should not get into the habit of purchasing items beyond the limits our cash flow can handle, and certainly not do so on credit, many people still find themselves with more bills to pay than income to pay them. In the midst of our credit crunch many are being faced with the tough decision of using their savings …

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California Cuts-Off Extended Unemployment Benefits

Recently, the California State Employment Development Department announced the expiration of extended unemployment benefits for California residents. Due to an “alleged” drop in the state’s unemployment rate to 11%, approximately 93,000 Californians are scheduled to have their benefits cut-off beyond 79 weeks, instead of the federally extended 99 weeks.

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Are Funds from Housing Crisis Settlement Helping Local Homeowners?

Following a growing trend amongst states with failing economic systems, California Governor, Gerry Brown, recently announced that he will use the $410 Million housing crisis settlement to plug state budget gaps. The money, which was awarded to the state of California as part of a settlement agreement between several states and the nation’s largest banks, was intended to be used …

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GDP and Bankruptcy Data for San Diego – Chapter 7

The US Department of Commerce released Quarter 1 2012 GDP data and the American economy expanded by 2.2%. That number was in fact lower than what many economists predicted. When we take a closer look at some of the stats of the local economy we can also observe evidence of a recovery trend that’s slowly inching along. Below is a …

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Expiration of the Mortgage Forgiveness Debt Relief Act

Under Federal law, a financial institution is required to file a Form 1099-C with the IRS whenever it cancels or forgives a loan balance. In California, the canceled debt is treated as “income” for tax purposes. This can lead to a financial disaster for homeowners considering foreclosure or short-sale. The Mortgage Forgiveness Debt relief Act of 2007 (the “Act”) provided …

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Things to consider when choosing a guardian to name in your will

One of the most important decisions you can make to protect the your precious assets–your children–is to have a current legal will. And one of the most important component of your will will be picking a guardian. Here are some important tips to consider when selecting an appropriate guardian. Remember, this person will be parenting your children in the event …

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Q3 13and7

Consumer Bankruptcy Filings Continue Decline in San Diego

Chapter 7 and Chapter 13 bankruptcy filings in San Diego MSA declined in the third quarter of 2011 for the second consecutive quarter. Two consecutive quarter declines in filing numbers hasn’t happened since 2006, or just after legislation changed surrounding bankruptcy filings in 2005. Despite the decline the numbers still hover around record highs set at the beginning of 2011. …

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Q3 2011 Chapter 13 Bankruptcy Claims in San Diego Down

Official data for Chapter 13 bankruptcy claims for San Diego was released earlier this week and the results are generally positive. Q3 numbers were in fact down compared to Q2 Chapter 13 filings. This means that for the second consecutive quarter claims have declined. Total third quarter 2011 filings amounted to 4,247, a decline of 77 from quarter two.

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