Michael Chekian of Chekian Law Office is a top level Chapter 13 bankruptcy lawyer in Los Angeles and Orange Counties. Michael combines experience and knowledge of the law to get you your best result in your Chapter 13 case. Always on top of the latest developments in the law, the attorneys for bankruptcy at Chekian Law Office know how to restructure your “good” debt, while getting rid of your “bad” debt.
Foreclosure
In California, real property foreclosure is approximately a 120 day process from start to finish. Most mortgages here have 2 components: a promissory note and a deed of trust. When you obtain your mortgage, the lender records the deed of trust at the county recorder where the property is located. The deed of trust has a feature called a power of sale, which gives the lender the right to foreclose without filing a lawsuit and allows it to sell the property at a public auction if the borrower defaults on the loan payments. The threat of foreclosure begins when a borrower misses payments contractually due on the promissory note. The default is usually missed monthly payments, or failure to pay the entire loan balance if the loan has a lump sum or balloon feature.
Tax Law
Persons and companies reach out to Chekian Law Office when they have credit card and payday loan problems, tax issues, have been served with a lawsuit, are facing a wage garnishment when an old judgment comes to light, a lien on property, or a levy on a bank account. Other problems requiring a consultation with an experienced bankruptcy lawyer are foreclosures, evictions, debt problems involving divorce, sudden illness and job loss, gambling related debts, investments that go sideways and the loss of a loved one who previously provided for the family.