Unemployed: Can Creditors Take My House?

Quick Answer: Yes, unsecured creditors can potentially force the sale of a home in California through a Writ of Execution after obtaining a judgment and lien. However, California’s homestead exemption protects up to $600,000 in home equity for homeowners over 55, which may shield this person’s nearly-paid-off home from forced sale.“Dear Steve,I lost my job …

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California Foreclosure Protections: Myth vs Reality

Quick Answer: California’s new foreclosure protection laws represent significant reality, not myth, by becoming the first state to ban dual tracking and robo-signing while allowing lawsuits with up to $50,000 civil damages. These measures provide the nation’s strongest consumer protections against improper foreclosure practices.According to the L.A. Times, California legislators have passed new laws that …

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Stockton Bankruptcy: Myth vs Reality

Quick Answer: Stockton’s bankruptcy filing addresses the myth that municipal bankruptcy carries damaging stigma, when it’s actually a necessary financial tool for recovery. The California city of 290,000 became the largest U.S. city to file Chapter 9 bankruptcy due to lost tax revenue and foreclosure impacts on their budget.The economy has taken a serious hit …

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MTA Debt Collection Fraud: Final Guilty Plea

Quick Answer: Paul Anthony Vasquez, the final defendant in the MTA debt collection fraud scheme, pleaded guilty to mail/wire fraud and money laundering charges on January 17, 2012. The scheme defrauded victims of over $1 million through false debt collection services, with Vasquez agreeing to pay full restitution and forfeit $950,000 in seized assets.The last …

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Corrupt Criminal Club: Member’s Only

On Wednesday of last week word broke about the largest insider trading scheme involving single stock charged to date. Three defendants have pled guilty and are cooperating with the government’s investigating a scheme that allegedly netted more than $61.8 million in illegal profits.Charges were announced against seven investment professionals, who worked at three different hedge …

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