Ontario Office

3200 Guasti Road, Suite 100
Ontario, CA 91761
Phone: (800) 958-6760
Available 24/7/365 by phone
Directions

Monday – Friday: 8:30am – 7:00pm
Saturday: 9:00am – 5:00pm
Sunday: Closed

Our Firm

The defining feature of Wadhwani & Shanfeld, A Professional Law Corporation is our unique blend of experience and compassion. If you are looking for an Ontario bankruptcy attorney, not only are we the most qualified, but we also take a personal interest in your case. Our attorneys are not only the best in the industry, but they take the time to explain to you how bankruptcy will affect you and your family, what to expect, and how the process will go. This personal interaction allows for a smoother experience for our clients, and removes much of the stress from a normally stress-filled process.

Our Expertise

What makes a bankruptcy firm stand out from the rest? The most important asset that any firm has is their attorneys, and how experienced those attorneys are. At Wadhwani & Shanfeld, A Professional Law Corporation, we pride ourselves on employing only the best lawyers in the industry. We have filed over 10,000 bankruptcy cases, and have dealt with any issue that your case may encounter. With over 30 years of combined experience, when it comes to finding a bankruptcy attorney Ontario to represent you, we are a great choice. Raj Wadhwani is also a certified bankruptcy specialist. This award, bestowed on him by the American Board of Certification, attests to his knowledge and experience in the field of bankruptcy law.

Your Options

Straight Bankruptcy

Have your debts reached the point of no return? Are your creditors calling and harassing you? Then filing for bankruptcy may be right for you. As soon as you file, your creditors can no longer contact you or try to collect debts from you. Chapter 7 bankruptcy allows you to wipe out just about all of your debts permanently. However, there are some types of debt that cannot be discharged within bankruptcy, so it is important to consult with an experienced bankruptcy attorney before filing. Pre-bankruptcy planning with an attorney can be essential, and can maximize the benefits you see. You also must qualify to file Chapter 7 bankruptcy.

To qualify, your income must be such that you are deemed to not have any disposable income by which to pay your debts. The first way to demonstrate this inability is to show that your income is below the median income for a household of your size in the state of California. Currently, a household of 1 earns a median income of $47,683, a household of 2 earns a median income of $61,539, a household of 3 earns $66,050, and a household of 4 earns a median income of $74,806 per year. If your gross annual income is less than the corresponding income for a household of your size, you automatically qualify for a Chapter 7 bankruptcy.

If your income is above that median, you still may qualify, but you have to pass the Means Test, which calculates your actual average monthly disposable income for the trailing 6 months prior to filing. This test looks at your gross income and then subtracts certain allowed expenses like taxes, mandatory retirement contributions, various forms of insurance, car payments and maintenance, and more to see if you have disposable income left to pay your creditors. If you have negligible disposable income, then you are deemed to pass the Means Test in that you do not have the means to repay your creditors. You would therefore be eligible to file Chapter 7 bankruptcy.

Not only is there the question of qualifying, but also whether Chapter 7 bankruptcy makes sense. First, as mentioned above, you must have the type of debt that can be discharged in Chapter 7 bankruptcy, namely unsecured debt, such as credit cards. Second, we must be able to protect all or nearly all of your assets from your creditors through the various types of exemptions that exist. If you have more assets than can be protected, filing of a Chapter 7 bankruptcy may require a special planning component to address this exposure.

If you are contemplating bankruptcy, gives us a call today for a free, no-obligation consultation with one of our attorneys to discuss your options.

Reorganization Bankruptcy

Often people are struggling to pay their monthly debts, yet are not completely under water. They work hard, but they cannot create enough breathing room to pay down their debts. It often is a financial struggle to keep their heads above water, with no relief in sight. If you are in this situation, Chapter 13 bankruptcy may be that type of relief that you need. This type of bankruptcy allows you to consolidate your debt and pay it down over time with your disposable income. However, this last three to five years, with the balance of any unpaid debts discharged at the end. Done correctly, this allows honest, hard working people to pay off their debts. However, if mismanaged, you can find yourself locked into a payment plan for three to five years that you cannot afford. Therefore, it is crucial to consult with an attorney that is experienced in such matters. To consult with an experienced bankruptcy lawyer Ontario, give us a call today.

2nd Mortgage Lien Avoidance

Often financial distress is caused by a cumbersome 2nd mortgage on your home. They often have higher interest rates that contribute to an overall financial decline. However, there is good news. Our attorneys may be able to strip off the 2nd mortgage from your home and get rid of it forever. This is a unique procedure offered only in Chapter 13 bankruptcy, and it is one that can actually change the legal status of a 2nd mortgage so that it is treated like credit card debt in bankruptcy instead of being treated like your 1st mortgage.
The crucial distinction as to how a debt is treated in bankruptcy is whether it is secured or unsecured. Beyond contractual liability, secured debts give rise to a lien against the property securing the debt. Thus, in bankruptcy, even if the contractual liability is extinguished by law, the secured creditor’s lien remains, and they can always seize the property if you do not pay.
Unsecured creditors do not have lien recourse. Their only recourse is to sue you on the underlying contractual liability. If this contractual liability has been extinguished by bankruptcy, then no recourse remains.

2nd mortgages are generally secured loans, thus giving rise to the right to foreclose on a lien for nonpayment. However, if you owe more on your 1st mortgage than your house is worth, the 2nd is no longer secured in fact, just in legal status. In Chapter 13, you can file a motion that has the effect of judicially reclassifying your 2nd mortgage as unsecured. Once this reclassification is complete, your 2nd mortgage will receive the same treatment as the other unsecured debts, like credit cards, receive in your Chapter 13 case. Often, this is payment in the amount of only 0-10% of the amount owed.

Often the savings you achieve by putting a 2nd mortgage through your Chapter 13 bankruptcy dwarfs the savings you achieve on your credit cards.
To find out if you qualify, contact Wadhwani & Shanfeld, A Professional Law Corporation.

Courtesy Consultation

When deciding what the right move is for your financial future, it is best not to leave anything to chance. Before making an important decision such as filing for bankruptcy, get all the information you can. That is why we offer free, no-obligation consultations with one of our knowledgeable attorneys. At this free consultation, you can educate yourself about all of your possible options, with a custom-tailored recommendation made to you based upon your stated financial goals. Knowledge is power, and we are offering it to you as a courtesy, so call us today to talk to an Ontario bankruptcy lawyer to determine if you qualify for bankruptcy, and to discuss what the right financial step is for you.

Older Workers Hard Hit Long Term Unemployment

It is no secret that the job market today is tough. Unemployment in America has become less of a transient period and more of a permanent proposition. In fact, nearly one third of unemployed Americans have gone without a job for over a year. Not only does this statistic paint a bleak outlook for the current job market, it also may have ramification in the future. Economists predict that if and when these workers receive a job, their skills will have declined during their unemployed stint, and they will not be able to command the salaries they once did. When unemployed, not only does a worker’s skills decline, but their professional network contracts. In addition, employers are often hesitant to hire someone who has been chronically unemployed, creating a self-reinforcing cycle.

Long-term unemployment has larger impacts beyond that of the individual worker. Americans who cannot find a job for an extended period of time not only may have a decrease in skill level, they also hurt the economy in a larger sense. Such workers often need to rely on government benefits to survive. The number of Americans who participate in food stamp programs has exceeded 45 million. Many rely on unemployment benefits, which have been extended up to 99 weeks in areas of the country worse hit. Workers who are older who cannot find a position may draw upon their retirement early, jeopardizing their futures. When these workers finally do re-enter the job market, the outlook remains relatively bleak. The Congressional Budget Office has stated that long term unemployed workers who re-enter the job market often command pay that is 20% less than their previous job.

While the job market is tough for all workers, it appears that it may be tougher for older Americans. Those over 50 face unique challenges that their younger competitors do not. Often these workers have been working at their jobs for decades. This means that they have a highly specialized skill set. This often provides a certain amount of job security, but can cut against them once they are unemployed. As they have built up a skill set for one job for years, they often must seek work in the same area. Thus, their specialization limits their job search, making them prone to longer stints of unemployment. Assistant Secretary of Labor William E. Spriggs spoke at a special session of the Equal Employment Opportunity Commission on the impact of the recession upon older workers. He reported that as of October 2011, older workers on average remained unemployed 11 weeks longer than their younger counterparts. Americans between the ages of 55 and 64 were unemployed for an average of 44.6 weeks. This is in stark contrast those between the ages of 25 and 34, who have an average unemployment period of 33.6 weeks. This number falls further when the workers are even younger. Those Americans between the ages of 20 and 24 remain unemployed only 28.6 weeks on average. For older workers who often have relied on experience and not degrees, and have not had to brave the job search for decades, the job market appears bleak.