Real Estate, Bankruptcy & Civil Litigation Law Firm
Mitchell Reed Sussman & Associates9454 Wilshire Blvd.
Beverly Hills, California 90212
Articles Published by Mitchell Reed Sussman & Associates
Can I Get Out of My Timeshare?
In today’s current economic climate with many homeowners losing their home to foreclosure, short sale or simply “walking away” they are finding that they are burdened by their timeshare vacation rental with their ever increasing assessments.Read Article
Mortgage Debt Forgiveness and the IRS
Debt reduced by a mortgage loan modification, short sale or foreclosure will often result in the issuance by the lender of an IRS Form 1099–C, Cancellation of Debt. Under the Internal Revenue Code if you borrow money from a lender who later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes.Read Article
Cram Down Your Mortgage in a Single Asset Real Estate Bankruptcy
If you are a natural person, corporation, partnership or limited liability company that owns an income producing parcel of real property and you are behind on payments or perhaps “underwater” you should consider filing a single asset Chapter 11 real estate bankruptcy.Read Article
Real and Personal Property Exemptions in Bankruptcy
One of the first questions that most potential bankrupts have is, “What will happen to my property, if I file for bankruptcy?”Read Article
Can I Discharge a Tax Debt in Bankruptcy?
One of the most frequently asked questions by consumers who are contemplating filing bankruptcy is: Can I Discharge a Tax Debt in Bankruptcy? This article answers these questions and more on the subject of what tax debts can be discharged by the filing of a chapter 7 bankruptcy.Read Article
Can I Eliminate My Second Mortgage in Bankruptcy?
The current financial crisis, brought on by the collapse of the housing market has more and more people looking for solutions to their "under water" property. An "under water" property is one in which the debt on the property is greater than the value. Today, millions of homeowner are now upside-down or "under water" on their home mortgage and they are looking for a way out.Read Article
What Does a Bankruptcy Trustee Do?
Many people who are contemplating filing bankruptcy ask the question, what exactly is the job of the bankruptcy trustee? Is he my friend or foe? Well the answer to this question is really quite simple, once you know the duties of a trustee.Read Article
Chapter 7 Bankruptcy - Do I Qualify under the "Means Test"?
As a result of perceived abuses in the bankruptcy system, Congress passed the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005." The principal provision of this Congressional enactment was the addition of a “means test” designed to prevent higher income earners from filing Chapter 7 bankruptcy.Read Article
Will I Lose My Home If I File Bankruptcy?
One of the first questions, many homeowners who are contemplating filing bankruptcy ask is “Will I lose my home if I file for bankruptcy?” The answer to this question depends upon a number of factors. The purpose of this article is discuss those factors.Read Article
Types of U.S. Foreclosure Proceedings
With the collapse of the real estate market, the word “foreclosure” has unfortunately become an often used word in the English language. This article will provide information about the types of foreclosures found in various states and how they work.Read Article
California's Short Sale Legislation
This past summer the California Legislature approved Senate Bill 931 (SB 931) amending Code of Civil Procedure CCP §580e to provide for anti-deficiency protection to certain short sales.Read Article
The Joint Tenancy Deed
The joint tenancy deed is one of the best tools to transfer real estate between spouses, partners and heirs. Its principal characteristic and its advantage over holding title as a tenant in common, is that a joint tenancy deed transfers title immediately upon the death. This is known as the right of survivorship.Read Article
Foreclosure and the Bankruptcy Stay
While there are many reasons for the rise in bankruptcy filings, with working families falling victim to job losses, the collapse in the real estate market and plunging home values is one of the principal reasons for the rise in filings.Read Article
Can I Walk Away from My Mortgage?
The current housing crisis and the fact the a good majority of homeowners are "underwater" has resulted in the many, many homeowners asking the question whether or not it is wise to "walk away" from their mortgage.Read Article