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July 2020

ANAND LAW PC > 2020 > July (Page 2)

DO I NEED A LITIGATION GUARANTEE IN LAWSUITS INVOLVING PROPERTY?

[vc_row triangle_shape="no"][vc_column][vc_column_text]At ANAND LAW, we are both real estate attorneys and real estate brokers.  Combining expertise, we add value, reduce overall cost, and maximize efficiency for our clients involved in real estate disputes.  These disputes often arise between co-owners, neighbors, and lenders.  When parties disagree as to the ownership of real property, quiet title, partition, and foreclosure actions can be used to force a resolution.  Examples of these types of disputes include disagreement as to who holds title or how much they hold, and disagreement as to the the priority of liens.  In any of these types of disputes, it is...

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DON’T GIVE AWAY YOUR IP UNLESS YOU MEAN TO – AVOIDING LICENSES WITHOUT AGREEMENTS : PUT IT IN WRITING.

[vc_row triangle_shape="no"][vc_column][vc_column_text]An implied license does not require any actual agreement—it arises solely from conduct and serves to allow others to use your intellectual property (“IP”).  There is no requirement that even a verbal understanding was reached.  Rather, an implied license is a legal concept that is created solely by the actions of parties and does not require any intention to allow such use. The implied license originated as a concept in patent law, and was then adopted in copyright cases.  It is now also applicable to the right of publicity. Generally, an implied license will be found where the following occurred: At...

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USURY LAW (LIMITATIONS ON INTEREST RATES CHARGED ON LOANS)

[vc_row triangle_shape="no"][vc_column][vc_column_text]The California Constitution prohibits loans that are made primarily for personal, family or household purposes from having interest rates above 10% per year.  This is California’s general usury law.  However, there are many exceptions. First, as implied from the above, loans made for business purposes are not capped at 10% interest (although there are other caps).[/vc_column_text][vc_empty_space][vc_column_text] HOME LOAN EXEMPTION [/vc_column_text][vc_empty_space][vc_column_text]Second, a loan that is taken out to be used primarily for buying a home (i.e. a mortgage) or improving a home (i.e. a construction loan) are not considered loans for personal, family or household purposes, and thus are not capped at 10%...

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REDUCING PRINCIPAL BALANCE & REMOVING MORTGAGES (FIRST AND JUNIOR) IN BANKRUPTCY

[vc_row triangle_shape="no"][vc_column][vc_column_text] CRAM DOWNS & LIEN STRIPPING (REMOVAL) [/vc_column_text][vc_empty_space][vc_column_text]‘Cramming down’ refers to reducing the amount of the lien to the market value — in other words, if a mortgage balance is greater than the market value of a property, the balance can be reduced down to the market value amount.  Cramming down of liens can be done through Chapter 11 on properties that are not a primary residence.  Liens that may be crammed down include mortgage, HELOC (home equity line of credit), HOA (Homeowners’ Association), and judgment. In a Chapter 11 bankruptcy, you can also remove fully unsecured liens from your rental properties (i.e....

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REAL PROPERTY VALUATIONS IN CHAPTER 11 AND 13 BANKRUPTCY PROCEEDINGS

[vc_row triangle_shape="no"][vc_column][vc_column_text] Real property valuations are used in Chapter 11 and Chapter 13 bankruptcy proceedings to determine if liens are unsecured or secured, and thus whether or not they can be removed.  Valuations are also used to determine if the debtor (the filing party) falls within the debt eligibility limits—if a lien is fully unsecured, it will go toward the unsecured debt limitation, and if it is fully secured or partially secured, it will go toward the secured debt limitation limit. Property values change constantly, making a critical question, when does the court value the property for the purposes stated above?  Unfortunately,...

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HOW WILL BANKRUPTCY AFFECT MY CREDIT SCORE?

[vc_row triangle_shape="no"][vc_column][vc_column_text]This depends on a variety of factors, including what your score currently is, what chapter you file for, and if you successfully complete your bankruptcy.  While filing for bankruptcy may lower a credit score, it will not necessarily do so. In fact, if you already have a low credit score, filing can actually increase your score, especially after successful completion of a Chapter 13 or Chapter 11 bankruptcy plan in which you pay off some of your debt. Chapter 7 bankruptcy can also, in certain instances, increase a low credit score, after successful discharge.  It is also important to...

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BANKRUPTCY : CHAPTER 13 DEBT ELIGIBILITY LIMITS

[vc_row triangle_shape="no"][vc_column][vc_column_text]As of April 2019, in order to be eligible to file for a Chapter 13 Bankruptcy (for individuals only), you must owe less than $1,257,850 in liquidated, noncontingent secured debts, and less than $419,275 in liquidated, noncontingent unsecured debts.  11 U.S.C. §109(e).  The debt limitations are adjusted every 3 years, with the next adjustment set to occur in 2022.  11 U.S.C. §104(b). Secured debts include home mortgages, judgment liens, and car loans.  Unsecured debts include credit card bills, medical bills, and personal loans (if a personal loan is secured by property, it will count towards the secured debt limitations). It is important to keep in mind that a Chapter...

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Tripped and Fell on a Sidewalk in Los Angeles? Here’s what you need to know.

[vc_row triangle_shape="no"][vc_column width="1/2"][vc_single_image image="2850" img_size="full"][/vc_column][vc_column width="1/2"][vc_column_text]If you were injured after tripping and falling on a public sidewalk, you deserve compensation for your injuries.  As anyone who lives in the City of Los Angeles can attest to, the sidewalks are in a severely bad state. Who is legally responsible for the injuries caused by the accident? The answer is not as clear as one may think, and it varies depending on the circumstances of each specific incident. In some cases, the government (typically the City or County) may be liable for a slip/trip and fall incident. However, homeowners may also be held...

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RECOVERING COMPENSATION FROM THE DEATH OF AN UNBORN CHILD

[vc_row triangle_shape="no"][vc_column][vc_column_text]Sadly, many women who are injured in car crashes, slip/trip and falls, and other accidents experience the heartbreaking death of an unborn child. Usually, if someone is killed as a result of another person’s negligence, the victim’s family may have the right to file a wrongful death claim against the responsible party. But, can families recover compensation for the death of an unborn child?[/vc_column_text][vc_empty_space][vc_column_text] WRONGFUL DEATH CLAIMS [/vc_column_text][vc_empty_space][vc_column_text]In California, the victim’s spouse, children, and in some cases, stepchildren and parents, can file a wrongful death case for the loss of a loved one. To recover compensation in a wrongful death case, the...

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Legal Options When You Slip/Trip and Fall In A Store

[vc_row triangle_shape="no"][vc_column width="1/2"][vc_single_image image="2842" img_size="full" alignment="center"][/vc_column][vc_column width="1/2"][vc_column_text] Often, retailers fail to ensure that there are no safety hazards on their property. Such safety hazards can include liquid spills or broken product fixtures that are not taken care of nor addressed with proper warning signals. As a result, customers can slip/trip and fall and suffer severe injuries such as broken bones, head injuries, or spinal cord damage. What should you know if you are involved in a slip/trip and fall incident? [/vc_column_text][vc_empty_space][vc_column_text] LIABILITY FOR SLIP AND FALL ACCIDENTS [/vc_column_text][vc_empty_space][vc_column_text] The legal concept of premises liability states that property owners must maintain safe conditions on their properties...

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