Recent Bankruptcy Successes
The Law Offices of Michael H. Raichelson’s Winning Bankruptcy Outcomes
Chapter 11 Plan Confirmed Reducing Principal and Interest
Los Angeles Bankruptcy Attorney Michael H. Raichelson obtained confirmation of a Chapter 11 bankruptcy involving several income producing properties. The debtors in this Chapter 11 bankruptcy hired Law Offices of Michael H. Raichelson, a bankruptcy firm near Los Angeles, to replace their then attorney because he failed to provide them with adequate representation for almost a year.
During the bankruptcy process, Michael H. Raichelson obtained agreements from lenders and/or court orders reducing the interest rates on at least six loans secured by real property to between five percent and five and one-half percent. Also, he obtained reductions (i.e., crammed down) in the principal balances on several real estate loans of one-half to one-third their original loan balances.
Chapter 11 Plan Confirmed Reducing I.R.S. Debt
After unsuccessfully attempting to negotiate with the I.R.S. outside of bankruptcy, a used car dealer turned to the Law Offices of Michael H. Raichelson in that he felt he had been backed into a corner. After filing a Chapter 11 bankruptcy, Michael H. Raichelson was able to secure an agreement with the I.R.S. reducing the principal, interest and penalties owed to the I.R.S. from over $900,000 to $150,000 spread out over seven years.
Chapter 13 Plan Confirmed Stripping Off Second Mortgage
With their house underwater and months behind on their first and second mortgage, a couple in their thirties with two children turned to the Law Offices of Michael H. Raichelson for a fresh start. After filing their Chapter 13 Plan, the Law Offices of Michael H. Raichelson was able to confirm a Chapter 13 Plan repaying the amounts they were behind over 60 months and to obtain an order stripping off their second mortgage upon completion of their Plan.
Motion to Dismiss Adversary Complaint Granted
A respected businessman had been wrongfully sued by in bankruptcy court for allegedly receiving a preference. The Plaintiff refused to dismiss the adversary complaint voluntarily, forcing the Law Offices of Michael H. Raichelson to file a Motion to Dismiss. The Motion to Dismiss was granted and the clients saved thousands of dollars in that they did not have to fight the lawsuit in bankruptcy court.
Motion to Dismiss Involuntary Chapter 7 Petition Granted
Frustrated in state court by the defense that the Law Offices of Michael H. Raichelson put up in response to a business dispute, the Plaintiff wrongfully turned to bankruptcy court and filed an Involuntary Chapter 7 Petition against the client. The Law Offices of Michael H. Raichelson filed a Motion to Dismiss, which was summarily granted.