2011 was a year filled with many wonderful accomplishments here at The Gibbs Law Firm, APC, but also one filled with many challenges. Our firm’s accomplishments this past year include the confirmation of every-single Chapter 13 bankruptcy we filed in 2011 (with the exception of one case filed late in 2011, which is still pending a confirmation hearing); successful discharges in all but one Chapter 7 bankruptcy case we filed  in 2011 (with the one case not discharged currently in the process of an adversarial proceeding which is holding up the discharge), and the counseling of hundreds of homeowners facing foreclosures, short-sale or other issues related to distressed property. I feel good that in 2011 we made a big, positive difference in the lives of a lot of people.

2011, however, was not without its challenges. For the first time, we began to see an increase in cases where there was literally no viable solution. The banks and companies servicing mortgages have made loan modification an almost unattainable goal for most homeowner who need exactly that relief. Very little new progress was made on the Principal Reduction Plan front – a program which the National Association of Consumer Bankruptcy Attorneys has been working to develop in Washington. And, most importantly, it seems that the vast majority of attorneys holding themselves out as Mortgage Litigators have become the new Loan Modification boiler-room rip off. We met with many people stuck with homes that the bank will not foreclose, leaving the homeowner who wants to abandon the property to continue paying HOA dues and insurance while the banks sit back and allow their collateral to waste-away. Sadly, we met with many people who simply had no means of saving their home – through any means – and were simply forced to walk away from their piece of the American Dream.

Here is to hoping that 2012 will see some positive movement towards a real solution to the real estate crisis – perhaps an election can shake lose a truly viable solution. We at The Gibbs Law Firm, APC wish you and yours the very best for 2012. If we can assist in any way with your real estate, debt, corporate or general business legal needs, please do not hesitate to call us at (949) 492-3350.

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