In 2008, almost 9,000 Orange County residents and businesses filed for bankruptcy, which is more than a 90% increase from the number of bankruptcies filed in 2007. The number has only increased more in recent years. The current bankruptcy crisis originated in the real estate sector and, particularly, in mortgage defaults. With the inflation of houses at an extreme high in Orange County during the mid-2000s, mortgage problems became rampant and drained the credit available for businesses. Whereas businesses had previously renewed their lines of credit annually without issue, these same businesses began to have their credit cut and further financing refused, even for established businesses with good credit. The market, although it may level off, is still not expected to recover from the current crisis for at least another year. More than ever, businesses must keep meticulous tabs on their finances and prepare for the worst. Disaster can be avoided by talking to landlords and lenders early and creating a contingency plan in the case of any terrible misfortune. If at any time a business seems unsalvageable, the owner should let it go rather than resuscitate it with personal finances. In the latter case, the owner will be left with nothing to rebuild his or her personal life in the event that the resuscitation does not sustain the business throughout the recession. If you have any questions or are considering bankruptcy, it is paramount to talk with seasoned professionals who can give you expert advice, such as those at Rus, Miliband & Smith. With over a century of collective experience in bankruptcy law, the attorneys at Rus, Miliband & Smith can guide you through the process quickly and efficiently. Past Rus, Miliband & Smith clients include Fortune 500 companies, municipalities, institutional lenders, notable entrepreneurs, large and small businesses, and prominent Southern California residents.
Based in Orange County, California, Rus, Miliband & Smith has developed a reputation as one of the nation’s leading law firms, having built a team of the most experienced and accomplished bankruptcy and litigation lawyers. Often outperforming larger state or national firms, Rus, Miliband & Smith aggressively defends its clients’ interests and often accepts complex high-profile cases, representing Fortune 500 companies, municipalities, institutional lenders, trustees, creditor’s committees, and individuals in the public eye. Working primarily within the commercial, real estate and business sectors, Rus, Miliband & Smith has developed strategic relationships with commercial banks, investment banks, real estate developers, entrepreneurs, and bankruptcy trustees.
Rus, Miliband & Smith is an active member of the American Inns of Court (AIC), and a sizeable portion of its attorneys have earned the Master of the Bench or Barrister designation within the organization. The highest possible rank in an Inn is Master of the Bench, followed by Barrister, Associate, and Pupil.
The AIC was created to foster a greater sense of ethics and professionalism within the field of law, as well as give professionals an opportunity to expand their skills. Each of the various Inns around the country meets on a monthly basis to hold educational programming and discussions about important topics that affect the practice of law today. Following the example set by the English legal apprenticeship system, the AIC connects those new to the profession with the most experienced judges and attorneys in their surrounding area in an environment that encourages dialogue and learning.
Professional attorneys Ronald Rus, Joel S. Miliband, and Randall A. Smith, or the law firm Rus, Miliband, & Smith, embody the kind of forward-thinking and results-focused legal expertise necessary to prevail in even the most complex cases. Collectively, they have coalesced their experience into one of California’s leading litigation and bankruptcy firms with experience representing Fortune 500 companies, municipalities, and prominent private citizens.
Rus, Miliband & Smith is distinguished among its peers in the legal profession for many reasons, perhaps none of which is greater than the firm’s ability to handle complex and high profile cases. To date, the firm has handled many multi-million dollar cases for clients across all sectors of industry, including real estate development, investment banking, and institutional lending. Because of the firm’s considerable reputation in this regard, Rus, Miliband & Smith is frequently featured in major news media, such as the Los Angeles Times, the Los Angeles Daily Journal, and the New York Times.
Besides demonstrating the utmost dedication to their work inside the courtroom, Rus, Miliband & Smith attorneys also demonstrate an impressive enthusiasm outside of it. Many Rus, Miliband & Smith attorneys are involved in professional legal organizations and the firm as a whole routinely participates in the American Inns of Court, a nationally recognized, litigation-focused professional association. Additional organizations with which the firm or the firm’s employees are associated include the California State Bar Board of Governors, the Federal Bar Association, and the Orange County Bar Association.