California Bankruptcy Lawyer Blog

A San Jose bankruptcy lawyer addresses: Do I need a Chapter 11 attorney?

What is Chapter 11 bankruptcy?
Chapter 11 of the bankruptcy code provides for a business or individual with very high debts to reorganize their finances and develop a repayment plan to all creditors. While chapter 11 is generally associated with business’, given the high cost of homes in California, many individuals may turn to chapter 11 as their only option to save their home or reorganize rental properties.

Is chapter 11 complicated?
Yes. Unlike chapter 7 or chapter 13, chapter 11 bankruptcies require extensive court involvement in looking into the financial affairs of the individual or business. Monthly financial reports must be submitted to the court and often employment of professionals such as accountants and real estate brokers are required in order to assist the individual or business in its reorganization.

Can I file chapter 11 without an attorney?
There is no requirement that an individual file chapter 11 with an attorney, however, given the complexities of chapter 11 it is advisable that legal counsel be sought. A chapter 11 attorney can work with the individual or business and make determinations on how best to proceed with the bankruptcy.

How can a chapter 11 attorney help me?
A chapter 11 attorney will know what is required of a business or individual when the chapter 11 petition is filed. Beyond preparing the petition, there are usually motions and other procedural aspects involved with the proceeding. In addition, a chapter 11 reorganization plan needs to be developed outlining how the business or individual plans to exit bankruptcy. A chapter 11 attorney will know how to prepare those documents and deal with any possible objections from creditors.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy lawyer defines False Bankruptcy...

False bankruptcy is when one individual files for bankruptcy using another person’s social security number and identity. This is an illegal tactic used to attempt to discharge your debts while not having the bankruptcy appear on your credit report. A false bankruptcy is highly common with people who have been victims of identity/credit theft. An individual will use someone’s social security number to take out a bunch of credit cards and then file for bankruptcy when the creditors come knocking.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney offers 3 tips with regard to preparing for bankruptcy...

What Else Should I Know About Bankruptcy?

Public utilities, services like the electric company for example, is not allowed to refuseservice to you nor cut off service due to the fact that you have filed for bankruptcy. It should be noted, however, that they may (and are allowed to) require a deposit for future service and you will be obligated to pay utilitiy bills that are incurred after bankruptcy is filed.

Driver’s license--If you lost your license specifically due to not being able to pay court-ordered damages caused by a car accident, bankruptcy will allow you to get your license back.

Discrimination--A government agency or employer cannot discriminate against you because you have filed for bankruptcy. Additionally, private entities and government agencies involved in student loan programs also cannot discriminate against you based on a bankruptcy filing.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney helps answer this debot question: Can I Own Anything After Bankruptcy?

Yes! Most debtors are under the impression that they will not be able to own anything, such as a home or car, for a long period of time after filing bankruptcy. It is too bad that this myth deters people that really need the Fresh Start that filing bankruptcy offers from filing because it is not the case.

Typically, a bankruptcy filer can keep their exempt property and anything they acquire after their bankruptcy is filed.

However, property settlements, inheritances or monetary benefits such as life insurance that are recieved by the bankruptcy filer within 180 days after filing for bankruptcy, may or may not end up having to be paid to thecreditors if the property or money is not exempt. To learn more, it is always recommended that you consult an experienced bankruptcy attorney.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney has a Foreclosure and Bankruptcy Overview:

Purchasing a house can be an exciting and life-changing event. On the other spectrum, going into default and foreclosure can be just as scaring and depressing. The easiest and quickest way to stop foreclosure in San Jose is to file for bankruptcy. The automatic stay of bankruptcy will stop foreclosure for the time being. This will allow the individual some time to either find a new place to live, or come current on the arrears. Often times, when a person files bankruptcy to stop foreclosure and save their house, they file for a Chapter 13 bankruptcy.

A Chapter 13 bankruptcy will stop the foreclosure and generally allow a person to pay the arrears over a period of five (5) years so long as they are current on the mortgage payments following the filing of bankruptcy. This period of time following the filing of bankruptcy allows the individual to wrap up their financial affairs and look to the future without the stress of the looming foreclosure.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney adds to the issue of Bankruptcy Fraud

Common Bankruptcy Fraud Questions.

Many Debtors have bankruptcy fraud questions. Specifically, many Debtors want to know what types of bankruptcy fraud questions will be asked at the meeting of creditors and whether or not the Trustee will audit their personal belongings.

Generally, speaking the bankruptcy fraud questions a Debtor will encounter at the meeting of creditors revolve around Debtor’s transferring property or failing to list assets. Specifically, Trustees always ask a Debtor under oath whether or not they have listed all of their assets. Moreover, a Trustee will also ask whether or not a Debtor has sold or transferred property within a certain amount of time.

Debtors should not attempt to hide or conceal assets when filing bankruptcy. If a Debtor has significant assets the Debtor should either go to an experienced bankruptcy attorney for counseling on “pre-petition planning,” or not file bankruptcy.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney mentions tax debt and bankruptcy

Tax debt forgiveness may be one of the best benefits of filing for bankruptcy. Things to know about tax debt forgiveness in bankruptcy. First, tax debt cannot be relieved unless the debt is from three or more tax years prior. Second, in order to receive tax debt forgiveness, the taxes must have been filed with the IRS or Franchise Tax Board three calendar years or later from the date of the filing of the petition.

Bankruptcy may not always be an avenue for complete tax debt forgiveness; however it may provide relief from levies and wage garnishments. The IRS and FTB can levy accounts and wages much easier and quicker than any normal creditor. Tax debt forgiveness through bankruptcy is a blessing to those who qualify.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney address a foreclosure after bankruptcy question...

Question: Can Someone Foreclose After a Bankruptcy Petition is Filed?

Answer: Generally speaking once a bankruptcy petition is filed an automatic stay goes into effect that prevents foreclosure after bankruptcy. Foreclosure after bankruptcy, however, may still occur in certain situations. If a debtor has previously filed bankruptcy and the case was dismissed, the automatic stay is only in place for a limited amount of time. In addition, a lender may also file a motion for relief from stay asking the Court’s permission to proceed with foreclosure after bankruptcy. Thus an experienced bankruptcy attorney can provide guidance in preventing a foreclosure after bankruptcy.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney answers the question: How will my bankruptcy affect my spouse’s credit?

Generally, your debts are your debts only and only you are responsible for them. If you file for bankruptcy, your spouse is not responsible for your debts and will have no effects on your spouse.

Generally, married couples maintain two separate credit records and histories, so therefore, if only one spouse files for bankruptcy, it will not affect the other and his/her credit rating will not be affected. However, if your spouse co-signed or guaranteed your debt or if your spouse shares a joint account with you, then s/he will also be affected since this would become his/her debt too. Due to the bankruptcy, the bankrupt spouse may not qualify as a co-signer in the future and may have indirect effects to the other spouse as well.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney notes when Chapter 7 is right for you...

There are a few benefits to filing a Chapter 7 bankruptcy. First, you will be able to discharge most unsecured debts. These debts include your credit card, medical and utility bills. After a successful filing of Chapter 7 bankruptcy, you will not owe the creditor anything for most of these unsecured debts.

Second, Chapter 7 is generally faster and you will be able to obtain debt relief within a shorter period of time. Chapter 7 only takes about 3 to 4 months to complete, in contrast, Chapter 13 will take you 36 to 60 months. If you have mostly unsecured debts, and need debt relief fast, Chapter 7 may be just the right answer for you.

But Chapter 7 bankruptcy is not for everyone. You must first qualify under the Means Test. If you do not qualify under the Means Test, you cannot file for Chapter 7. Also, if you have declared child support or alimony, have student loans to repay, or if you have recent income tax debt, Chapter 7 may not be the right choice for you. It is best to visit with a qualified bankruptcy attorney to discuss all of your bankruptcy options then chose the path that is best suited for you.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy lawyer defines what nondischargeable debt is.

Nondischargeable debts are debts that cannot be eliminated through declaring bankruptcy. Most common nondischargeable debts are: student loans, most federal, state and local taxes, credit card bills that were used to pay for those taxes, child support and alimony.
Some debts become nondischargeable if the creditors object to the discharge. Debts that falls into this category are: debts arising from a martial settlement or divorce decree, debts incurred based on fraudulent acts, debts from willful and malicious acts to another person or another person's property and debts from embezzlement, larceny, or a breach of fiduciary responsibility.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy laywer gives the short answer on Unsecured Debt?

Unsecured Debt is any debt that has no collateral attached to the debt. Thus, if a debtor fails to make payments the creditor would NOT have any right to repossess any of the debtor’s property. A creditor’s only recourse would be to sue the debtor on the amount owed. Generally, most credit cards are considered unsecured debt.

Analizing unsecured debt comes up during a bankruptcy filing.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.