California Bankruptcy Lawyer Blog

Commercial bankruptcies have nearly doubled over the past year. California continues to be the most severely impacted by the financial crisis. Among the 15 areas across the United States with the highest bankruptcy filings, eight of them are in California. Sacramento metropolitan areas, San Bernardino and Los Angeles lead the nation in small-business bankruptcy filings. These areas are closely followed by San Diego-Carlsbad, Oakland, and San Jose for having the most bankruptcy filings.

California is hoping to rally back from the economic downturn during 2010, but given the most recent statistics, it appears that things may get worse before they get better. The bankruptcy code is available to help debtors through the financial crisis and provide a Fresh Start.

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.

There is a cultural stigma associated with bankruptcy that consumers who file for Bankruptcy protection are shopaholics who are just trying to take advantage of the system. For the average filer, this stereotype could not be further from the truth. Currently, the typical bankruptcy debtor is well educated and work in a cross section of all occupations. Their bankruptcy is often driven by a recent divorce, medial injury or illness, or unexpected job loss. The whole purpose of the bankruptcy laws is to give consumers who have experienced these types of unexpected financial crisis a fresh start. There is no reason for qualified debtors to shy away from maximizing their entitlement to start over again and rebuild their credit and lives.

Bankruptcy filings have dramatically increased in San Jose over the past year. Statistics show that women filing for bankruptcy has increased almost 800%. It is believed that changing societal norms such as the increase in single-parent households, higher divorce rates, rising medical costs and lack of medical insurance, are contributing to the increase in bankruptcy filings as a whole.

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.

Due to the less than stellar holiday shopping season, there is a general expectation that an increased number of commercial retailers are contemplating filing for Chapter 11 bankruptcy protection. Given the rising unemployment levels, underwater mortgages and low consumer confidence this view is supported by bankruptcy attorneys and economists alike. Retailers are struggling with making payments to landlords and suppliers, who are also likely having financial difficulties under the current economic climate. Retail sales are expected to be down 12 percent to 15 percent compared to 2008. This dramatic decrease comes after sales dropped approximately 8 percent in 2008, resulting in a nearly 20 percent drop in the past 2 years.

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.

This week's Bankruptcy bill designed to adjust to rise in complexity of bankruptcy cases.

Bankruptcy Law360 reported this week that the U.S. House of Representatives is reviewing a bill for the addition of 25 permanent bankruptcy judges to the bankruptcy bench. A rapid rise in the complexity of bankruptcy cases in the bankruptcy courts is sited to be the primary reason. Representative Steve Cohen, a Democrat from Tennessee, presented the bill on Tuesday of this week proposing 13 new bankruptcy court judges, and the transition of 22 temporary bankruptcy court judges into permanent roles. The authorization of two temporary judges’ extension to 5 years would be also be part of this legislative move.

Although a harsh reality, the drastic rise in bankruptcies should come as no surprise to California consumers in debt, as all walks of life are feeling the effects of the recession and many wish to rebuild their credit and move on to a Fresh Start. Unemployment being at an all time high, fear of foreclosures and mounting debt is causing many to evaluate their finances and bankruptcy options, hence the rise in Bay Area bankruptcy filings in San Jose, San Francisco and the surrounding areas.

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.

NBC News reports that Obama’s Mortgage relief plan can lead to foreclosure. Just ask Deb Franklin. As NBC News reports, for nine months Deb Franklin did exactly what JP Morgan Chase and President Obama told her to do.

Deb Franklin made her mortgage payments, on time, after they were reduced from $1,433 to $1,233 through Obama's Making Home Affordable program. After three payments, however, the mortgage relief was supposed to become permanent, but red tape and paperwork landed her in limbo. It is unclear as to whether or not she sought filing Chapter 13 bankruptcy at this time.

Then the day after Christmas Deb Franklin received notice from JP Morgan Chase that they had begun the foreclosure process. In the aftermath Franklin has been told by bank representatives that the foreclosure notice was sent in error, but she doesn't buy it. Franklin told NBC on a single day in early January, she says, one Chase representative told her that the loan modification plan had been denied, another said it was approved, and a third told her the foreclosure had been "suspended."

In retrospect the Franklin’s 10-month odyssey through the Making Home Affordable program raised their mortgage balance from $187,000 to $207,000, ruined their credit score, leading to cancellation of their credit cards, and now -- despite making all their payments -- put them on the brink of losing their home. For San Jose, San Francisco and Northern California debtors on the brink of losing their home, filing Chapter 13 bankruptcy will stop the foreclosure process and may be an alternative to a loan modification.

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.

The latest in General Motors' still unfolding bankruptcy, according to Fox News, is they have now struck a deal to sell their shaky Saab divistion to Amsterdam's Spyker Cars. The Dutch car maker reportedly suspended trading on Tuesday in anticipation of closing the deal while GM's Chapter 11 bankrutpcy, the second largest industrial bankruptcy in history, runs its course. Although the deal with Spyker has been in negotitaions for sometime, it is an key component in GM's bankruptcy restructure, as the Swedish unit is a loss-maker for GM and thus has been winding down the Saab brand while retaining its employee base.

GM Chairman and CEO, Ed Whitcare, who of late was only a stand-in while recruitng efforts for his successor were underway, will now remain at the helm per the request of the Board of Directors. Whitcare will ovesee GM's Chapter 11 bankruptcy restructure, whick took exodus in July of 2009. The Treasury's auto task force had placed Whitcare in charge of revamping the Board slated to takeover moving forward after the bankrutpcy. It is reported that he plans to remain at least 2-3 years as CEO.

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.

San Jose residents and consumers in debt, as well as those San Jose residents considering bankruptcy, who believe California’s budget crisis is an anomaly should look to Illinois. NBC news reports that Illinoios' finances are in dire straits, and the state is on the brink of bankruptcy!

Laurence Msall, president of the Civic Federation, a fiscal watchdog in Chicago told Crain’s Chicago Business that all stakeholders of Illinois should “recognize how close the state is to bankruptcy or insolvency.”

Bankruptcy is defined as an inability to pay debts out of current assets, and it’s no secret that Illinois can’t pay its bills. Specifically, Illinois’ unpaid bills total around $5 billion. Unfortunately, Illinois can’t do much about its debt.

Federal bankruptcy protection doesn’t apply to states, so there’s no way for Illinois to hide from its creditors. In light of this, one may expect Illinois politicians to make tough decisions to close the budget gap. As of today, however, no plan exists.

Today, Illinois is not taking in cash, its liquid assets have dipped below $1 million at times, and the state is supposed to pay $5.4 billion into its pension fund next year and $10 billion the year after that. David Merriman, head of economics department at the University of Illinois at Chicago, however, has stated that the real crisis will come when state institutions shut down because they can’t pay their employees.

Consequently NBC news reports that many foresee a governmental collapse in which vendors will stop bidding on contracts, investors will stop buying bonds, and employees will be paid with IOUs, similar to what our own great state of California has done.

Thankfully, bankruptcy does apply to citizens and can be a valuable tool to allow San Jose residents to start fresh!

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.

Bankruptcy can be good for your wallet??? If you’ve chosen to file bankruptcy, especially through a San Diego bankruptcy lawyer, you’ve considered the pros and cons and decided it was in your best interests. With that as a backdrop, then, the question becomes “how bad is bad?” In other words, what can you do to most expeditiously rebuild your credit? Well, in brief, you should be able to effectively rebuild your credit in two to three years. Here’s how:

Firstly, after the bankruptcy, get a credit card. Your first reaction may be “wait…that’s what got me into this mess.” Well, we are talking about rebuilding credit, so the process has to, not surprisingly, involve credit. Plus, what is available to you after bankruptcy in terms of credit cards is not going to be anything like what you had before. Typically, you can expect to have the card be secured. You are probably going to have to deposit a certain amount (generally between $200 and $500) in a bank and use that cash as collateral on the card. Your limit is however much you put in the bank. So, even though it is secured, it’s still credit.

Don’t be surprised if, in applying for credit, you get offers for unsecured cards. While you certainly should be careful using unsecured credit cards after a bankruptcy (because you are precluded by law from filing again for a number of years), you will definitely build your credit using these cards, just use them wisely.

Do your absolute best to pay off your post-bankruptcy credit cards, too. Many people believe that leaving a balance on a card is the best way to grow credit: that the banks like knowing who they can make money off of. This San Diego bankruptcy attorney does not agree. The credit formulas for FICO calculations just do not seem to be linked to balance-carrying. Your best approach is normal, periodic usage of the cards. That builds credit.

Next, you need more credit (to build credit). So, if you kept a car or mortgage during bankruptcy, keep paying it off. This is obvious, I know. But installment debt is a strong aid toward credit growth. Student loans count, too. While you will likely have a hard time getting a good interest rate on a new car purchase, you might get a better rate with a co-signer. As long as your Social Security number is the primary payee on the installment account, you’ll get the credit benefit.

Remember that credit is how you get credit. Be responsible and cautious and you may even qualify for an FHA loan on a mortgage within as little as eighteen months after filing for Chapter 7 relief. Generally, when considering a Chapter 7 or Chapter 13 bankruptcy, just remember that while your credit report will assuredly reflect the bankruptcy filing for 7 to 10 years, you will likely significantly improve your credit in as little as two to three years.

Media News Group Inc., the holding company for such news sources as the Denver Post and the San Jose Mercury News plans to file Chapter 11 bankruptcy. According to Fox News, Affiliated Media Inc. said that it will file a prepackaged plan already approved by the lenders to expedite the Chapter 11 process.

MediaNews Group Chairman and CEO William Dean Singleton noted that MediaNews’ management and newspaper operations, employees and vendors won’t be affected by the holding company’s restructuring due to the bankruptcy. An actual date for their Chapter 11 bankruptcy filing has not been set.

Under the plan, company debt would fall from about $930 million to $165 million and senior lenders would swap debt for stock. The group of 116 lenders led by Bank of America would hold a majority of stock but not voting control.

This would mark at least the 13th bankruptcy filing by a U.S. newspaper publisher in the past 13 months.

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.

Job loss and bankruptcies continue to rise in San Francisco for Bay Area consumers in debt.
Wal-Mart, Inc.’s warehouse club division, Sam’s Club is axing approximately 111,000 jobs (equating to roughly ten percents of its workforce due to their preference to outsource its product demonstrations that take place in-house as well as cutting off its new business recruiting divisions, according to Rueters, San Francisco.

Sam’s Club isn’t alone. This adds to the many department cuts and losses in jobs in California and nationwide, in addition to bankruptcies in San Francisco down to bankruptcies in San Diego reaching an all-time high.

Fourth-quarter results in February will go hand in hand with an outline explain these changes, said Brian Cornell, Sam’s Club Chief Executive Officer, although he does not anticipate any “material” financial “impact.” He was quoted by Reuters as stating in an interview, "We look at this as an investment in the in-club experience. This is not a cost-cutting move for us in the short term. We really hope it will be cost neutral for our operation. It's an investment in building loyalty, enhancing the member experience and driving future growth."

The cut in in-store demos means some 10,000 part-time workers will be out of jobs. If they choose, they can apply for a job with Shopper Events, the company that will be taking over that department.

Sam's Club has approximately 110,000 employees working at there some 600 locations.
If you recently lost a job in San Francisco or having debt resolution issues, talking to a San Francisco Bankruptcy attorney may assist you in defining your debt scenario.

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.

Estimations by the Wall Street Journal show the number of unemployed Americans that are still currently looking for work is 17.5% of the total workfoce. This is whether these individuals have maxed out their unemployment benefits or not.

The Department of Labor issued a Labor Turnover Report that reflects a 4.176 million hire rate in November, and 4.340 million separations, equating to 164 thousand net jobs lost. Likewise, the CES report showed an additional 4 thousand jobs in November.

With Bankruptcy filings on the rise and the job market looking bleak, we have seen many consumers in debt in our San Jose Bankruptcy Offices, as well as our bankruptcy divisions in San Diego, San Francisco and the greater North Bay.

While these are not a positive signs, it is encouraging that Bay Area consumers in debt are willing to reach out to local bankruptcy attorneys to learn more about bankruptcy options in California, as well as Bankruptcy Litigation and debt resolution in San Jose and the surrounding areas. While the decline in job separations is steep, and hiring has not exactly picked up, these numbers may suggest that eventually (perhapas when the March 2010 benchmark revision is announced in Feb 2011), the net change for November employment will be adjusted down.

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

West Coast consumers in debt can take comfort that success is not a shield from bankruptcy, not even for the rich and famous. While the famous bankruptcies list grows every week, it's the Hollywood elite, the untouchables, that catch our eye and let us know that we are not alone in filing bankruptcy.

This week let’s talk Hollywood. Specifically, let’s discuss Mr. Francis Ford Coppola. Born in 1950 Coppola grew up in Great Neck, New York. Mr. Coppola attended the University of Southern California for his graduate film work. Mr. Coppola is perhaps most famous for directing a small film you may have heard of...The Godfather.

While most lay film goers probably know The Godfather was a tremendous success, what many may not know is that Coppola’s next films spelled disaster. First, Apocalypse Now, while critically acclaimed (naysayers will attest to the film's messiness) soared $15 million over budget. Next, Coppola borrowed $8.5 million from Canadian real estate mogul Jack Singer to finance One from the Heart. The film cost $30 million and grossed $636,000.00....oops. Consequently, when Singer sued to collect on his debt, Coppola filed for 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.

The Times reports that Britain’s economy dropped in 2009 at the largest decline since 1921.

Although there was hope, as well as positive forecasting, that there would be a fourth quarter rise out of the recession for Britain in October, November, December 2009, that was not to be the case. The rise only reflected a 0.3 percent increase compared to the third quarter, according to the National Institute of Economic and Social Research (NIESR) .

This is a bigger drop for Britain than annually during the Great Depression in addition to being their largest economic contraction, at only 4.8 percent, in 88 years.

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.

Mortgage modifications under HAMP for December climbed to 66,000 from 31,000 at the end of November, according to the recent Treasury-issued cumulative report.

But basically, HAMP results are at 33,000 permanent modifications per month compared to a year ago, when they were resulting 100,000 per month.

November/December combined approximately 420,000 newly started foreclosures and approximately 170,000 foreclosure sales completed. What does this mean for HAMP ?

The idea was that the Treasury was driven to convert temporary modifications to permanent modifications but has not done so in the expected pace. Currently, of the 728,408 borrowers actively participating in loan modifications a low 4.3 percent have been transitioned from temp to perm modifications. That equates to approximately 31,382, have been converted to permanent status.

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.

Debtors in California who face foreclosure may be interested to know that in state court last week, Judge Alsup held in American Wholesale Lenders that 2924 establishes the statutory framework for a non-judicial foreclosure and that such framework presupposes a valid mortgage.

Still, the entity using the 2924 process must show the court they own the loan.

What does this mean? Now, unless the forecloser and the party seeking eviction are the same, there is no automatic entitlement to the remedy. Thus, the court’s ruling imposes a burden on the forecloser to prove to the court they have any right to collect from the borrower in the first place!

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.

USA Today reports that as vacancy rates climb, renters gain the advantage in the current economic climate. According to MPF Research, apartment rental rates dropped a record 3.5% in 2009, including opportunities such as “first month free” and may fall an additional 2% in 2010. "I've been at this 35 years, and it's by far the worst I've seen it," says Jeff Cronrod of the American Apartment Owners Association.

Apartment vacancy is up to 7.8 percent, three points higher than two years ago, also according to MPF Research (nationwide). Property managers are hot to fill vacancies, thus the rise in “deals” or “freebies,” including some apartment managers offering several months free as opposed to the somewhat standard “first month free” in the past. Lowering rent is also a common practice amongst apartment managers in an effort to get people in the door and renting. The downed market is also seeing other renter perks such as included appliances, even free t.v.’s, and added free utilities under the monthly rent umbrella.

This reflects the MPF Research-generated average of a 3% drop in the nation’s average of rent charged by apartment managers since year-end 2008.

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.

Just like many debtors in San Jose, athletes also face the possibility of bankruptcy. Just ask Bernie Kosar.

The former NFL and Miami Hurricanes star quarterback just had his bankruptcy changed to Chapter 7 liquidation. Documents filed September 23 show that Kosar has $9.2 million in assets and $18.9 million of debt. Initially Kosar’s petition showed he owed $1.5 million to the Cleveland Browns, $3 million to his ex-wife, and more than $9 million to a bank for bad real estate deals. Bottom line, San Jose, bankruptcy affects everyone from all walks of life.

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 new set of rules issued this week by the Federal Reserve regarding implementing credit card laws will please consumers and have banking experts acquiescing that the consumer is finally represented moreso than the credit card companies. The 1,155-page set of rules go into effect February 22nd and outline for banks new regulations designed to protect consumers, including a ban on credit card issuers setting minimum interest rates. Automatically enrolling consumers in fee-charged over-the-limit programs will also be a no-no. In addition it will not be as easy for banks to control interest rates based on the prime rate and other changing indicators.

This new set of laws to be implemented “…demonstrates the Fed is trying to anticipate moves and err on the side of consumers," according to Nessa Feddis, American Bankers Association’s vice president and senior counsel.

Additional Consumer perks to these laws passed by Congress are as follows:

Credit issuing agencies will no longer have the luxury of automatically enrolling consumers in credit card programs that make the offer to charge beyond the credit limit.

Banks' ability to hike interest rates will be scrutinized.

A consumer's rate won't be raised simply for a late-paid cell phone bill. Moreover, a bank cannot raise rates until 60 days have past after the consumer is late paying a credit card bill.

Consumer groups expressed that banks should not have the final say in which prime rate applies to an interest rate. The Federal Reserve agreed.

It will be required on monthly credit card statements to clearly indicate how long it may take to pay off a balance by making only the minimum payment.

“Floors,” or minimum rates under bank control in order to mess with credit card rates will be no more. That’s right: No More Floors!

This is good news for all consumers, but also for consumers in debt, or those considering filing bankruptcy to get out of credit card debt.

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.

On Monday, Washington Mutual shareholders were victorious is their battle to appoint an equity committee to represent them in court with regard to the failed bank’s Chapter 11 bankruptcy filing over one year ago. WaMu’s highly publicized bankruptcy included seizure by federal regulators in this, said to be the largest bank failure in United States history. Pressing forward, the complex bankruptcy case continues with strife as the appointed equity committee, comprised of 6 Washington Mutual shareholders and one New Jersey Representative from Eopus Creek Value (a hedge fund), is challenged by Washington Mutual Inc., WaMu’s now bankrupt holding company.

The committee, appointed by the U.S. Trustee’s Delaware office, would represent the shareholders, potentially allowing them to recoup some of the $7 billion that was lost when Seattle-based Washington Mutual filed Chapter 11 and closed its doors. Fierce objection comes from Washington Mutual Inc., who filed a motion in Delaware’s U.S. Bankruptcy Court citing unnecessary additional costs and overall disruption of the case. The holding company declined to comment as of Tuesday, but their 20-page motion states, “The debtors are baffled as to why the U.S. Trustee, at this late date, would choose to saddle these estates with another committee and, presumably, professionals that will needlessly incur significant fees and expenses,” and thus requests disbanding the equity committee stating that the likelihood of shareholders being awarded any money is slim. It states, “Even in the best case scenario for the debtors, the debtors do not believe this deficit will be overcome.” Washington Mutual Inc.’s current operating report reflects $1.3 billion in liability over asset and because the bankruptcy case allows preferred stockholders to be paid prior to common stockholders, and that debt is in excess of $3.4 billion, the common shareholders would not be paid until the deficit of up to $8.7 billion was satisfied.

If Washington Mutual Inc.’s motion is declined and the equity committee is not dissolved, the motion requests a $250,000 cap on legal costs and other fees for the committee.

Puget Sound Business Journal

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.

As gas prices make a steady climb this week toward $3/gallon in New York (and have cleared that already in Los Angeles), we can’t help but wonder if there is a $4/gallon gasoline sandwich board in the American consumer motorist's future?

Oil cost per barrel has jumped 20% for 2010 on the New York Mercantile Exchange, three times what it was in 2007. According to Wright Express, AAA, and others - prices have risen 1.4 cents veritably overnight to $2.749 per gallon, and spiked 8.4 cents a gallon up in the past week, making it 95.5 cents higher than 2009.

Peter Beutel of Cameron Hanover had this to say in a recent report, "There is a long history of tripled oil prices causing consternation among consumers. We are not there, yet, but gasoline prices at more than $3.00 is certainly an unwelcome sign of consumer distress."

This rise in gasoline prices, paired with a markedly colder winter, could not have come at a worse time for concerned consumers– hitting New Yorker’s pocketbooks at the thermostat and at the gas pump. At a time when bankruptcies are at an all time high, it’s no wonder folks from all over the country are seeking the advice of an experienced bankruptcy attorney. However, spring-time is a factor in that prices invariably rise as warm weather hits, due to more drivers on the road and law-required clean burning fuels get utilized.

Americans motorists on the whole are paying approximately $50 more a month for gas now than in 2009, according to Oil Price Information Services. The total fuel bill for Americans now is said to be over $1 billion per day whereas it was approximately $650 million per day this time last year. Tom Kloza of the Oil Price Information Services was quoted as commenting that you add heating oil and diesel fuel to that and we are looking $400 million to $550 million more each day in total fuel.

www.associatedpress.com, www.msn.com, www.californiagasprices.com

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.

According to credit-rating agency, Fitch Ratings, the climb in defaults spanning all property types resulted in a 42 basis point (bp) rise for a 2009 delinquency close-out at 4.71%. Predictions site a 2012 peak at 12%, according to Mary MacNeill, managing director of Fitch, who stated, “Though delinquencies have increased approximately five times from a year ago, they may not peak until 2012. An increased amount of loans are coming due over the next two years that will result in delinquencies possibly peaking at 12%.”

Current CMBS transaction ratings were translated with a higher delinquency rate by Fitch due to the future minded view of performance reflected in their surveillance criteria. This predicted rise will be impacted by falling rents and vacancy rates, affecting the five main property types as follows: Hotel, Office, Multi-Family, Industrial and Retail; Hotels being the highest in delinquency rate at 9.13%( $4.6 b), with Retail reporting the highest dollar amount of $5.7b (4.25%); and lowest reports Office properties with the lowest delinquency rate of 2.66% ($3.9b), compared to the Industrial property type having the lowest dollar amount of $851.3m (3.57%).

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.

Are you a middle class college educated mother living in California? Did you know that statistically you are more susceptible to Bankruptcy? Read on to learn more!

According to Harvard Law Professor, Elizabeth Warren, educated Middle Class mothers are most likely to file for bankruptcy. This fact remains true despite most women who file have attended college. In fact, Professor Warren notes that having a college degree doesn’t seem to protect women from filing bankruptcy as much as it does for men! Professor Warren attributes this anomaly to the fact that women more often find themselves placed in the single parent role.

Perhaps the most alarming statistic from Professor Warren’s piece is that more women will file for Bankruptcy in 2010 than those who will graduate from college, receive a diagnosis of cancer, or file for divorce! To temper this trend Professor Warren advocates that women spend less and have a financial backup plan when having children. Only time will tell if this advice goes unheard.

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.

If a debtor wanted to pay special attention to a particular schedule on their petition it is highly recommended by experienced bankruptcy attorneys to double checking schedule C. Why? Simple, because schedule C contains all property claimed as exempt. Consequently, if a debtor files Chapter 7 liquidation and forgets to exempt certain property, the trustee may liquidate that property to pay off creditors.

Let’s assume a debtor files for Chapter 7 liquidation. The debtor has among their assets a beautiful 1969 Camaro. Debtor accurately depicts the value of the vehicle at 15K. On debtor’s schedule C debtor uses the automobile exemption. Unfortunately, debtor doesn’t realize that the auto exemption will not cover the entire 15K. Debtor files for bankruptcy. Now, the trustee may liquidate the asset (the Camaro), return in cash to the debtor the amount of the auto exemption, and use the rest of the funds to pay of debtor’s creditors. Oops!

California, don’t let this happen to you! There is a very simple solution to the hypothetical proposed above. To find out the answer speak with an experienced bankruptcy attorney today.

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.

Debtors in Northern California might be interested in knowing that senior communities are being impacted by the fall in real estate prices. US News reports that Erickson Communities, a continuing care company, filed for Chapter 11 bankruptcy this fall.

US News reports that Erickson’s bankruptcy related back to the fall in the housing market. Specifically, under Erickson’s business model, new clients were charged significant entrance fees. When the housing market fell, new clients could not price their houses to afford Erickson’s fees. Consequently, Ericson suffered and had to file bankruptcy.

Despite Erickson’s unfortunate situation, David Schless, president of the nonprofit American Seniors Housing Association remains confident in the rental senior housing market, stating "I think the rental senior housing market is not facing too much difficulty.”

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.

Celebrities that file Bankruptcy

Although filing bankruptcy is nothing to be ashamed of, producing a laundry list of your friends, family, neighbors -- even your doctor and local grocer that have filed bankruptcy in order to let you know that you are not alone, may not be celebrated in the manner it was intended. Celebrated? Now that is interesting. Perhaps we can take a look at those already in the spotlight.

Let’s dig right in, because the celebrities that have filed bankruptcy include Oscar winners (Dorothy Dandridge), corporate moguls (Donald Trump), authors (Samuel L. Clemens, a.k.a. Mark Twain), chart-topping singers (Toni Braxton, Jerry Lee Lewis, and Cindy Lauper), media mongers (Larry King), sports figures (Evander Holyfield, Mike Tyson, Michael Vick) and Grammy winners (MC Hammer) and most will surprise, even shock you (Francis Ford Coppola, Henry Ford, Walt Disney). All around us consumers in debt, including celebrities, file bankruptcy as a means to resolve their debt and move on with their lives.

If those that we idolize and admire like screen siren Kim Basinger (filed), the lovely but wayward Anna Nicole Smith (filed), silver screen favorites Doris Day (filed) & Mickey Rooney (filed twice), and film legend John Wayne (filed), indeed make the choice to file bankruptcy, why the shame attached to it? Consider this: If more consumers in debt would simply take the shame out of the equation, imagine the lives that would change this very minute in addition to those that have already made the choice to file bankruptcy and get out of debt.

Some may think the growing list of celebrities that file bankruptcy is just a mere reflection of more people that get caught up with buying then bogged down by debt. But even Abraham Lincoln, Henry S. Truman and the FBI’s own, Eliot Ness, filed bankruptcy. And while the rest of us are not Tom Petty, Mick Fleetwood, Marvin Gaye, or Andy Gibb (all of whom filed bankruptcy), life happens and we all seek the same resources when we find ourselves in over our heads.

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.

San Jose and the South Bay, understand that just because you file your petition in a Chapter 13 bankruptcy doesn’t mean that your bankruptcy cannot be undone. You have the absolute right to dismiss your Chapter 13 bankruptcy case at any time, as long as: 1) you didn’t file your bankruptcy in bad faith, and 2) you didn’t start another bankruptcy and then convert to a Chapter 13.

To dismiss your case a debtor need only file an ex parte motion with the court. No hearing is required for the motion, and it will be automatically granted. Still, if you have no idea what an ex parte motion is, or how to prepare one, I recommend seeking the help of an experienced bankruptcy attorney.

If you have converted to a Chapter 13 from a different type of bankruptcy, you have to file a noticed motion asking the court for permission to dismiss your case. Here, the court may deny your request—and order you to convert to a Chapter 7 if the court believes you are abusing the system. Again, an experienced bankruptcy attorney can help a debtor navigate these sometimes treacherous seas.

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.

FFS Data, a company that operates popular foreclosure listing sites foreclosure.com, foreclosuredatabase.com and foreclosurefreesearch.com has filed for Chapter 11 bankruptcy. The Dec 23, 2009 filing cited a gross income of $15.7 for 2009, $9.1 million in assets and $27.5 million in debts. This Boca-Raton, Florida-based web search firm should be on the rise due to foreclosure filings being at a record high paired with their vast list service that includes nationwide foreclosures, pending foreclosures, bankruptcy filings, tax liens and repossessed properties, as well as an email blast service announcing recent foreclosures.

But off to bankruptcy court they went after missing payroll for 50 contracted employees among other oversights including a $4 million unsecured loan with Legacy Bank of Florida. Additionally, the company’s vast debt includes $3.1 million to Siena Realty Associates and $232,500 to Corporate Realty Associates, the Boca-Raton company that owns their lease.

FSS was founded in 1999 by Brad Geisen, a licensed mortgage broker and real estate broker who remains president and CEO with a former $115k in salary and a reported $1.09 million bonus in 2008. The company's attorney, Bradley Shraiberg, had no comment.

Forclosure.com parent seeks bankruptcy protection, Bizjournals.com, January 1, 2010

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.

Mesa Air Files for Bankruptcy

According to USATODAY, Mesa Air Group Inc., has filed for Chapter 11 protection. While Mesa Air Group may not be as well known as Delta, US Airway, or United, Mesa flies regional routes for all three major airlines.

In filing Chapter 11 Mesa hopes to streamline its business, shed financial obligations, and become more competitive. In addition, Mesa anticipates that the filing will expedite its lawsuit against Delta, in which Mesa is seeking 70 Million in damages. In a recent statement, however, Mesa clarified that its go-Mokulele Hawaiian joint venture with Mokulele Airlines will not be included in the bankruptcy and will continue normal operations.

Over the past year shares of Mesa have traded between 1 cents and 36 cents. Mesa Shares closed Monday at 12 cents a share. Chairman and CEO Jonathan Ornstein stated that Mesa has enough liquidity to support itself during the restructuring.

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.

San Jose Bankruptcy attorney comments on the bankruptcy and closure of New York’s Tavern on the Green

Central Park’s landmark restaurant and tourist magnet, Tavern on the Green, raised their glass to their last night of business on New Year’s Eve. The New York institution, formerly a sheepfold before opening as a restaurant in the 1930’s, announced its Chapter 11 bankruptcy filing in lower Manhattan on September 8, 2009, then remained open for á la carte dining and private events, before calling it quits on the very cusp of 2010.

Jennifer Oz LeRoy, CEO of Tavern on the Green, said that “the filing was the result of two factors – the extreme financial distress brought on by the current financial crisis and the City of New York’s decision not to renew our lease.”

In addition to its uber popularity with visitors to New York and Central Park locals alike, as well as touting silver screen cameos in Ghostbuters, Made, The Out of Towners and Wallstreet and others, it was one of the largest independently run and highest grossing restaurants in the United States, bringing in $38 million and serving more than 700,000 annually.

Unfortunately, its popularity and annual income were not enough to keep the LeRoys, owners since 1974, from filing Chapter 11 bankruptcy, due to its $8 million debt to a noted over 450 accrued creditors. They then lost the city-induced bid of the over the 27,000 square foot space to Dean Poll, owner and operator of Loeb Boathouse Restaurant overlooking the Central Park Lake, who plans a $25 million renovation on Tavern. There is also a dispute over use of the $19 million dollar name, to be decided this month, coinciding with a Guernsey auction to sell off décor and other amenities to pay off the gargantuan debt.

Tavern on the Green files Chapter 11 Bankruptcy Protection, tavernonthegreen.com, September 8, 2009
Lights Out at NYC’s Tavern on the Green, msnbc.com, December 31, 2009
Central Park Movie locations, about.com, January 4, 2010

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.