California Bankruptcy Lawyer Blog

A San Jose bankruptcy attorney comments on filing bankruptcy twice...

San Jose bankruptcy attorneys are often asked this question, and you may have wondered yourself (whether you are considering filing bankruptcy or not): Can a person file bankruptcy more than once? The answer is absolutely! Donald Trump filed bankruptcy twice, and so can you. Many people who have filed bankruptcy in the past find themselves having trouble paying their debts due to unemployment, slow business, or one of the many other factors being affected by the current economic climate. Bankruptcy laws are accommodating to this, and allow you to file bankruptcy again. What form your Bankruptcy takes will depend on when you last filed along with your financial situation.

In regards to the receiving discharges between chapter 7 and chapter 13 cases, the following rules are generally applicable: If you filed a chapter 7 bankruptcy in the past, you can file for chapter 7 bankruptcy again 8 years after the date of discharge. If you filed for chapter 13, you generally must wait 6 years before you can file for chapter 7 unless you show that you paid all permitted unsecured claims in full in your previous chapter 13 or that you made payments under the plan in the previous chapter 13 totaling at least 70% of the permitted unsecured claims and the plan was proposed in good faith and represented your best efforts.

If you filed a chapter 13 before, you can file another chapter 13 in just 2 years after your original chapter 13 filing, or if it has been 6 years since your original chapter 13 filing you can file a chapter 7 bankruptcy, as long as you 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 comments on keeping your automobile when filing bankruptcy...

Bay Area consumers in debt often ask San Jose bankruptcy attorneys this question when considering bankrupty: What about my car?

While you may be considering bankruptcy in order to eliminate your debts, you are likely to have a debt or two that you want to keep. If your car is financed, it is likely you want to keep it since you need a vehicle and may not be able to get a car loan immediately after bankruptcy. Fortunately this is something the bankruptcy courts understand, so there are ways to keep your car when filing bankruptcy.

One way of doing this is to reaffirm the loan with the lender, which they will usually give you the option of doing. It is in their best interest for you to reaffirm the loan rather than surrendering the vehicle and discharging the debt. In fact, most debts (including credit cards) can be reaffirmed in a bankruptcy if the creditor chooses to grant this option.

Through bankruptcy law you also may qualify for car loan redemption. With car loan redemption you can actually reduce the balance of your car loan to the fair market value of the vehicle, which can be a big discount for those who are upside-down in their vehicle. To determine if you qualify for car loan redemption and to have all of your bankruptcy questions answered, it is best to contact a bankruptcy attorney. Our firm offers free consultations, so if you are near one of our offices feel free to contact us for your free consultation.

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 comments on payday loans...

San Jose bankruptcy attorneys often hear about this from bankruptcy clients and Payday loans have recently made some appearances in the news. There has become an increasing amount of concern over the debt position these loans put consumers in. With interest rates often well over 500%, the fees for these short term loans are substantial. Due to the high fees, clients are often forced to roll over the loan payday after payday, causing the fees and interest to grow until it is out of control.

After these payday loans have piled up, we are often asked if they can be discharged in a Chapter 7 or Chapter 13 bankruptcy. Generally speaking, payday loans can be discharged in a bankruptcy, though it is best to speak with a lawyer in your area to determine the best way to eliminate your debt.

Payday loans are just one of many unsecured debts that can be wiped away through bankruptcy. Credit cards, personal loans, auto repossessions, along with other debts are all dischargeable in a bankruptcy. For more information on these read our other blogs or contact us for a free consultation.

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 describes “HAMP” – Home Affordable Modification requirements in brief...

As an experienced San Jose bankruptcy lawyer, I can tell you that basically to be eligible for HAMP, a borrower must be an owner occupant, their loan cannot exceed $750,000.00, delinquent or be at risk of default, and loans payments, including taxes and insurance, must be over 31 % of their income.

The “HAMP” seeks an end result of “RMP,” or resulting first mortgage monthly payment, that should be 31% of the borrower’s gross monthly income. The RMP then determines the interest rate and term of the modified loan. The existing interest rate will be reduced down until it equals 31% of the gross monthly income. The RMP cannot go lower than 2%. Rates are applied to 30 fixed term and may be extended to 40 year term to make the numbers work. To learn more, it is recommended that you shop for an experienced bankruptcy attorney and meet with them to discuss your options.

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 comments on whether back taxes are dischargeable in bankruptcy...

Tax season is upon us, this we know. I especially notice in my San Jose bankruptcy law office that around this time people are reminded not only of taxes due, but back taxes due.

In our current economic climate, many people are having difficulty keeping up with all of their debts. While many of us think of bankruptcy as being for debts such as credit cards and auto loans, a significant number of people are also having trouble with back taxes. Forunately for these people, taxes are often dischargable in a bankruptcy.

Whether or not your taxes can be discharged in bankruptcy depends on various factors. When the taxes were due to be filed and when they were actually filed are two of the major factors involved in determining whether or not the taxes can be discharged, though the courts will also look at other aspects of your situation, such as whether or not you intentionally evaded the IRS. To learn more, an experienced bankruptcy attorney can assist 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 attorney comments on this bankruptcy news regarding student loan debt...

A unanimous Supreme Court decision ruled in favor of a man who wanted his student loans dismissed through bankruptcy without having to prove that paying the money back would cause an "undue hardship." Generally, student loans are nondischargable unless a debtor can show "undue hardship" with regard to that debt in his/her bankruptcy filing.

It should be noted, however, that Clarence Thomas stated that the bankruptcy judge was wrong to approve Francisco Espinosa's bankruptcy plan in 1993, but the lender did not object at the time. Thus, the judge's error was not serious enough to undo the agreement.

The case itself involved a dispute over $4,582 in interest on Espinosa's four student loans. The case is United Student Aid Funds v. Espinosa, 08-1134.

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 comments on the issue of senior citizens filing bankruptcy...

Bankruptcy and the elderly (senior citizens) is not a new topic, especially for this San Jose bankruptcy attorney, but one that is gaining increasing notoriety as more and more senior citizens need to seek protection and relief with the bankruptcy laws. It may seem odd to seek a “fresh start” in bankruptcy during one’s later years, but it is certainly nothing to ignore or dismiss without analyzing your options.

According to of “The News Journal”, Bankruptcy filings among people 55 and older have risen sharply, as older Americans struggle[d] with higher medical bills and stagnant incomes, according to an AARP Study.

Writes Haber: “in 1991, people 55 and over represented just 8.2 percent of bankruptcy filers, according to the analysis by researchers at Harvard Law School, the University of Michigan and Ohio University.

That figure jumped to 22.3 percent by 2007, with the fastest increases among people 75 and older (up 566.7 percent) and those ages 65 to 74 (a 177.8 percent increase), the study found. Filings rose 150.8 percent among those between the ages of 55 and 64.”According to the article, the combination of fixed incomes and higher bills has pushed many seniors to the brink financially, says Elizabeth Warren, a professor at Harvard Law School and one of the above-referenced study’s authors.

While we don’t want to think about having to file a bankruptcy so late in one’s life, it can often be very effective, with a minimum of hassle to the debtor. For example, unless one intends to acquire many new assets or loans in the future, the effect on one’s credit rating would be essentially meaningless.

Moreover, many elderly people who have social security as their sole source of income, and who have little in the way of assets, may be judgment-proof and not need to file a bankruptcy at all (although even in those cases, the relief from the creditor phone calls can be sufficient reason alone).

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 comments on bankruptcy and student loans...

Many students are constantly asking San Jose bankruptcy attorneys whether or not their student loan debts will be dischargeable in bankruptcy. The answer to that is a little complicated. For bankruptcy cases filed prior to October 17, 2005, if the program under which a student loan was issued, insured, administered was a for-profit, private (non-government) entity, the loan/debt may have been discharged. However, if the program itself, such as LAL, GSL, etc. received nonprofit funding by participation of nonprofit entities, the loan is not dischargeable in bankruptcy.

For bankruptcy cases filed after October 17, 2005, the only way a student loan is dischargeable is if the debtor can prove “undue hardship” as that term is interpreted by the courts in whatever district the case is filed in. It is a difficult standard to meet, and the vast majority of student loan debts are not dischargeable.

For cases filed prior to October 7, 1998, student loans were dischargeable if they were in repayment status for a certain period of time.

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 comments on chapter 13 bankruptcy

I was asked today in my San Jose bankruptcy law office by of my new clients how much attorney’s fees would be collected in a Chapter 13 bankruptcy case. This question required a little bit of a complicated answer especially for a chapter 13 bankruptcy case.

Let’s say that the base bankruptcy attorney’s fee is $4,000 for a regular, non-business debtor Chapter 13 case, plus the $274 filing fee and necessary credit counseling courses. In most cases, that is NOT how much you have to pay to your attorney before filing your case. Why not? Because part of the attorneys fees can be taken from your monthly plan payments that you will have to make anyway in your Chapter 13 case. How much can be taken through your plan payments? That depends on 1. What your monthly plan payment is, which is determined by the complex means test analysis; 2. Whether by making the additional payments for attorneys fees, it would render you unable to pay certain necessary debts which need to be paid 100% in your plan (such as taxes, or mortgage arrears, etc.).

For example, if the means test is showing that your monthly plan payment is $200 per month for 36 months, and you are filing the bankruptcy case in order to repay $7,200 of past due amounts on your mortgage (arrears), then you do not have any more income available to pay your attorneys fees through your plan. If you added another $3,000 of attorneys fees, it would raise your monthly payment by approximately $100 per month. (Plus, most attorneys aren’t going to wait that many months to be paid their fees).

This was just a quick example, but it illustrates why it is necessary to have a complete consultation with a bankruptcy attorney before they can give you an accurate fee quote and let you know how much you’ll have to pay up front to file a Chapter 13 case 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 attorney comments on bankruptcy bootcamp...

Max Gardner’s Bankruptcy Boot Camp is a comprehensive and intense 4-day private boot camp focused on learning and implementing the now famous Max Gardner “Bankruptcy Litigation Model.” The boot camp for bankruptcy attorneys and other bankruptcy industry professionals is held deep in the heart of North Carolina on Gardner’s breathtaking and massive ranch and home. How does this San Jose bankrupty attorney know so much? The bankruptcy training workshop was seen as a vital and integral component to Sagaria Law’s Scott Sagaria, Esq. in forwarding his bankruptcy team’s knowledge base on bankruptcy litigation and consumer rights advocacy. Sagaria had to say this of the experience, “The training my bankruptcy staff and I received was immeasurable both with regard to Max Gardner’s vast experience in the bankruptcy industry and his proven ‘tools of the trade.’” Among “Team Sagaria” bankruptcy bootcampers were Brittany Klein, Carrie Ramirez, Scott Sagaria, and Dominique Sopko. All are based out of the Sagaria Law bankruptcy flagship office in downtown San Jose, California.

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 comments on fraudulent home mortgages...

Bay Area residents and San Jose bankruptcy attorneys may or may not be surprsed that, according to First American CoreLogic, one in every 200 residential loans funded last year involved fraud nationwide. That equates to about $14 billion in fraud.

Although a shocking number to be sure, apparently this reflects a decline over the past three years and, according to First American, an approximate decrease of 25% since its third quarter '07 peak.

Among many factors, one end result is banks having to buy back millions in loan fraud from investors, which inturn means lenders getting more on the ball where curtailing mortgage fraud is concerend. A note not to be overlooked is a fact that during the boom, standards were lower as such many loans were made sans applicant info verification.

A recent article quoted Tim Grace, SVP of fraud analytics at First American CoreLogic, as stating “In 2010, 2011, and 2012 you won’t see nearly the amount of [fraud] reports that you’re seeing today.” Let's hope for the best, South Bay.

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 comments on Nadya Suleman's potential foreclosure

I read recently from my San Jose bankruptcy office that The Washington Post reports that octuplets mom Nadya Suleman could be dissplaced from her Southern California home. It is reported that Amer Haddadin, the mortgage holder, is beginning foreclosure proceedings due to Nadya's lapse in payments. Her home, in La Habra (Los Angeles) was purchased at $565,000.

It was said the the home was signed over to Suleman's father last year, who then leased it to his daughter at $4k per month with a balloon payment of $450k due in early March. A friend of her father's stated the the monthly payments were late and the final payment due date was not met.

The mom, made infamous for recently becoming the mother of octuplets amidst great controversy, did not respond through her attorney, Jeff Czech.

As local residents in debt have noticed, the Bay Area has also been hard hit with foreclosures and bankruptcy filings. If you are in a similar situation, an experienced bankruptcy attorney can help.

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 discusses the bankruptcy filing of Santa Clara's Fairfield Residential...

As any San Jose bankruptcy attorney can attest, The Bay Area is not immune to the country’s financial crisis, including the collapse of the real estate market. On December 13, 2009, Fairfield Residential, the developer of the Gallery on Central Park project at 900 Kiely in Santa Clara, filed for Chapter 11 bankruptcy protection. Fairfield Residential is a privately held company that was forced to seek bankruptcy protection when it was unable to refinance its existing debt or sell properties to recover investments as many properties owned were heavily under water. Some estimates show that Fairfield’s liabilities could total $1.5 billion or more. Pursuant to the company’s website, Fairfield filed for Chapter 11 bankruptcy protection with a pre-negotiated agreement which would allow it to exit the bankruptcy process once the restructuring is complete and in an effort to avoid closing or liquidating the business altogether.

By filing for Chapter 11 bankruptcy, Fairfield can continue to operate its business while negotiating a plan with creditors to restructure the business or reduce debt. During this time, creditors would be unable to collect payments or debts incurred prior to the bankruptcy filing. While this allows the company to stay in business, the effects of Fairfield’s current financial crisis will undoubtedly be far reaching and take a big toll on California’s already flailing economy. Fairfield has interests in roughly 200 multifamily projects as well as investments in metropolitan areas across the United States.

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 comments on the latest with Bank of America

San Jose residents may be interested to know that Bank of America is seeking more than $535 million for losses it suffered once the housing market burst. This development seems somewhat ironic after BofA acquired the poster boy of the subprime lending fiasco, Countrywide Financial, 2 years ago. Still, BofA claims that title insurers are unfairly refusing to cover busted mortgage loans that originated before the financial meltdown. This despite receiving $45 billion in TARP funds from the federal government.

In response to the lawsuit BofA’s insurers claim that BofA and the firms it acquired prior to the global economic crisis are responsible for their own problems. Consequently, as of February BofA’s insurers have denied at least 2,200 of Bank of America’s claims, or $235 million in losses, and have yet to respond to another 2,300 claims.

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 speaks to bankruptcy, foreclosure and the consumer lack of green…

Even on St. Patty’s Day, the greenest day of the year, most financial news outlets, as well as many a San Jose bankruptcy attorney will report that the amount of Americans currently late on their monthly mortgage payments isn’t decreasing anytime soon as its decline has steadily increased through the recession. A recent Investopedia article sites ‘nearly 9.7% of all American mortgage holders, or 4.5 million homeowners, were delinquent (at least one payment past due) on their loans and if you add in homeowners already in the foreclosure process that number jumps to 14.41% - the highest ever recorded by the Mortgage Bankers Association (MBA).’

Bay Area debtors may wonder, then, is there a lesser of two evils: bankruptcy vs. foreclosure? As consumers in debt feel the constant brunt of skyrocketing unemployment and increased housing debt, some are faced with foreclosure and/or bankruptcy. According to an American Bankruptcy Institute (ABI) forecast, personal bankruptcy filings will have peaked beyond 1.4 million by the end of 2009. Enter: filing bankruptcy to avoid foreclosure.

There are no quick fixes, easy answers or magical cures for consumers in debt that are faced with these tough choices. One thing they can obtain, though, is knowledge. An experienced bankruptcy attorney can explain the pros and cons of foreclosure, bankruptcy, and filing bankruptcy as a means to avoid 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 speaks to dismissal of a Chapter 13 bankruptcy...

As a San Jose bankruptcy attorney, I think San Jose debtors with questions on Chapter 13 bankruptcy should know that just because you file your petition in a chapter 13 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.

San Jose Chapter 13 bankruptcy filers, 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.

For Bay Area consumers in debt, 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.

A San Jose Bankruptcy Attorney Continues with the Automatic Stay, Part 2

Last time I wrote, I briefly introduced the automatic stay from the perspective of a San Jose bankruptcy attorney, with regard to its protections, and how it generally works. Today, I will continue with this series and go into some more specific detail. As I noted before, the automatic stay basically serves as a shield for a debtor against creditors. Once a debtor files their bankruptcy petition, all collection activity must go through the bankruptcy court. Thus, creditors cannot take further action against a debtor directly.

Anyone trying to collect credit card debts, medical debts, attorney fees, debts arising from breach of contract, or legal judgments against you must cease all collection activity. Still, almost all proceedings related to a divorce or paternity action continue. With few exceptions, the automatic stay does NOT stop eviction of a tenant IF, the landlord obtained a judgment of possession PRIOR to the bankruptcy filing, or the tenant’s actions are endangering the property i.e. engaging in criminal activity on the premises. The automatic stay also prevents the IRS from issuing a lien or seizing any of your property or income. Still, the IRS may continue a tax audit, issuing a tax deficiency notice, demanding a tax return, or issuing a tax assessment. Last, companies providing you with utilities may not discontinue service because you file bankruptcy. They can, however, shut off your service 20 days after you file if you don’t provide them with a deposit or assurance of future payment.

As always, an experienced bankruptcy attorney can help you understand your rights once you file your petition!

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 comments on the Automatic Stay

As a San Jose bankruptcy attorney, I'd like to simply cover the basics for you on the automatic stay. What is the automatic stay? What’s its purpose?

Once a debtor files their bankruptcy petition they gain a powerful shield against creditors-the automatic stay-which prevents creditors from collecting their debts while the stay remains in effect. Consequently, all proceedings to garnish wages, repossess cars, and foreclose homes will cease.

There are, however, a few exceptions. Specifically, collection of child support, alimony, and certain enforcement actions by the IRS may proceed. In addition, if a debtor has had a bankruptcy case dismissed in the previous year the stay will expire sooner. An experienced bankruptcy attorney can provide valuable insight into how the automatic stay can protect you while you file 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.

A San Jose Bankruptcy Attorney notes the difference...

San Jose residents who are considering filing for bankruptcy should know from a San Jose bankruptcy attorney that Chapter 13 offers some unique advantages to Chapter 7 liquidation. Specifically, in a Chapter 13 bankruptcy debtors may strip off their second mortgage under certain conditions, and debtors may also cram down their auto loan! It’s the cram down that will be the topic of conversation today.

No doubt there are many San Jose consumers in debt who are hesitant to file for bankruptcy for fear of losing their homes and cars. Don’t worry, San Jose, Chapter 13 really amounts to a repayment plan. The Chapter 13 plan itself can vary depending upon a debtor’s disposable monthly income or DMI. Once a plan is approved a debtor will pay of his or her debt over a period of time (usually five years) interest free; but what about the cram down?

Ok San Jose, here goes. If a debtor has owned their car for 910 days before filing chapter 13 and the vehicle is worth less than the amount owed, a debtor has the option to “cram down” the amount repaid through the repayment plan to the vehicle’s value rather than the amount owed. So if you’re an San Jose resident considering filing for bankruptcy and are upside down on your auto loan, Chapter 13 may provide you with some advantages. San Jose and South Bay Area residents who want more information should seek out 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 Firm Attorney lets you know that if you are facing filing bankruptcy, you are not alone...

As a San Jose Bankruptcy Attorney, I’d like discuss something personal today, San Jose. Where many of these blogs tend to explain the technicalities of bankruptcy, or report on bankruptcy news, if you’ll allow me, I’d like to get on my soap box. *Steps Up*

San Jose residents, you don’t need to feel guilty about filing bankruptcy. There I said it. Far too often I see good hearted hard working Americans in our offices who are struggling with two giant weights; the first, their mountain of debt, and the second, their mountain of guilt. Let’s be real, San Jose community. Filing bankruptcy is stressful enough as it is, you don’t need to add guilt on to that mountain of stress. Bankruptcy statutes were put into place as a means to help Americans out of tough economic times. It’s literally a lifeline for those in need. Stop feeling guilty. It’s ok. I promise.

I’m guessing there are more than a few San Jose consumers who are struggling with this very dilemma. Consequently, I hope those Bay Area consumers in debt who can identify with this struggle listen and don’t take my advice lightly. If you need Bankruptcy, there is nothing, absolutely nothing wrong, evil, or disingenuous about the process. For goodness sake, honest Abe filed bankruptcy. Look it up. *Steps Down*

Thank you for indulging my rant, San Jose. If you need Bankruptcy, stop tormenting yourself and seek help immediately. Carpe Diem.

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 comments on necessary steps during bankruptcy...

When in the planning and implementation stages of filing for bankruptcy, San Jose bankruptcy attorneys want you to know that it is essential for the debtor to understand some of the requisites needed to file and obtain a discharge in their bankruptcy case. One thing everyone filing for bankruptcy needs to know is the relative timeline involved with their specific case as it relates to credit counseling and debtor education courses. Possession of this knowledge is specifically important for a Chapter 7 Bankruptcy. When in the process of filing for Chapter 7 one must understand that they will be eligible to obtain a discharge much faster than in Chapter 13 . When in Chapter 7, the approximate time from filing and discharge is anywhere from 90-120 days, so keep this in mind.

It is mandatory that EVERY debtor (there are few exceptions to this) take and complete two courses in order to obtain a discharge in their case. These courses have been required since the The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 which not only birthed the Means Test , but section 109(h) of this Act defines the guidelines for Credit Counseling & Financial Management Courses. (See www.usdoj.gov for more info).

One of the most frequently asked questions relating to these courses are “can I take both of these courses at once?” unfortunately the answer to this question is No, you must complete CC before you file, and Debtor Education afterwards. Most approved agencies offer both courses either telephonically or online.

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 discusses Payments during a Chapter 7 Bankruptcy

San Jose Bankruptcy Attorneys notice that many times debtors are often concerned that filing for a Chapter 7 bankruptcy automatically means that they will lose their car and house. While a Chapter 7 filing is technically a “liquidation” proceeding, all is not lost. Debtors are entitled to keep their cars and homes as long as there is not significant equity in any one item. Most people do not lost their home or their car in a Chapter 7 proceeding because of state and/or federal exemptions. For example, in California, single people are entitled to exempt $50,000 of equity in their home and $75,000 of equity for married couples.

One caveat to being able to keep cars and homes is that the debtor must be able to maintain their current payments. If a debtor files for Chapter 7 bankruptcy and he/she is not current on their car payment then the car will likely be repossessed. If they are not current on their home, then the home will go into foreclosure. As a result, in order to keep a car or a home in a Chapter 7 proceeding, the debtor must be current on his/her payments at the time of filing and continue to remain current on those loans during the pendency of the 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 notes foreclosure in California...

California has posted the nation’s second highest foreclosure rate. Foreclosures in California are up 50% from the same time last year. California’s default notices and schedules foreclosure auctions are up 120% and 73% respectively. A recent survey shows that 7 out the top 10 metropolitan area foreclosure rates were in California. As San Jose Bankruptcy Attorneys who deal with clients facing foreclosure everyday and the devastating effects it can have with regard to adding additional stress to the bankruptcy process, we are glad to see that San Jose was thankfully not among the top ten, but its foreclosure rates are still dramatically up from last year. The hardest hit metro cities in Northern California are Vallejo-Fairfield, Modesto, Merced, Stockton, and Sacramento.

A chapter 13 bankruptcy can help consumers stop a foreclosure on their home. The 5 year (60 month) restructuring plan allows debtors to repay any arrears on their home over 60 months, so long as the homeowner is able to make their current mortgage payment in addition to the monthly arrears repayment. The benefit of this type of repayment plan is that the arrears cease accruing interest and the stress of a pending foreclosure is lifted.

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 keeps consumers informed about Consumer Protection Week, March 7-13th...

National Consumer Protection Week (NCPW) assists consumers of all ages and walks of life be informed about and, if needed, execute their consumer rights. As San Jose Bankruptcy Attorneys, we are all for this! The theme of NCPW is how to preserve and protect your money and as an added bounus to National Consumer Protection week, the FDIC has announced their launch of a money management section on their website to further awareness to consumers. This feature will include daily tips during NCPW, followed by an ongoing "Consumer Tip of the Week." Subject matter will include saving and borrowing money to protecting money with FDIC insurance and avoiding financial fraud, according to an FDIC posted article. Consumers, consumers in debt, bankruptcy attorneys, media and anyone interested in saving money is invited to catch up on the latest and greatest in consumer information, debt resolution, and money matters.

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 takes note of another Chapter 11 bankruptcy filing...

General Growth, the nation’s second largest shopping mall operator, owns or manages 200 properties in 44 states. Despite these numbers, however, General Growth filed for Chapter 11 Bankruptcy after incurring $27 billion in debt.

Recently, Judge Allen Gropper extended General Growth’s time to file a reorganization plan. In the interim General Growth has received an offer to purchase the company from rival Simon Property Group Inc. General Growth rejected the offer, however, as it only valued the company at $9 a share. In the meantime, General Growth has proposed a plan to exit bankruptcy with an investment from Canadian Based property manager Brookfield Asset Management Inc. Brookfield, therefore appears to be acting as a "stalking horse" for Simon.

It comes as no surprise then that Simon has begun their due diligence and has signed a non-disclosure agreement in order to gain access to General Growth’s books. General Growth remains hopeful that Simon will make another offer. Time will tell.

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 on Short Sales and Bankruptcy...

Debtors in San Jose who are considering filing chapter 7 and walking away from their home may want to know whether or not a short sale is a good idea? Put simply, no. More accurately, it’s unnecessary.

There’s no point to going through the short sale process if a debtor is walking away from their home and filing chapter 7. The chapter 7 eliminates any and all liability of the debtor with respect to the home. Moreover, court approval will most likely be necessary to complete the short sale while in bankruptcy. Many attorneys probably wouldn’t consider this part of the bankruptcy process and will charge a debtor an extra fee to accomplish this unnecessary task. Thus, before a debtor begins the short sale process they should consult their 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.

San Jose Bankruptcy Attorney discusses an example of a local large foreclosure

Many San Jose Bankruptcy Attorneys couldn't help but take note when the Cupertino Square Mall, formerly known as Vallco Fashion Park, filed for Chapter 11 bankruptcy protection in September of 2008. After months of litigation, the Chapter 11 restructuring proceeding was converted to Chapter 7 liquidation proceeding. A court-appointed trustee is overseeing the sale of the Mall’s assets and distributing the proceeds to creditors. The case was converted to a Chapter 7 proceeding as a result of the Mall’s failure to make adequate protection payments on its $195 million construction loan.

The Cupertino Square Mall apparently suffered greatly from the downturn in the Silicon Valley and expansion of Westfield Valley Fair in San Jose. High vacancy rates and the mall starting to show its age contributed to the Mall’s failure. In its heyday, the Cupertino Square Mall was one of the premium enclosed malls in the area.

Since the Mall’s conversion to a Chapter 7 liquidation, rumors have surfaced that real estate tycoon, Tram Be may be investing in the property. Any sale would require permission from the Bankruptcy court. Further resolution to the outstanding issues should be resolved at the bankruptcy court hearings on November 12 and December 17.

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 discusses Lack of COLA Increase for Social Security Recipients

For the first time since cost-of-living-adjustments (COLA) went into effect in 1975, Americans will not receive a COLA adjustment to their social security benefits. Not everyone is a San Jose Bankruptcy Attorney who deals with information like this everyday, so what that means is that the 57 million people in America receiving social security benefits, including veterans, seniors and those with disabilities, will not receive an increase in benefits. There will be no COLA adjustment this year because of the decline in consumer prices across the board as determined by the Consumer Price Index (CPI).

Due to the difficult national financial situation, many people receiving social security benefits are struggling to make ends meet. The Obama Administration has proposed a $250 per person stimulus payment for seniors, veterans, retired railroad workers and people with disabilities.

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 discusses singer Toni Braxton’s Foreclosure

San Jose Bankruptcy Attorneys handle all aspects in the bankruptcy process, including foreclosujre. A home foreclosure really can happen to anyone. Even superstars fall behind on their mortgages. Singer, Toni Braxton fell behind on her mortgage payment due to financial difficulties and now she has received notice that the bank is going to foreclose on her Century City, California home.

Filing a Chapter 13 bankruptcy proceeding would stop the foreclosure and allow Ms. Braxton to repay her missed mortgage payments and accrued interest over a 5 year plan. While the Chapter 13 proceeding will enable Ms. Braxton to repay the arrears over 5 years through the Chapter 13 Payment Plan, she will need to be able to continue to pay her current mortgage payments post-petition in addition to her plan payments. This is often where debtors get into trouble. They file the bankruptcy to stop the foreclosure, but their financial situation does not improve sufficient to be able to make both payments. This problem is often remedied if there is a 1st and 2nd mortgage on the home. If the fair market value of the home is less than the balance on the 1st mortgage than the 2nd mortgage can be avoided and converted into unsecured debt. Once the 2nd mortgage has been removed from the home, debtors are often in a better position to make their monthly mortgage payments on the 1st mortgage as well as make their Plan Payments to repay the arrears.

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 discusses an example of debt relief for students

Most San Jose bankruptcy attorneys will tell you its nearly impossible to have student loan debt forgiven. However, in the case of Silver State Helicopters (SSH), which filed for bankruptcy, leaving 2,300 students in the lurch with $174 million in debt, the Nevada Attorney General’s Office stepped in to obtain student loan relief. Silver State Helicopters operated 34 flight schools nationwide; however, when the financial crisis caused it to close its doors, most of its students were left with substantial debts for training and certification that were never received.

The preferred lender for students who attended SSH was Student Loan Express. Student Loan Express had lent over $174 million to SSH students and pursuant to the agreement reached with the Nevada Attorney General’s Office, agreed to forgive almost $113 million of debt. Student Loan Express has agreed to forgive 75% of the debt acquired by students who never earned a certificate. Other students who received one or more certificates will also receive some relief.

Another benefit of the settlement with Student Loan Express is the provision that Student Loan Express will be prohibited from reporting negative credit information on students who stopped making payments prior to the settlement. Twelve states are participating in the agreement, including California. The agreement is going to be presented to the Court through a class action lawsuit. If the agreement is approved by the Court, it will provide much needed relief to SSH students.

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 discusses your credit score after bankruptcy

As a San Jose Bankruptcy Attorney, I know that many Bay Area debtors are worried about filing for Chapter 7 or Chapter 13 bankruptcy because they are concerned about the damage they will do to their FICO credit score. While it is true that a bankruptcy filing stays on a consumer's credit report for 10 years, it can be the best way to repair their credit over the long run.

Generally speaking, consumers considering bankruptcy have already done a significant amount of damage to their credit report, so the bankruptcy filing will at least stop the bleeding. Furthermore, after filing, consumers can begin to rebuild and repair their credit almost immediately. What a lot of people don’t know, is that 35% of a consumer’s credit report is based upon payment history. The further a debtor can get away from previously missed payments the more their score improves.

Two ways to begin rebuilding credit after a bankruptcy are obtaining new credit cards or a car loan. A standard rule of thumb is that consumers will see improved interest rates on credit cards approximately 6 months after filing for bankruptcy and better interest rates on car loans after 12 to 24 months. Car loans can of course generally be obtained sooner, but at significantly higher rates. It may be worth the higher interest rate to speed up credit repair if the consumer can afford it.

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 discusses Debtor’s postings on Facebook...

This San Jose Bankruptcy Attorney is not denying that Facebook has become an international phenomenon, boasting millions of users posting new information everyday. However, Debtor’s contemplating bankruptcy or those who have already filed should be wary of how much information they disclose on social networking sites. Even if debtor’s limit their profiles to “Friends Only” status, they are not necessarily secure from prying eyes. It is best for all consumers, in any legal proceeding, bankruptcy included, to maintain a level of anonymity on the Internet. Posts regarding lavish trips or extravagant purchases can easily be disclosed to bankruptcy trustees by ex-spouses, ex-significant others, or nosey creditors.

It is best to error on the side of caution and limit any posts on social networking sites until all legal bankruptcy proceedings are complete. Information is power in any legal setting and debtors have to assume that any information they post about their spending habits will be used against them. Debtors should protect their private life and personal information by remaining anonymous and flying below their creditors and bankruptcy trustees’ radar.

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.