California Bankruptcy Lawyer Blog

A San Jose Bankruptcy Attorney mentions more bankruptcy filings

According to the Las Vegas Sun, THE acclaimed party spot for Janet Jackson,
Pamela Anderson, and Lil Jon: Privé nightclub, a Las Vegas hotspot with a South Beach vibe has lost its Planet Hollywood lease and is heading for bankruptcy court.

Opium Group, who owns both Privé and next door neighbor, The Living Room, plans to reorganize within their bankruptcy and in the meanwhile must ditch operations of their business due to unsustainability. It is not clear whether or not they will close for good due to their bankruptcy filing.

In November 2009, Privé looked into filing bankruptcy protection and describes itself as "a 12,000 square foot beacon of luxury on the Strip that attracts Hollywood's finest with features like vacuum compressed elevators and a floor-to-ceiling wall of fire."

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 reflects on January Labor stats

In my San Jose bankruptcy office, I came across this information from January that shows there were 4.176 million hires in November, and 4.340 million separations, or 164 thousand net jobs lost, according to the Job Openings and Labor Turnover Report just issued by the DOL. An additional 4k jobs were obtained in November (post-revisions), according to the comparable CES report.

Although hiring is still not at a high (as Bay Area consumers may have noticed), it is apparent that openings near a series low don't exactly have the unemployed jumping for joy at the prospect of a rise in good jobs. This also implies that by February 2011, when the March 2010 benchmark revision is announced, the November net change in job gain will be revised down.

Another issue is unemployment benefits - whethere those still seeking employment have used up there stipends. The Wall Street Journal had estimated that the actual number of Americans who are still looking for work, was 17.5% of the total workforce. This number fluctuates with not much change for the better.

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 changes with HUD's definition of Foreclosure

HUD, the Federal Agency announced last Friday that they have tweaked their definition of floreclusre and the redlined version includes "properties in default and abandoned to include uninhabitable homes with lingering code violations."

Starting now, HUD is classifying a floreclosure as "any property that is at least 60 days behind on the mortgage or the property owner is 90 days or more delinquent on tax payments."

Additionally, they have extended the description of abandoned property to include homes where no mortgage or tax payments have been made by the property owner for at least 90 days or a code enforcement inspection has determined that the property is not habitable and the owner has taken no corrective actions within 90 days of notification of the deficiencies.

The new language will assist communities with the foreclosure process including aquisition, rehabilitation, and resale, said HUD officials, as well as expodite those practices.

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 shows an example of a bankruptcy plan question...

This, from an example of a San Jose bankruptcy client:

I have been taking $2,500 gross per month for the past year to meet our monthly living expenses from my retirement savings. I will need to have that this month, and in addition a lump sum to pay some other items such as your fees. Will the fact that I have relied on that account to meet our expenses have an impact on our bankruptcy plan? And if I have to continue to draw it down will that impact. I'm hoping that I will not need to draw anymore funds out of it.

Answer, from an attorney within our San Jose bankruptcy firm:

The $2500.00 per month you have been withdrawing from your retirement account will be reflected as income that you have received in your bankruptcy petition. If you stop drawing from your retirement account, then your income will go down. The remainder of the funds in your retirement account will be completely protected under the California bankruptcy exemptions. Hopefully with the filing of your bankruptcy you will no longer need to prematurely withdraw from your retirement account.

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

A San Jose Bankruptcy Lawyer Discusses Discharging Back Taxes...

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 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.
In order to determine whether or not your taxes can be discharged in a bankruptcy, we suggest contacting a lawyer in your area.

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 Willie Aames’ Fresh Start After Bankruptcy

Willie Aames is a television actor who has played many roles, and is perhaps most famous for his roles on “Charles in Charge” and “Eight is Enough.” Despite his success he has had financial troubles throughout his life, and he has filed bankruptcy twice. On the Today Show last year, Aames discussed how within a 2 year time frame he had to file chapter 11 bankruptcy and he went through a painful divorce after 25 years of marriage. Before all of this happened he had been making $1.5 million per year. He explained that he didn’t know how he could build his life back up from nothing, but that he thought if he could, maybe it could help somebody.

Aames is now turning his life around. He is in the process of becoming a financial advisor. His hope is that others can learn from his experience. There will also be a one hour documentary of VH1 showing what went wrong with his life and how he turned it around. While bankruptcy is commonly referred to as a way to have a fresh start after debt, it’s great to see someone like Aames who has really turned his life around, post 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 release of The California Franchise Tax Board Top 250 Delinquent Taxpayers

Yellowstone Club founder Tim Blixseth ended up on The California Franchise Tax Board list of delinquent taxpayers, released last Monday. Those who make the cut owe several hundreds of thousands of dollars in personal state income tax. The list comprises the top 250 delinquent taxpayers.

It is said that Blixseth, founder of the luxury golf and ski resort in Montana, owes approximately $894k, and emerged from Chapter 11 bankruptcy last year. It is quoted that his attorney, Michael Flynn, names Edra Blixseth as the ower of the debt in conjunction with the Blixseth 2008 divorce settlement. She also filed Chapter 11 bankruptcy last year and is said to be in asset liquidation to pay-off her creditors.

Meanwhile, Tim Blixseth keeps company with former Baywatch (and forever babe to watch) star, Pamela Anderson, but only on this list of California delinquent taxpayers.

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

A San Jose bankruptcy lawyer summarizes a recent article regarding Obama's mortgage aid program...

Per an msnbc article last week, according to a report released Wednesday, April 14, 2010 by the Congressional Oversight Panel, the administration predicts a low 1 million families will end up with lower monthly payments as a result of the Obama administration's flagship mortgage aid program. The report further stated that 6 million families are more than two months in arrears with their mortgage payments. In addition, a quote of 200,000 more families are handed foreclosure notices each month.

As a result, it is said that the program leaves too many families out.

Elizabeth Warren, in charge of the Congress-selected independent panel said, "Treasury is still fighting to get its foreclosure programs off the ground." Washington.

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 explains the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 was enacted in April 2005 and applies to cases filed on or after October 17, 2005. It involved significant changes to the United States Bankruptcy Code with the goal to prevent abuse of the system and make it more difficult to file for bankruptcy, especially under Chapter 7. Among other requirements, under the law, consumers who plan to file for bankruptcy protection must obtain credit counseling from an approved organization within 180 days before filing. During the course of the bankruptcy process, they must complete a debtor education course in order to obtain a discharge.

Perhaps the most significant change enacted by BAPCPA was the restriction on the number of debtors that could file for Chapter 7 bankruptcy which subjects some debtors to a means test. Upon calculation of the debtor’s income and comparison to the median income of the state in which the debtor resides, debtors whose income is above the median income must pass a means test. Another important change enacted by BAPCPA was the allowance for dismissal or conversion of a Chapter 7 case upon a finding of abuse by an individual debtor with primarily consumer debt. Abuse may be found where there is an unrebutted presumption of abuse arising under the means test or through a finding of bad faith, based upon a determination of the totality of the circumstances.

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 Revocation of a Bankruptcy Discharge

In certain situations, the United States bankruptcy court can revoke a discharge received by the debtor. Often times such revocations involve allegations that the debtor obtained the discharge fraudulently. A request for revocation may be made by the trustee, a creditor or the United States trustee. Another reason for revocation is when a debtor failed to disclose property that he or she had acquired and which should have been considered in the bankruptcy process. If there is an audit of the case, a revocation may also be requested based upon the debtor’s failure to explain any discovered misstatements or to provide requested documentation and/or information.

Other reasons for revocation include the debtor’s failure to obey a lawful order of the court or to respond to a material question approved by the court or to testify other than on the properly invoked privilege against self-incrimination. For the most part, a request for revocation must be made within a year following the discharge or in some situations, before the case is closed. Ultimately it is up to the court to decide whether the allegations are true and whether to grant the request for revocation.

In a Chapter 11 or Chapter 13 case, allegations of fraud are also common in requesting revocation of the order of confirmation or discharge.

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 Dan Issel’s Bankruptcy Filing

Although not every American may recognize the name, Dan Issel is a former basketball star and the coach for the Denver Nuggets. He surprised many when he filed for personal bankruptcy earlier in 2009 claiming $4.5 million in debt. His home located in an exclusive community was headed to foreclosure while his company which trains and races horses had amassed a tremendous amount of debt. A Denver auction house auctioned off more than 100 personal items belonging to Dan Issel and his wife, Cheri. The couple who owned assets valued at more than $2.1 million was forced to auction jewelry and memorabilia, for a total sale of $46,000.00.

The coach filed for Chapter 7 bankruptcy in June 2009, the paperwork for which states more than $77,000.00 in unsecured debt owed to credit card companies, more than $258,000.00 in business loans and still more related to expenses for his horse business. Sources who know Issel blame bad business investments for his current financial situation. Through 2003-04, Issel reportedly earned $2.5 million per season as vice president, general manager and head coach of the Nuggets. Nevertheless, Issel has joined the ranks in the current economy where bankruptcy filings are widespread. In the first six months of 2009, bankruptcy filings have increased by 36% as compared to the same six month period in 2008 according to the Administrative Office of the U.S. Courts.

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 outlines court fees invloved with filing bankruptcy

In order to file for bankruptcy there are numerous fees that may be involved that the debtor should be aware of. The debtor will need to be responsible for paying for the credit counseling courses which normally cost approximately $50.00 per course, two of which must be taken in the course of a Chapter 7 and Chapter 13 bankruptcy. The filing fees for the petition in a Chapter 7 and Chapter 13 bankruptcy are $299.00 and $274.00, respectively. For a Chapter 11, the fee is much higher at $1,039.00.

In addition to the filing and other fees described above, other fees may arise within the course of a bankruptcy that the debtor should be aware of. For example, the cost for initiating an adversary proceeding is generally $250.00, although it is not required if the plaintiff is the debtor or a child support creditor who has filed the proper paperwork in the bankruptcy case prior to or at the same time he files the adversary complaint. Any amendment to schedules or list of creditors, such as to add or delete a creditor or to change the amount of a debt costs $26.00. For an appeal, the notice is $5.00 and the filing of the appeal $250.00.

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 clearly states the two mandatory items you will need to bring to your 341 meeting of the creditors...

No matter which type of bankruptcy you file, the two items you will certainly need to bring to your 341 meeting of creditors are a government issued photo ID and proof of your social security number. On your government issue photo ID card, the name on the identity proof of must your name or aka on your bankruptcy petition. The trustee’s office accepts the following forms of proof:

1. A valid state driver’s license
2. Any government issued picture ID card
3. A student ID from a public library or college
4. An official passport from any country
5. A government employee photo ID
6. A military photo ID
7. Legal resident alien card with photo.

The following items are acceptable as proof of a social security number:

1. Social security card
2. Statement from the Social Security Administration attesting to the Social Security Number
3. Military ID

You should contact your bankruptcy attorney to make sure there are not any outstanding documents that may be required to submit.

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 bankrutpcy attorney responds to an inquiry from a debtor regarding Chapter 13 bankruptcy...

Today, I received an email to our San Jose bankruptcy law firm that read:

We are in the process of going through a Chapter 13 bankruptcy right now, but we still want to do a loan modification as we cannot afford to keep paying our mortgage payment, even through the bankruptcy. Is it possible to do a loan modification even though you are in bankruptcy? What happens if you miss payments in your Chapter 13 plan? Thanks so much for your help!

The response is that you folks are definitely in a tough position. Yes, it is possible to work with your lender in order to work on a loan modification even though you are filing for bankruptcy, however there can be several negative effects. First, many lenders will not work with you if you are making your mortgage payments. If you are making your mortgage payments through your bankruptcy plan, you will have to miss your payments. If you miss your bankruptcy payments, then the court can dismiss your case and you will not receive a discharge. It is definitely a risk that you will be taking for a result that may not be guaranteed. I strongly recommend that you contact an attorney before you make this sort of decision.

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 adversary proceedings

In the course of a bankruptcy action, a lawsuit may arise that is referred to as an adversary proceeding. It is initiated by filing a complaint with the court and may be filed for numerous reasons, including but not limited to objecting or revoking a discharge, determining the dischargeability of a debt, or to recover money or property of the debtor. Such proceedings are primarily governed by rules found in Part VII of the Federal Rules of Bankruptcy Procedure and may be initiated by the bankruptcy trustee or by a third party.

When such a proceeding is filed by a creditor, it is usually because the creditor is disputing that the debt owed should not be discharged. For example, the creditor may argue that the debt falls within one of the exceptions to discharge or that the bankruptcy filing was done in bad faith. When such a proceeding is filed by the bankruptcy trustee, it may be for a variety of reasons such as the paperwork being inaccurate and intentionally fraudulent or to undo a transfer of real property. The United States trustee may also file an adversarial proceeding to force the debtor to move from a Chapter 7 to a Chapter 13 filing if the trustee believes the filing was done in bad faith. In certain circumstances, it is also possible for a debtor to file an adversarial proceeding against a creditor.

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

A San Jose bankruptcy attorney has an example of one bankrutptcy inquiry with regard to credit card debt...

Many Bay Area consumers in debt worry about being able to keep credit cards that are paid off while filing bankruptcy on those that are not. For example, one such bankruptcy candidate in our San Jose bankruptcy law firm asked just yesterday:

"I want to file for bankruptcy, but want to be able to keep a couple of my credit cards. If I have 2 credit cards with the same company and one is paid off and the other is going to be part of my bankruptcy, will they cancel the paid off card?"

Unfortunately there is no concrete answer for this bankruptcy scenerio. While they may have no reason to cancel the one that is paid off, they can still cancel it. Some credit card companies even run quarterly credit checks and if they see a certain amount of debt, or find out about the bankruptcy, they will close the account. In short, it's completely up to the credit card company.

This is why speaking to a qualified, educated bankruptcy attorney is crucial to informing yourself on all of the options involved in filing bankruptcy. Consulting with an attorney means your specific circumstances, which may or may not "fit the mold" of other bankruptcy candidates can be addressed and all of your questions answered.

If you do have questions 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 effects of bankrupty on child support income...

Many bankruptcy candidates that are single moms have questions similar to this:

"I recently lost my job several months ago and am contemplating filing for bankruptcy. I am a single mother of 2 children and my only sources of income right now are unemployment and child support I receive from my ex-husband. Will filing for bankruptcy affect my child support?"

You do not need to worry about a bankruptcy affecting your child support. The amount that you are paid for child support does not change or stops just because you file for bankruptcy. The father of your children is obligated to pay that amount pursuant to a different court order and that order is not affected by a bankruptcy. The only way the amount of support owed could change is if father went to the family law court and requested a change in the amount owed. He would not be able to do this in the bankruptcy court.

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 bankruptcy filing of Sawgrass Marriott Resort & Spa in Florida.

According to Bloomberg BusinessWeek, the Sawgrass Marriott Resort & Spa, filed for Chapter 11 bankruptcy on March 1, 2010. However, operations of the 508 room hotel where reporters camped out for the now infamous February 19th Tiger Woods apology statement he delivered from adjacent property of TPC Sawgrass, will remain 'business as usual' according to its owners. The Chapter 11 filing came after many unsuccessful attempts to restructure the hotel's debt to Goldman Sachs Commercial Mortgage Co. which has been reported to be in excess of $193 million. TPC Saqwgrass, the premiere location of the PGA Tour's Tournament Players Club network, whose Players Stadium Course was ranked ninth on Golf Digest’s list of America’s 100 Greatest Public Courses for 2009-2010, did not file bankruptcy.

"The current global economic environment and the fact that an agreement on a restructure with the lenders could not be reached," was the quote from Jeff Mayers, general manager of in a press release on March 1st on the majors reasons for the Chapter 11 bankruptcy filing. The good news for its employees and vendors is that no restructuring will occur there, according to the press release. Said Mayer, "This process will protect the resort and allow us to continue to operate business as usual."

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

A San Jose bankruptcy lawyer provides insight and opinion on homesteads and tax liens...

A homestead is a California state exemption. It prohibits involuntary collection of judgments and liens to extent of the claimed exemption. Clients seem to have hard time with the difference between voluntary and involuntary liens. Voluntary liens are liens that you have agreed to have placed on you residential title i.e. Mortgage, homeowners, real property taxes, assessments. Involuntary liens are forced action. Judgment is received by ford motor credit they get a abstract of judgment and it is recorded. This is an involuntary lien.

How the homestead works is you determine the value of your residence, $400,000.00, you owe $10,000.00 real property taxes and $350,000.00 combined first and second mortgage. Total voluntary liens are $360,000.00. Before a judgment creditor can execute against your house they must go to court and prove that you have equity over and above total of voluntary liens and the homestead value. If you are married or have a child California give you an exemption of $75,000.00. When the exemption is added to total voluntary liens it equals $435,000.00. Court determines that there is not equity for purpose of creditors collection and denies their ability to sell your house.

Be careful with federal tax liens. For no go reason if the IRS has properly recorded a federal income tax lien against your house the homestead does not stop the enforcement of the lien. Why they get this treatment is beyond me.

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

A San Jose bankruptcy attorney answers: Can a debtor pre-petition disclaim an inheritance?

Debtors father passed away 8 months prior to her filing for bankruptcy. She executed a disclaimer before she filed. Trustee tried to claim a fraudulent transfer. Such disclaimers generally relate back to the time the interest originally passed (the father’s death), and the property is deemed never to have belonged to the disclaiming party, which means it cannot be reached by her creditors.

The disclaimer was not a fraudulent transfer and the key factor is that disclaimer was done before the bankruptcy and therefore never became property of the estate. If bankruptcy had been filed and then the disclaimer was made it would have been different outcome. So, prepetition disclaimers on estate property are effective.

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 passing the means test...

In life timing is everything; and so too in bankruptcy. For example those debtors in San Jose who want to file Chapter 7 but can’t pass the means test may want to wait to file if they know their income will change in the next few months. Thus, if a debtor’s income stands to change significantly in the next few months, a debtor probably will be able to pass the means test if they wait to file.

I recommend taking a hard look at California’s median income and checking whether or not you qualify. If you don’t and you know your income will change in the next few months, wait, and then file for bankruptcy. It should be noted, however, that this strategy is entirely predicated on a debtor not having to file a rush petition. If a debtor must avoid foreclosure or some other life altering event that Bankruptcy may prevent, a debtor may not use this strategy.
So Bay Area, remember. Timing is everything. Look at your financial situation. Will it change in the next few months? Will this allow you to pass the means test? Can you afford to wait? All of these questions are crucial to ensuring that your timing is perfect!

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

A San Jose bankruptcy lawyer describes the confirmation hearing during a Ch. 13 bankruptcy

Bay Area debtors who file Chapter 13 will want to understand the confirmation hearing process. Basically in a Chapter 13 a judge must approve your Chapter 13 plan. This approval takes place at the confirmation hearing. Here, a judge will address any objections to your plan raised by creditors.

Unlike the creditors’ meeting, the confirmation hearing will be run by a judge. For those debtors in Northern California who are terrified at the prospect of sitting in front of a judge, if you are represented your attorney usually attends solo. If, however, a debtor is self represented they must appear. Since judges like efficiency they generally call cases that are uncontested or fairly straight forward first.

Debtors in San Jose may wonder why a confirmation hearing is required. The meeting allows a judge to evaluate your plan, and inquire whether or not you can make your payments. In addition, it allows the judge to ask creditors specifically about their objections, hear your response, and make a ruling. If your plan needs to be amended you probably will be allowed an opportunity to comply. Otherwise, if it’s obvious you can’t afford your plan your case may be dismissed.

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 reports on actor John Malkovich's debocle with Bernie Madoff

In the case of Securities Investor Protection Corp v. Bernard L. Madoff Investment Securities LLC, U.S. Bankruptcy Court, Southern District of New York, according to a recent Reuters article, actor John Malkovich, a former client of Bernard Madoff (who is serving a 150-year prison sentence for his Ponzi scheme) is seeking to recover $2.23 million from the liquidation of the securities firm once run by Madoff.

The Thursday filing in Manhattan bankruptcy court reveals the John Malkovich Pension Plan and Trust objected to a decision by Irving Picard, the trustee liquidating Madoff's firm, to award it $670,000, to quote directly from the Reuters article by Jonathan Stempel, due to the fact that, "A customer generally expects to receive what he believes is in his account at the time the stockbroker ceases business," the trust argued and said it anticipated and overturn of Lifland's ruling by the court. Victims of the scam believe the final balances reflect what they should recover, even if the sums are fictitious. Therefore they are appealing to a federal appeals court in New York, according to the article. Indeed, The Malkovich trust

U.S. Bankruptcy Judge Burton Lifland, is managing the liquidation of the Madoff firm. Other victim’s Madoff’s web of fincial destruction include actor Kevin Bacon, Larry Silverstein (World Trade Center site developer), Fred Wilpon (New York Mets owner), and Sandy Koufax (baseball pitcher and Hall of Famer). In this case, the ruins exceeded $65 million.

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

A San Jose bankruptcy lawyer reviews third quarter bankruptcy findings

According to the American Bankruptcy Institute (ABI) March 2010 bankruptcy numbers are at their highest: a staggering 149,268. This data via the National Bankruptcy Research Center (NBKRC) compares its height to 2005’s Bankruptcy Code overhaul by Congress. This is a 34% increase from February 2010 and a 23% rise from March of 09. Other interesting tidbits are that 25% were Chapter 13 filings. Chapter 7 bankruptcy filings – aka the “Fresh Start” for debtors looking to alleviate their debt and get a second chance, occurred for three out of four debtors who filed bankruptcy in March.

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 announces Rock & Republic files bankruptcy

The latest in mildly interesting corporate and/or business bankruptcy filings goes to Rock & Republic. According to Reuters, New York, R&R announced its Chapter 11 filing on Thursday. The cutting edge jean giant, who caters to the young somethings who can afford a median denim price of approximately $250 per pair, also boasts sexy ad campaigns, marketing slogans including ‘Life is a Banquet, Don’t Starve Yourself,’ and schleps their sassy “wears” in the likes of Nieman Marcus, Bloomindales, ad Bergdorf Goodman. They were quoted as reporting that they have hired Atlas Strategic Advisors, an investment bank, to assist in their recapitalizing efforts. This choice is subject to court approval, also according to R&R.
They further stated that they acquired $7.5 million in debtor-in-possession financing from CIT Group and are recently joined by Geoffrey Lurie, as chief restructuring officer. Lurie is formerly headed up The North Face’s turnaround, also according to Reuters.

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 Annie Leibovitz and bankruptcy...

Even San Jose bankruptcy attorneys are familiar with Annie Leibovitz. She is an American celebrity photographer most famous for the photo shoot she had with John Lennon just five hours before he was killed. Throughout her career she has photographed many celebrities and is renowned in the world of photography. Leibovitz popped back in the headlines when she took the first official photo of the First Family. The photo was released by the White House on October 23rd.

Despite her lifelong success, Leibovitz may be forced to file bankruptcy. After taking out a loan in 2008 due to financial trouble, Leibovitz now owes $24 million to Art Capital Group. In addition to offering several properties as collateral, she offered copyrights to all of the photography work she has ever done or will do. In July of 2009 Art Capital sued Leibovitz, though eventually the two parties came to an agreement, and Leibovitz bought herself some time.

Whether or not the famed photographer will be able to catch up financially and pay off her loan with Art Capital is yet to be seen. If she cannot make her payments then she will most likely need to review bankruptcy as an option. In the end a bankruptcy may even help her be rid of her financial troubles so she can have a fresh start and focus on her photography.

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 bankruptcy of National Heritage Foundation

Generally, in our Bay Area bankruptcy practice, when we hear of bankruptcy in the news we think of a major company such as GM filing bankruptcy. In this instance, however, the non-profit organization National Heritage Foundation has filed for bankruptcy protection. While bankruptcy normally seeks to eliminate debts to creditors and banks, the National Heritage Foundation wiped out $25 million of debts not to lenders, but to charitable donors.

These donors had charitable gift annuities with the National Heritage Foundation. Charitable gift annuities are a common practice here in Fremont and all over the country. A charitable gift annuity is where a person donates a fixed amount of money to the non-profit organization, and then the donor or another person of their choosing is paid a fixed monthly amount for the rest of their life as a return. Many people have found this an excellent use of their money because they want to support a charitable organization, and it also creates a fixed income while having tax and risk advantages over other investment options.

While we do not know of anyone in San Jose who was affected, Maurice and Theresa Townsley of Monterey, California had donated $1.2 Million to the non-profit.

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 gives a Chapter 9 Bankruptcy Overview

What Is a Chapter 9 Bankruptcy?

Chapter 9 Bankruptcy is a type of bankruptcy for municipalities. A municipality could be a city, township, school district or county. An example of a municipality that filed Chapter 9 bankruptcy is when Vallejo, California filed Chapter 9 bankruptcy in 2009.

When financially burdened municipalities file a Chapter 9 bankruptcy, their intent is to proceed with a repayment plan that is mutually acceptable by the debtor and the debtee; the company and its creditors. By filing a Chapter 9 bankruptcy, the outstanding debt is resolved in a manner that both parties can live with, since not paying the debt back and having both parties suffer does not work. Filing the Chapter 9 bankruptcy gives the municipality protection from the creditors while the amenable payment plan is reached.

Negotiations during a Chapter 9 bankruptcy may include reducing the debt or debts, dropping an interest rate or prolonging the length of the loan. Refinancing debt is also a factor during a Chapter 9 bankruptcy filing.

One of the upsides for the municipality that files for Chapter 9 bankruptcy is that it renders the creditor unable to impose liquidation of the assets that belong to the municipality. Each municipality is under the jurisdiction of its own state, due to the fact that bankruptcy proceedings are not part of the constitution there for federal court cannot enforce a liquidation.

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

A San Jose bankruptcy lawyer has more on unemployment...

In light of today’s Labor Department announcement that the US added approximately 200,000 jobs, a report from payroll processor ADP, states all those jobs are government jobs - and mostly temporary ones from the Census Department.

It is said that the private sector lost approximately 23,000 jobs in March.

ADP further reported the following: small business job loss at 12,000, medium business job loss at 4,000 employees, and large business dropped 7,000 workers.

Meanwhile, service-sector jobs gained 28,000 employees, and there was a 9,000 job loss by factory companies; all in March.

On March 18th, Obama signed the jobs bill giving private-sector employers a break on payroll taxes for the remainder of 2010 if they employ the unemployed. Judging by the above stats, it remains just as important to retain employees as it is to hire new ones.

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 debt level of Nicholas Cage...

In my San Jose bankruptcy office, I note bankruptcies in the news, as well as bankruptcy candidates. You may have read that Nicholas Cage owes the IRS $6.6 million in income taxes. How could this happen to someone who is as successful as he is? Cage is certainly not having trouble finding work – according to the IMDB he was in 4 films in 2009 alone and has 4 more coming up in 2010. It is tough to see why he is having trouble paying his taxes, but it shows that it can happen to anyone.

What should the Hollywood celebrity do? Does he need to go bankrupt? How about others in his position? Can bankruptcy help them eliminate debts to the IRS?

Cage isn’t the only one struggling to pay his taxes. In our current economic climate, many people are having difficulty keeping up with all of their debts, including taxes. The good news is that while many of us think of bankruptcy as being for debts such as credit cards and auto loans, taxes are often dischargeable in a bankruptcy.

Whether or not your taxes can be discharged 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.

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.