California Bankruptcy Lawyer Blog

A San Jose bankruptcy lawyer provides some Chapter 13 Bankruptcy Information

Chapter 13 Bankruptcy Overview

What Does Chapter 13 Mean?

A chapter 13 proceeding under the U.S. Bankruptcy Code is one in which the consumer in debt takes on a reorganization their finances with the approval of and under the supervision of the bankruptcy court. A component of the debt reorganization is that the debtor agrees to a repayment plan which allows creditors and other debtors to be paid back in a timeframe of 3 to 5 years. Those that file under Chapter 13 bankruptcy must have the means by which to accommodate the repayment plan via a regular income.

A chapter 13 bankruptcy filing differs from a Chapter 7 bankruptcy filing in that the filer is typically one that has sufficient income to pay the debt off over time. Chapter 11 bankruptcy is different from the Chapter 13 bankruptcy filing as well, as it is more complicated with regard to restructuring the debt.

When an individual files a Chapter 13 bankruptcy, the advantage is avoiding such things as foreclosure of a home.

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 responds to: What Is a Chapter 9 Bankruptcy?

Chapter 9 Bankruptcy Overview

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 attorney answers the question Question: Where is the Bankruptcy Trustee Office for the San Jose, California division?

Answer: There are five chapter 7 trustees in the San Jose division. Each trustee has their own bankruptcy trustee office with their own mailing address. The mailing addresses are as follows:

1. Audrey J. Barris, P.O. Box 573, Pebble Beach, CA 93953, (831) 655-3552
2. Mohammed Poonja, P.O. Box 1510 Los Altos, CA 94023, (650) 941-3400
3. John W. Richardson, 5161 Soquel Drive, Suite F, Soquel CA, 95073, (831) 475-2202
4. Carol Wu, 25A Crescent Drive #413, Pleasant Hill, CA 94523, (408) 404-7039
5. Marc Jeffrey Del Piero, P.O. Box 1127, Pebble Beach, CA 93953, (831) 626-4666

There is one Chapter 13 trustee in the San Jose Division, Devin Derham-Burk. Her bankruptcy trustee office mailing address is P.O. Box, 50013, San Jose, CA 95150.

Ms. Derham-Burk’s office can be contacted at (408) 354-4413.

Ms. Durham-Burk’s physical bankruptcy trustee office is located at 983 University Ave., Los Gatos, CA 95032.

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 talks about the Role of the Means Test in Bankruptcy...

The role of the means test is determined by the Chapter under which you are filing, be it Chapter 7, Chapter 11, or Chapter 13. In any event, the means test is a determination of your “Current monthly income.”

In a Chapter 7, the means test is used to determine whether the filing is abusive. Specifically, in 2005, the law changed to require that people demonstrate that their bankruptcy was, essentially, legitimate. To do this, debtors fill out a complex questionnaire (the means test) which determines whether they are making either less than the average income for their state of residency or whether their expenses are such that the debtor is, effectively, in the red every month. If the means test yields an abusive result, the only real option is to file for a Chapter 13, instead (or go through the difficult task of getting the court to overlook the abusiveness).

In a Chapter 13, the role of the means test is to determine how much disposable income the debtor has. This amount then basically becomes the monthly payment that is funded during the repayment period (between three to five years).

In a Chapter 11, the means test is part of a grouping of disclosure documents regarding income and expenses, created for the benefit of the creditors and the 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 asks the question: Is Bankruptcy Law Complicated?

Answer: The bankruptcy code is voluminous. There are multiple Chapters each with their own unique code. Attempting to page through and make sense of the code may overwhelm the average debtor. Thus, an experienced bankruptcy attorney can provide an invaluable service by choosing the right chapter and explaining the law in a simple straightforward manner.

Question: Is the Bankruptcy Process Complicated?

Answer: With the exception of Chapter 11, the Bankruptcy process is fairly straight forward. In both Chapters 7 and 13, a debtor’s involvement is generally limited to taking two credit counseling courses and attending one hearing.

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 California Creditor Harassment Law

Creditors can be annoying. They can often be very mean. They can also be silenced…but the means of doing so requires an understanding of California creditor harassment law. There is a national version of such a law and a state version. The California creditor harassment law is known as the Rosenthal Act; it is a local variation of the National Fair Debt Collections Practices Act. Both are very similar. The California creditor harassment law (Rosenthal) is codified in the California Civil Code at Section 1788.

The California creditor harassment law says specifically that creditors cannot use or threaten physical violence; creditors cannot say or imply that failure to pay a debt is criminal (except for the extreme case where it would be true, such as if you committed fraud, for instance; but not paying a typical debt is in no way criminal); creditors cannot be obscene or profane or refuse to tell you who they are collecting on behalf of (i.e., which credit company is their client); they cannot repeatedly call you just to make your phone ring to annoy you; they cannot pretend to be an attorney; they cannot do lots of things. The law is there to help you. There are certain things you can do to avail yourself of the benefits of the California creditor harassment law, although much of the inappropriate conduct is always now in effect, whether you proactively take the steps outlined or not. Of course, the two best ways to avoid implication of the California creditor harassment law are to pay your debts in full (which is, frankly, impossible) or retain counsel. The California creditor harassment law and its national companion (the FFDCPA) provide for an attorney to substitute for you, such that all calls that might go to you, go to your lawyer instead. Of course, the lawyer will wisely invoke the elements of the California creditor harassment law and demand that the creditor discontinue contact. This should provide you significant relief…and the freedom to start answering your phone again.

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 Insolvency and Involuntary Bankruptcy

One strategy that a debtor has when facing a large amount of debt with little to no assets to cover those debts, is to transfer any current assets to friends and family members. Doing so is called becoming insolvent. Insolvency blocks a creditor’s attempts to levy on certain assets in order to collect on a judgment. This only works with unsecured property, like a car that is owned outright or a really nice painting. A piece of secured property cannot transfer title until all liens and judgments have been first satisfied.

An involuntary bankruptcy is basically what it sounds like, involuntary. An involuntary bankruptcy is analogous to a civil class action lawsuit by a majority of one’s creditors. When a debtor has less than twelve creditors, it takes only one creditor to request the court to initiate an involuntary bankruptcy. When a debtor has twelve or more creditors, it takes the cooperation of at least three creditors to set forth an involuntary bankruptcy. The involuntary bankruptcy petition is proposed to the court, and if accepted that petition is treated exactly the same as a voluntary petition. Nonprofit organizations and farmers are exempt from involuntary bankruptcy proceedings.

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 speaks to Creditors and Debt Management

Debt management is an important topic for individuals thinking about bankruptcy. Often what attracts people to bankruptcy is, upon successful discharge, the face no further obligation is owed to creditors. While bankruptcy does not discharge all debts owed, most unsecured debt (credit cards) can be eliminated or repaid at a severely discounted rate.

In 2005 Congress made several revisions to the bankruptcy code. Among those changes included a requirement that an individual take a debt management or credit counseling course prior to filing a bankruptcy petition. The idea was to impress upon the individual the importance of appropriate debt management and help them understand their finances and develop a realistic budget.

In addition, the debtor, prior to receiving a bankruptcy discharge, is required to take a pre-discharge debt management course. The purpose of this course is to help prepare the debtor for life after bankruptcy and help them better manage their finances. The goal is to help the debtor with debt management and try to make them aware of what habits led them to bankruptcy and to hopefully avoid falling back into old habits.

An understanding of debt management is also important when dealing with creditors after bankruptcy. While it may be difficult to obtain credit soon after a bankruptcy discharge, it is still possible to obtain loans and credit cards within a few years after filing for bankruptcy. Individuals should approach debt management seriously in order to not fall into the same pattern of behavior that led to bankruptcy in the first place. While it might be enticing to say yes to higher credit limits when presented with the option from creditors, the more prudent approach would be to assume only what is necessary for living and to forgo certain luxuries until it makes financial sense.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney answers the question: What Is An Automatic Stay?

One of the main reasons why people file for either chapter 7 or chapter 13 bankruptcy is to protect assets, namely their house or cars. The instant an individual files for bankruptcy, regardless of the chapter, they are afforded certain rights protected by the U.S. government which will not allow a creditor to levy or foreclose upon assets which they would normally be entitled to.

In order for a creditor to continue collecting on a debt while the debtor is in bankruptcy, the creditor must file a motion with the court which is called a “relief from automatic stay.” If the court does, after good cause being shown, grant the relief from stay which bankruptcy affords the creditor, the creditor regains its state action rights and can continue on the foreclosure from the point where it left off.

Automatic stay remains in effect so long as the debtor is in bankruptcy. In a chapter 7 bankruptcy, once the debtor’s debts are discharged, the automatic stay is converted into a permanent injunction barring the creditor from brining any action. In a chapter 13 bankruptcy, the stay remains in effect throughout the life of the chapter 13 bankruptcy plan. Should a creditor purposefully violate the automatic stay of bankruptcy, courts may award the debtor actual damages, and should the court find the creditor’s actions malicious, they may award the debtor punitive damages in order to deter that creditor, and all others, from future like actions.

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 Chapter 9 Bankruptcy

Chapter 9 bankruptcy law is probably the least known and most uncommon form of bankruptcy. Chapter 9 bankruptcy law was created in 1934 as an effort to assist financially-distressed municipalities. Chapter 9 bankruptcy law provides municipalities protection from its creditors while it develops and negotiates a plan for reassessing its debts. Under chapter 9 bankruptcy law, a municipality is free to negotiate both the principal and the interest of its loans and debts, even refinancing at times. One of the most famous chapter 9 bankruptcy cases was filed in 1994 by Orange County, California which involved millions of dollars of debts.

In order for a municipality to be eligible for protection under the chapter 9 bankruptcy law, it must be a “political subdivision or public agency or instrumentality of a State.” Chapter 9 bankruptcy law is governed, ironically, by Section 9 of the U.S. Bankruptcy code.

Municipalities may seek protection under chapter 9 bankruptcy law by filing a petition with the court which contains a list of creditors. The petition is then assigned to a chapter 9 bankruptcy judge. As with chapter 7 and chapter 13 bankruptcies, a creditor is allowed to file an objection to the petition and request relief from stay in order to attempt to collect on its account receivables. However, unlike chapter 7 and chapter 13 bankruptcies, the United States Trustee has much more limited power and control in that he/she cannot propose an alternate reorganization plan. Once the chapter 9 bankruptcy plan is approved, it becomes the new structure of the municipality.

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 remarks on consumer debt counseling with regard to filing bankruptcy.

May consumers in debt that are considering filing bankruptcy wonder about the consumer debt counseling component. Others don't even know that the consumer debt counseling component exists. After your bankruptcy case is filed, you must tale a consumer debt counseling course as part of the required criteria to meet in order to complete your bankruptcy.

Many of the consumer debt counseling course providers actually give you a choice as to whether you'd like to take this consumer debt counseling course over the phone, on the internet or in person.

An experienced bankruptcy attorney can provide the resourses for many consumer debt counseling courses. The consumer debt counseling course usually takes about 45 minutes and should not intimidate the debtor or deter them from filing bankruptcy should they be seeing debt relief and a Fresh Start!

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

A San Jose bankruptcy lawyer explains the means test and Chapter 7 bankruptcy

For bay area consumers wondering about the means test and Chapter 7 bankruptcy, the means test is a method to establish whether an individual meets the qualifications for a financial assistance program (including government assistance). While Means testing is also used in Medicare benefit distribution and has been suggested as a solution for the Social Security problem, the most common means test is within a Chapter 7 bankruptcy filing; the Means test is used to determine a person's eligibility to file a Chapter 7 bankruptcy.

The term refers literally to whether a debtor has the financial means to pay their debt, or portions of their debt. The means test is a particularly important factor to deter higher income debtors from filing Chapter 7 bankruptcy, as their financial means would allow them to pay off a portion of their debt, rather then wipe it out altogether via Chapter 7. The higher income consumer, who typically would not meet the requirements of the means test, would then file a Chapter 11 or Chapter 13 bankruptcy.

The means test is complex, but its requirements are typically met by the average Chapter 7 filer.

Means Test at-a-glance facts:

The means test formula determines the debtors income to debt ratio
Debtor income that falls below the state's median income are not subject to the means test
There are online means test calculators, but it is also suggested that you seek the assistance of an experienced bankruptcy attorney if you are considering filing Chapter 7

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

A San Jose bankruptcy lawyer defines Municipality Reorganization

Municipality reorganization in bankruptcy law is slightly different than both individuals filing for bankruptcy or business entities filing for bankruptcy. Chapter 9 of the Bankruptcy Code is applicable only to municipalities, therefore chapter 9 governs the municipality reorganization. The code defines a municipality as a “political subdivision or public agency or instrumentality of a state.” 11 USC 104(b). The definition is broad enough to allow cities, townships, and public improvement districts to file chapter 9 bankruptcy. Municipality reorganization is different in the sense that the 10th Amendment of the Constitution protects municipalities from certain Bankruptcy Code provisions. The 10th Amendment provides for state autonomy, thereby affording a municipality reorganization plan much more independence than other reorganization plans found in the Bankruptcy Code. An example of such independence with municipality reorganization is the lack of any provision calling for a liquidation of municipality assets.

Other differences between Chapter 9 and other Bankruptcy chapters deal with the voluntary aspect of filing. With a municipality reorganization there can be no involuntary bankruptcy. In addition, there is no meeting of the creditors with a municipality reorganization and creditors cannot propose competing plans with the municipality. The filing of a chapter 9 bankruptcy, however, does create the automatic stay, similar to other bankruptcy chapters.

An important tool available to the municipality in a municipality reorganization is the ability to use its broad powers to raise taxes, use its property, and make necessary expenditures. Another aspect of municipality reorganization is the ability of the municipality to reject collective bargaining agreements and retiree benefit plans without having to follow the usual procedures required in Chapter 11. Further, during municipality reorganization the municipality has authority to borrow money and obtain credit. The court does not have any power to supervise the amount of debt the municipality may incur.

The bankruptcy court, however, does have the power to dismiss a municipality reorganization plan if it finds that the petition was not filed in good faith or if the petition fails to meet the requirements of chapter 9. A municipality reorganization is discharged after a) confirmation of the plan; b) deposit by the municipality of consideration to be distributed; and c) a finding by the court that the security deposited by the municipality is valid. The most recent well known municipality bankruptcy was Vallejo, California, which took place in 2009.

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

A San Jose bankruptcy attorney mentions famous Chapter 9 bankruptcies.

Orange County was a famous Chapter 9 bankruptcy when they filed due to investment losses.

A second famous Chapter 9 bankruptcy is the city of Vallejo, who filed their famous chapter 9 bankruptcy recently due to their inability to pay pension obligations.

Lastly, Desert Hot Springs, CA was another famous chapter 9 bankruptcy (to California bankruptcies). Their famous Chapter 9 bankruptcy filing was due to a housing discrimination lawsuit.

Consumers in debt file bankruptcy every day. Most debtors in this position worry about their own debt, the future of their family and the focus on thier Fresh Start, rather than famous Chapter 9 bankruptcy filings. If you are in this position, your Fresh Start is near and your questions can be answered now. Get yours!!

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 offers 6 Tips for Bankruptcy, Chapter 7

Filing for bankrutpcy, chapter 7 is a little easier when you have tips to help guide you in the process. Bankruptcy, Chapter 7 in particular, has some simple items that must be completed in order to become debt-free.

6 Tips for filing Bankruptcy, Chapter 7:

1. The decision to file bankruptcy, Chapter 7 or otherwise, should be made after receiving all of the facts. To determine if you are a candidate for bankruptcy, Chapter 7, it is widely suggested that you see an experienced bankruptcy to learn more an and make an informed decision.

2. In bankruptcy, Chapter 7 in particular, it is important to check the exemptions that are available to you in the state where you live. This has to do with the property you get to keep, beacuse it is determined as "exempt." Do not be overwhelmed, a bankruptcy attorney can explain this further.

3. In figuring out whether or not your property is exempt, understand that the value of the property is not the amount you paid for it, rather the value is what the property is worth at the time you file your bankruptcy, Chapter 7 case. This includes cars, furniture, etc. so the value may be a lot less than what you paid for it.

4. Be prepared to answer the following questions when you visit a bankruptcy attorney:

-what types of debt are causing you the most problems?
-what are the assets you have that are the most significant?
-How did your debt arise?
-Are your debts secured?
-Are you facing foreclosures, utility shut-offs, or wage garnishment?
-what is your goal today?

Being prepared is the best you can offer yourself in facing bankruptcy. However, a bankruptcy specialist at a bankruptcy firm can prepare even the least prepared client, so do not let this tip deter you from seeking help.

5. Don't believe everything you hear, especially if you have not consulted with a qualified bankruptcy professional. An example of this is the "Bankruptcy will negatively affect my credit!!!" One of the many factors to this is that Bankruptcy, while not for everyone, will reduce your debt to income ratios, which in facts helps your credit, depending on your circumstances.

6. You are not alone. Call a bankruptcy lawyer today and get your Fresh Start.

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

A San Jose attorney explains involuntary bankruptcy

An Involuntary Bankruptcy, by definition, occurs when the filing of the bankruptcy is initiated by the creditor to whom the debt(s) is owed. The creditors are allowed to file a petition for bankruptcy, thus initiating the involuntary bankruptcy process, with the end goal of recouping the debt or a portion of the debt that is owed them. An involuntary bankruptcy can also result in a restructure of that debt, which means the debt is restructured and paid off, sometimes via a payment plan.

The involuntary bankruptcy differs from a regular bankruptcy filing in that typically bankruptcy is filed by the debtor.

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 quotes April bankruptcy stats from the Wall Street Journal...

The Wall Street Journal quotes the American Bankruptcy Institute as announcing that bankruptcy filings in April 2010 dropped slightly between March and April. However, they maintain a 15 percent increase from 2009.

Further, personal bankruptcy filings for the first quarter + April for 2010 at a 17% percent increase this year compared to last year.

What this means to Bay Area consumers and debtors at large is that 2010 may record the highest number of personal bankruptcies since 2005, at which time new laws enacted by Congress made it more difficult for those in debt to qualify 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 answers the question: What is False Bankruptcy?

False Bankruptcy occurs when one party files bankruptcy under another party's name and social security number. While false bankruptcy is a type of fraud scenario that often occurs in conjunction with longterm identity theft, it can also happen between families and spouses. An example of the latter version of false bankruptcy is a woman who received Chapter 13 bankruptcy proceeding notice for her son. At the time, her son was 5 years old. It was revealed that her estranged husband had filed bankruptcy in the child's name in an attempt to stay an impending foreclosure on the family home.

If you think you have been a victim of false bankrutpcy, contact your nearest US Trustee field office.

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 Right to Rent...

What is the Right to Rent Housing Bill?

For homeowners facing foreclosure that may or may not include filing bankruptcy,
the Right to Rent housing bill proposed by two House Dems , would potentially allow the owners of a foreclosed property to obtain a 5-year rental on that property by filing a petition to the judge. A fair market rental value would be set by an independant appaiser with allowable flux in rental increase determined by inflation.

The administration’s HAMP (Home Affordable Modification Program) simply isn’t doing enough to keep up with the US mortgage problematic issues, says Grijalva of the bill (H.R. 5028) . To quote an article in dsnews: Between February and March, the number of people who received assistance through HAMP but subsequently became delinquent again nearly doubled from 1,499 to 2,879.

When asked about the terms of the proposed bill Grijalva said they are “a workable and equitable compromise for lenders, families, and communities.”

“HAMP is simply an insufficient response to this crisis,” he added. “Right to Rent is a fair and sensible solution for struggling homeowners. Banks will still get reliable rental income, and families will be able to stay in their homes and significantly lower their monthly housing costs.”

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.

5 Tips to Help with Student Loan Debt

A San Jose Bankruptcy Attorney lists 5 tips to help with student loan debt...

Student Loan Debt Tip #1
Know Your Debt
Stay in touch. Be aware. Know what you owe.

Make a list of what and who you owe on your student loan debt. Keep track of your lender(s), the balance you owe and your repayment statis (current balance, due dates, end dates, interest, etc.). Visit this link if you are unclear as to what you know, and more importantly: ask your lender!

Student Loan Debt Tip #2
Review Your Repayment Options
A 10-year repayment plan is typical with student loan debt, but if that isn't going to work for you there are other options out there. You can extend your student loan debt payment plan out beyond the 10-year marker, but an even longer plan will increase the interest on the life of the loan even though the monthly payments are lower. An Income Based Repayment Program maybe something to look into. Visit www.IBRinfo.org for more.

Student Loan Debt Tip #3
What is Your Grace Period?
Every student loan has one: It is the timeframe allowed by the lender between the time you finish school and the time your first payment is due. These will vary so if you have more than one loan or lender, get clear on what is due when.

Student Loan Debt Tip #4
Update Your Records

Stay ontop of your end of the bargain by updating your lenders if you move, change your number, or have a change in your financial situation such as job loss. Make sure you allow your lenders to do the same with you -- read what they send you and respond accordingly.

Student Loan Debt Tip #5
Ask For Help
If you cannot keep up with your student loan debt ... get help! Don't default, you have options.
To learn more visit www.projectonstudentdebt.org.

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.