California Bankruptcy Lawyer Blog

A San Jose bankruptcy attorney is asked: How do I find an estate planning attorney?

There are many ways to find an estate planning attorney. One method is by visiting this resource website: click here.Through this website, you can search for an estate planning attorney by name, location, specialty, and even by the languages they speak. A better way of finding an estate planning attorney however is through referrals. If you have a family member or friend who has worked with an estate planning attorney before and was pleased with his or her performance, it is advisable for you to employ their services as well.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney considers the
irrevocable trust in estate planning...

An irrevocable trust is a trust that cannot be terminated or whose terms cannot be changed without the permission of the beneficiaries. By transferring one’s assets into an irrevocable trust, the grantor essentially removes all of his or her ownership rights to that property. Irrevocable trusts are generally created to decrease the size of a person’s estate and minimize their estate tax liabilities. It is also removes that person’s tax liabilities for any income generated by those assets. It is advisable to consult an estate planning attorney if you plan to establish an irrevocable trust.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney address this Estate Planning inquiry: Do I need a will?

While it is not necessary for people to have a will, it is highly advisable that they have one. By having a will, a person can avoid the costs of probate and achieve significant tax savings. A will is a legal document that states how the decedent’s probate property should be appropriated, designates guardians for minor children, and identifies trustworthy individuals or trust companies who can administer the decedent’s estate. While anyone can draft their own will, it is highly recommended to retain the services of an estate planning attorney who can help create a well drafted will.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney answers What is a living trust?
A living trust (also known as an inter vivos trust) is a trust that has been established during a person’s lifetime. The most popular use of a living trust is to minimize a person’s tax liabilities by avoiding the probate process. Some people prefer a living trust to a will because it is not a matter of public record and therefore maintains the privacy of their financial information. Another popular use of a living trust is to manage property for the long term. By transferring his or her property to a living trust, a person can control the use of those assets even if he dies or becomes incapacitated.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney esplains the power of attorney in regards to Estate Planning

What is a power of attorney?

A power of attorney is a document that gives another person the authority to act or make decisions on another person’s behalf. Generally, a power of attorney is only effective during a person’s life and if the person is still mentally capable of managing his or her own affairs. There is such a thing as an enduring power of attorney however, which remains effective even if the person becomes mentally incapable of handling his or her affairs. A power of attorney may be general in that it permits another to decide on that person’s behalf on a wide variety of issues. A power of attorney may also be very specific in that it limits what another can do to only certain acts.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney explains a short sale

Q. What is a short-sale?

A. A short-sale is a transaction where a Borrower receives permission from a Lender to sell a home for less than what is owed on a first mortgage. Short-sales are used by Lenders to avoid the costs of foreclosure, and are preferred by Borrowers because their credit does not suffer as bad as a foreclosure does. However, it is often overlooked that there are major implications for Borrowers who short-sell. For instance, if Borrower owes Lender $450,000 and the short-sale is for $300,000, Borrower would have to pay approximately $150,000 in taxes because the IRS considers “discharged” debt as “income.” Furthermore, a Borrower’s credit will still likely suffer a hit, although not as bad as if they are forced to foreclose. Junior lien-holders can also object to proposed short-sales. In any event, Borrowers should seek legal advice if they are considering a short-sale to make sure their debt obligations are minimized.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney discusses estate planning options.

My grandfather does not have a will. What do I do?

Do not panic if your grandfather does not have a will. There are other ways by which your grandfather could pass his estate to his chosen heirs. One way is through payable on death accounts. If your grandfather signed a document with his banks or brokers saying that when he dies, he would want the account to be transferred to another person, then those instructions will be followed. Another way is through a living trust. If your grandfather set up a living trust and transferred assets to it, then those assets will benefit the beneficiaries that he named when he established the trust. In the worst case, if your grandfather does not have a will, then his estate will go through the probate process and will be distributed to his heirs according to the intestacy laws of the state.

Your grandfather can visit an experieced estate planning attorney to create a will or living trust. An important point here is that he must do so of his own accord (meaning, it needs to be solely his desire and his decision).

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney
What is the CA estate tax?

The California estate tax is a tax imposed by the state of California on the wealth left behind by a CA citizen when he or she dies. Historically, the CA estate tax ranged from blah to blah. In 2005 however, the CA estate tax was repealed. Given CA’s current budget predicament however, it would not be surprising to see CA reinstate the CA estate tax.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney discusses more on Estate Planning...

What are 3 areas of Estate Planning?
There are many different areas of estate planning. One area is drafting wills. This is when a person, ideally with the help of an attorney, writes a legal document that states how the decedent’s probate property should be appropriated, designates guardians for minor children, and identifies trustworthy individuals or trust companies who can administer the decedent’s estate. Another area of estate planning is the assignment of powers of attorney. This is when a person gives another the authority to make decisions for him or her on a particular matter or for all matters in general. Another area of estate planning is the establishment of living trusts. These are legal instruments used to hold and manage a person’s property. They are primarily created in order to minimize a person’s tax liabilities.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorneydiscusses the Estate Planning term: probate...

What is probate?

Probate refers to the process where the courts oversee the distribution of a deceased person’s estate. There are three basic steps in the probate process. First, the deceased’s property is collected and accounted for. Second, all of the debts and taxes owed by the decedent are settled. Finally, whatever remains of the deceased’s estate is distributed to his or her heirs as directed in a will or based on intestate laws. It is usually best to have an estate planning attorney at your side as you go through the probate process.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney answers: What is a forbearance agreement?

When a borrower is behind on their mortgage and seeks a forbearance agreement, the forbearance agreement includes the new terms under which the two parties (typically the borrower and the lender) agree upon with regard to the borrower’s obligation to pay. The terms in the forbearance agreement refer to the mortgage amount that has been either been reduced by amount (temporarily, typically with the reduced amount attached at the end of the loan period); suspended for an amount of time, or sometimes the payment terms have been extended. Typically a forbearance agreement is reached at the request of the borrower in order to avoid a foreclosure sale on the property for which they owe the back debt.

Sometimes forbearance agreements are reached between a student/former student and the loaning institution that funded their school loan(s). In this instance the forbearance agreement typically states that the borrower is not obligated to pay the student loan off until they have either completed or discontinued their education, or for a pre-determined time period thereafter. The amount owed may include interest that accrues over time.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorneyexplains: What is the Lender’s Role in Foreclosure?

A lender in a foreclosure is the entity holding a borrower’s mortgage loan and will most times want to foreclose on a property to protect its own interest. If the borrower falls behind on payments, a foreclosure sale will sometimes allow the lender to recoup some of the credit that they extended to the borrower.

The lender is obliged by law to inform the borrower of their intent to conduct a foreclosure sale on the property. The lender’s role in the foreclosure is to track your timely payments on your mortgage, and contact you should you fall behind. The lender involved in the foreclosure will have the information on what is due in order to stop the foreclosure process. If you receive a foreclosure notice from your lender (or someone acting on your lender's behalf), you should call your lender right away. The longer you wait, the more your options diminish and the closer you get to losing your home.

The further along the foreclosure goes; the lender will also be the person to inform you of the pending sale date. They will do this themselves or, more typically, through a trustee.

Sagaria Law is available should you decide to seek legal counsel with regard to a foreclosure notice or a foreclosure that is just days away – call us now…chances are we can help you save your home from foreclosure!

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney helps the consumer that has received a foreclosure notice.

If you, someone in your family, or someone you know receives a foreclosure notice, it should not be ignored. Even if it is overwhelming, scary and hard to comprehend (which it understandably is for most who receive a foreclosure notice), ignoring it is the worst thing you can do.

The first thing you should do is contact your lender immediately. If you do not know how to contact your lender, you can contact a housing counselor by phone or internet, such as HUD (Housing and Urban Development) by clicking: here or calling the HUD Housing Counseling and Referral line: 800-569-4287. A housing counseling agency can assist you finding the lender or the mortgage company holding your loan. They also provide many other resources and are a good source if you have or are in danger of receiving a foreclosure notice.

Lastly, if you are unsuccessful at calling your lender, finding your lender, or reaching a mutually agreeable decision with your lender, calling an experienced attorney is highly advised. You have options, including a forbearance agreement, a short sale or filing bankruptcy.

Just don’t let the choice you make be to wait or ignore your foreclosure notice. Remember: You are not alone!

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Jose bankruptcy attorney defines balloon payment.

A balloon payment is a lump sum that the debtor agrees to pay, in the future, typically at the end of a loan. If the balloon payment has been agreed upon between, say, a borrower and a lender, then the balloon payment is usually due after a designated time period that is also mutually agreed upon.

In regards to a mortgage, a balloon payment is most commonly used in a commercial mortgage and sometimes used in a residential mortgage. In a residential mortgage, the balloon payment is due at the of the mortgage and, if not paid, will mostly likely result in default, and even foreclosure.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.