California Bankruptcy Lawyer Blog

Home foreclosure is not a fun thing to go through. Foreclosures are at an all-time high. More and more people are facing the dilemma of whether or not to let their homes go or not.

One way to postpone or stop foreclosure is by filing for bankruptcy. Bankruptcy can help in a number of ways. First, it can possibly allow enough time to get debts under control so that the home can be kept. It can also help avoid a second loan. Also, it could let you move out without having to go through a foreclosure at all.

The two types of bankruptcy that can help you avoid foreclosure are called Chapter 7 or Chapter 13. If you file for Chapter 7 you are required to pay back what you owe once the bankruptcy proceedings are complete. With Chapter 13 you are allowed to pay back what you owe over the course of a payment plan. You also get to keep your home with Chapter 13.

Home foreclosure does not need to be the end of the world. Bankruptcy can be an option when trying to save your home.

If you have a question regarding Bankruptcy in California please contact us at 1800.941.6730 and we can connect you with one of our experienced California 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, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon 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.

While celebrities may seem to have it all, they are not as immune to the unpleasant sides of life as we'd like to think. Many celebrities experience financial difficulties and some have even filed for bankruptcy due to overly lavish lifestyles. In 2010, singer Toni Braxton filed for bankruptcy for the second time. It was reported that she owed tens of millions of dollars in debt. Other celebrities that have gone down the same path of financial disaster include Mike Tyson and Kim Basinger. These cautionary tales remind us that it's important not to spend over our means and to regularly keep up with our finances. While bankruptcy provides temporary peace of mind and the promise of a new financial beginning, it also comes with many limitations. For example, you will lose all of your assets and you will not be allowed to practice law or be an active member of local authority.

If you have a question regarding Bankruptcy in California please contact us at 1800.941.6730 and we can connect you with one of our experienced California 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, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon 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 mentions tax debt and bankruptcy

Tax debt forgiveness may be one of the best benefits of filing for bankruptcy. Things to know about tax debt forgiveness in bankruptcy. First, tax debt cannot be relieved unless the debt is from three or more tax years prior. Second, in order to receive tax debt forgiveness, the taxes must have been filed with the IRS or Franchise Tax Board three calendar years or later from the date of the filing of the petition.

Bankruptcy may not always be an avenue for complete tax debt forgiveness; however it may provide relief from levies and wage garnishments. The IRS and FTB can levy accounts and wages much easier and quicker than any normal creditor. Tax debt forgiveness through bankruptcy is a blessing to those who qualify.

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

A San Jose bankruptcy attorney 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 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 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.

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 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 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 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 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 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 comments on bankruptcy bootcamp...

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

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

A San Jose bankruptcy attorney comments on the latest with Bank of America

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

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

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