California Bankruptcy Lawyer Blog

A San Jose Bankruptcy Attorney takes note of another Chapter 11 bankruptcy filing...

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

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

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

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

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

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

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

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

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

San Jose Bankruptcy Attorney discusses an example of debt relief for students

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

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

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

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

San Jose Bankruptcy Attorney discusses your credit score after bankruptcy

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

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

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

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

San Jose Bankruptcy Attorney discusses Debtor’s postings on Facebook...

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

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

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

San Jose Bankruptcy Attorney Comments on the Unemployment Stats vs. Consumer Spending on Durable Goods...

While San Jose Bankruptcy Attorneys acknowledge the bleak job market as par for the current course with regard to conversations with Bay Area bankruptcy clients, and as week-ending February 20th reports a weekly increase in jobless claims to 496,000 even though a drop of 13,000 was expected, curiously consumer purchasing of durable goods is up.

According to Wall Street Journal, reported data generated on a 4-week average has increased by 6,000 to 473,750 for consumption of items such as appliances, or goods that will last more than 3 years. This is not typical, as the durable goods average is often sporatic, according to Commerce Department reports, noting its current strength at an increase of 3%.

Also noted is that the biggest decrease for unemployment claims occurred in California, while the largest rise happend in North Carolina due to construction and furniture industries being hit the hardest.

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

San Jose Bankruptcy Attorney comments on new job bill...

San Jose Bankruptcy Attorneys may want to spread a little potential good news for bankruptcy clients in the Bay Area that are unemployed. The Senate passed a bill on Wednesday offering a tax break to companies that hire the unemployed. The jobs-promoting bill by the Obama Administration is the first of many according to a Fox News article, quoting Democratic leaders, although notably a far cry from the $862 billion economic stimulus bill enacted a year ago as this proposal waves a much smaller price tag at $35 million.

Two major provisions contained in the bill include an exemption for the hiring businesses from the 6.2 percent Social Security payroll tax through December with an additional $1,000 credit if the new employee remains employed for an entire year. Additionally, the bill will extend highway and mass transit programs through the end of 2010 and inject $20 billion into them in time for the construction season this spring.

What does this new hiring tax credit really mean for the unemployed and those facing bankrutpcy due to debt beyond their control? The approximate 250,000 new jobs it may create, says economist Mark Zandi of Moody's Economy.com (Fox News). The economy has shed 8.4 million jobs since the recession began in December, 2007.

Fox News also quoted bill sponsor Sen. Charles Schumer, D-N.Y., as saying it would have an immediate impact since businesses won't have to apply for it when doing their taxes a year from now. "It immediately takes effect," Schumer said. "It goes right to small businesses."

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.

Thrill seekers and adrenaline junkies in San Jose probably already know that Six Flags inc. filed for Chapter 11 bankruptcy in June of 2009, as do most San Jose bankruptcy attorneys. Six Flags’ petition listed assets of $3 billion and debt of $2.4 billion as of Dec. 31. While the petition was filed more than six months ago, the corporation has had difficulty getting its plan approved by voters.

Recently, however, a Delaware Judge granted Six Flags an extension until April 5th to have its plan approved. Still, if the plan remains unapproved certain creditors could submit an alternative plan.

According to the associated press Under Six Flags' post bankruptcy plan, holders of senior secured notes issued by Six Flags Operations Inc., a subsidiary, would receive about 93 percent of the equity in the reorganized company. Holders of junior notes issued by Six Flags Inc. would receive only about 5 percent of new equity under the company's plan. They claim to have lined up $1.8 billion in financing for an alternative plan that would increase the recovery for creditors.

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

San Jose Bankruptcy Attorney talks pizza...

Pizza lovers in San Jose as well as San Jose Bankruptcy Attorneyshttp://www.bkanswers.com/lawyer-attorney-1402957.html may want to know that Boston based UNO’s has filed for Chapter 11 bankruptcy.

Our San Jose Bankruptcy Attorney noticed that the first Uno's opened in 1943 in Chicago. Spencer, the current chairman, opened the first Boston location in 1979 and started expanding the chain in the mid-1980s, according to the company Web site.

According to CBS news, a 2005 private equity takeover burdened Uno’s with debt and Uno’s parent company filed for Chapter 11 recently.

CBS news reports that privately owned Uno Restaurant Holdings Corp. said a majority of its bond holders had agreed to convert $142 million in senior secured debt into a 96 percent equity stake in the reorganized company. That conversion is part of a prearranged restructuring the company hopes a bankruptcy judge will approve.

Still, fear not pizza fans. CEO Frank Guidara said the company doesn’t expect the filing to disrupt the restaurants. In a statement made to the associated press Guidara was quoted as stating, “Our goal is to get on the other side of our balance sheet problem, and this is going to get us there."

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

San Jose Bankruptcy Attorney comments on Foundry Stalwart Bankruptcy

San Jose residents, have you ever looked down at manhole covers and wondered who produces such things? Well, Neenah Enterprises a stalwart in iron works has been producing such iron products for cities since 1872, according to the research of a local San Jose bankruptcy attorney.

Despite its history, Neenah has recently filed for chapter 11 bankruptcy protection. Neenah cites a decline in overall sales volume as a catalyst for the filing.

The company has assets of $286.6 million and debts of $449.1 million on a consolidated basis as of Sept. 30 according to the documents filed in U.S. Bankruptcy Court. According to RTT news, the company has reached an agreement in principle with key creditor constituencies on the terms of a plan of reorganization that proposes to reduce the company's debt by approximately $220 million while providing 100% recoveries for the Company's suppliers and vendors.

According to WTAQ The owner of the Neenah Foundry says it will not layoff anyone, after filing for Chapter 11 bankruptcy protection.

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

San Jose Bankruptcy Attorney reports on Muzak Holdings bankruptcy filing

If you live in San Jose, like many San Jose Bankruptcy Attorneys, and have ever taken a ride in an elevator, shopped at a department store, or possibly been placed on hold, you no doubt have had the dubious honor of being privy to the sounds of background music programming. Now, what San Jose residents may not know is that some entity programs those stellar music selections. Enter Muzak Holdings.

Approximately one year ago Muzak Holdings filed for Chapter 11 protection in Delaware. Today, Muzak Holdings has emerged from Chapter 11 reorganization with a significantly improved balance sheet, reducing its outstanding debt by more than half and realigning its organizational structure to improve its client’s experience.

In a statement to the associated press Muzak’s, CEO Stephen Villa, noted that “As we move into the future, our strengthened capital structure provides us with the renewed ability to invest in new talent and technology that will allow us to provide new offerings and further enhance the first class products and services that our clients have come to expect from Muzak.”

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 drop in the number of million-dollar plus homes sold in California has marked its fourth consecutive year (2009) on the downslide. Hillsborough ranked the highest with the most expensive home selling at $8 mil, with Menlo Park a close second. To follow were Cupertino, Los Altos and Saratoga, while Palo Alto, Fremont and Los Gatos were the next grouping on the list with Los Gatos’ top seller peaking at $4.25 million. California communities where almost all sales of homes were in the million-dollar category were Portola Valley and Atherton in San Mateo County, Newport Beach in Orange County, Ross in Marin County and Rancho Santa Fe in San Diego County.

MDA DataQuick, a real estate service out of San Diego recently reported that 18,621 California homes sold for a million dollars or more last year, down 23.8 percent from 24,436 in 2008. In 2007 the total was 42,506, in 2006 it was 50,010 and in 2005 it peaked at 54,773. Last year was the lowest sales count since 2002, when 15,703 were sold.

1,457 newly built homes accounted for 2009's $1 million-plus sales, down 50.3 percent from 2,933 for 2008. There were 1,542 condo sales in the million-dollar category, down 34.7 percent from 2,362 the year before. Condos sold at the million-or-more level were in San Diego, Los Angeles and San Francisco.

While these statistics are mildly interesting, most consumers in the greater Bay Area do not fall in the category of the million dollar listing. If you are facing foreclosure, need assistance with asset management or protection or are considering filing bankruptcy, a Bay Area Bankruptcy Attorney may be in order. No matter what monetary bracket you fall into, consumers in debt are rampant in our current economic crisis, as commercial filings skyrocket, the dow dips, retail businesses file left and right, loans get modified and unemployment continues to plummet. However, the upside to those in financially dire straits are the bankruptcy options available to you, including the Fresh Start of a Chapter 7 bankruptcy.

BlueHippo Funding LLC which markets computers to consumers with low credit scores, filed for Chapter 11 federal bankruptcy protection. The firm was driven to file for bankruptcy protection when its bank accounts were frozen due to contempt charges filed by the Federal Trade Commission. The FTC has accused BlueHippo of violating a settlement agreement filed in April of 2008. Pursuant to that agreement, BlueHippo was barred from collecting payments from its customers without delivering the product the consumer expected to receive.

BlueHippo has had more than 4,200 complaints filed against it for allegedly failing to provide the goods promised. BlueHippo paid a $3.5 million fine to the FTC as a part of its settlement agreement. BlueHippo claims the FTC’s current action is based on false statements and that it has not been inappropriately using customer funds, but merely paying creditors to remain in business. Under Chapter 11 bankruptcy protection, BlueHippo can petition the Court to use cash collateral to keep its doors open and pay its creditors. BlueHippo will be best served by quickly proposing a restructuring plan to the court to end its stay in bankruptcy as quickly as possible.

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.

Reader’s Digest loyalists in San Jose may be interested to know that according to the associated press, the company has hit a snag in their Chapter 11 bankruptcy. Apparently, regulators in the U.K. will not approve Reader’s Digest’s plan to settle pension costs there. The company had reached a deal to retire a $180 million obligation of a British subsidiary in exchange for a $17.6 million cash payment and giving up a one-third stake in the business.

Originally the company anticipated emerging from Chapter 11 by the end of January, with its lenders taking ownership. Still, a judge in the U.S. Bankruptcy Court for the Southern District of New York has already approved the company's Chapter 11 plan, which cuts its debt load to $555 million from $2.2 billion.

Despite the setback Reader’s Digest still anticipates emerging from bankruptcy within the next few weeks.


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.

There is a cultural stigma associated with bankruptcy that consumers who file for Bankruptcy protection are shopaholics who are just trying to take advantage of the system. For the average filer, this stereotype could not be further from the truth. Currently, the typical bankruptcy debtor is well educated and work in a cross section of all occupations. Their bankruptcy is often driven by a recent divorce, medial injury or illness, or unexpected job loss. The whole purpose of the bankruptcy laws is to give consumers who have experienced these types of unexpected financial crisis a fresh start. There is no reason for qualified debtors to shy away from maximizing their entitlement to start over again and rebuild their credit and lives.

Bankruptcy filings have dramatically increased in San Jose over the past year. Statistics show that women filing for bankruptcy has increased almost 800%. It is believed that changing societal norms such as the increase in single-parent households, higher divorce rates, rising medical costs and lack of medical insurance, are contributing to the increase in bankruptcy filings as a whole.

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.

Due to the less than stellar holiday shopping season, there is a general expectation that an increased number of commercial retailers are contemplating filing for Chapter 11 bankruptcy protection. Given the rising unemployment levels, underwater mortgages and low consumer confidence this view is supported by bankruptcy attorneys and economists alike. Retailers are struggling with making payments to landlords and suppliers, who are also likely having financial difficulties under the current economic climate. Retail sales are expected to be down 12 percent to 15 percent compared to 2008. This dramatic decrease comes after sales dropped approximately 8 percent in 2008, resulting in a nearly 20 percent drop in the past 2 years.

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.

This week's Bankruptcy bill designed to adjust to rise in complexity of bankruptcy cases.

Bankruptcy Law360 reported this week that the U.S. House of Representatives is reviewing a bill for the addition of 25 permanent bankruptcy judges to the bankruptcy bench. A rapid rise in the complexity of bankruptcy cases in the bankruptcy courts is sited to be the primary reason. Representative Steve Cohen, a Democrat from Tennessee, presented the bill on Tuesday of this week proposing 13 new bankruptcy court judges, and the transition of 22 temporary bankruptcy court judges into permanent roles. The authorization of two temporary judges’ extension to 5 years would be also be part of this legislative move.

Although a harsh reality, the drastic rise in bankruptcies should come as no surprise to California consumers in debt, as all walks of life are feeling the effects of the recession and many wish to rebuild their credit and move on to a Fresh Start. Unemployment being at an all time high, fear of foreclosures and mounting debt is causing many to evaluate their finances and bankruptcy options, hence the rise in Bay Area bankruptcy filings in San Jose, San Francisco and the surrounding areas.

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.

The latest in General Motors' still unfolding bankruptcy, according to Fox News, is they have now struck a deal to sell their shaky Saab divistion to Amsterdam's Spyker Cars. The Dutch car maker reportedly suspended trading on Tuesday in anticipation of closing the deal while GM's Chapter 11 bankrutpcy, the second largest industrial bankruptcy in history, runs its course. Although the deal with Spyker has been in negotitaions for sometime, it is an key component in GM's bankruptcy restructure, as the Swedish unit is a loss-maker for GM and thus has been winding down the Saab brand while retaining its employee base.

GM Chairman and CEO, Ed Whitcare, who of late was only a stand-in while recruitng efforts for his successor were underway, will now remain at the helm per the request of the Board of Directors. Whitcare will ovesee GM's Chapter 11 bankruptcy restructure, whick took exodus in July of 2009. The Treasury's auto task force had placed Whitcare in charge of revamping the Board slated to takeover moving forward after the bankrutpcy. It is reported that he plans to remain at least 2-3 years as CEO.

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

San Jose residents and consumers in debt, as well as those San Jose residents considering bankruptcy, who believe California’s budget crisis is an anomaly should look to Illinois. NBC news reports that Illinoios' finances are in dire straits, and the state is on the brink of bankruptcy!

Laurence Msall, president of the Civic Federation, a fiscal watchdog in Chicago told Crain’s Chicago Business that all stakeholders of Illinois should “recognize how close the state is to bankruptcy or insolvency.”

Bankruptcy is defined as an inability to pay debts out of current assets, and it’s no secret that Illinois can’t pay its bills. Specifically, Illinois’ unpaid bills total around $5 billion. Unfortunately, Illinois can’t do much about its debt.

Federal bankruptcy protection doesn’t apply to states, so there’s no way for Illinois to hide from its creditors. In light of this, one may expect Illinois politicians to make tough decisions to close the budget gap. As of today, however, no plan exists.

Today, Illinois is not taking in cash, its liquid assets have dipped below $1 million at times, and the state is supposed to pay $5.4 billion into its pension fund next year and $10 billion the year after that. David Merriman, head of economics department at the University of Illinois at Chicago, however, has stated that the real crisis will come when state institutions shut down because they can’t pay their employees.

Consequently NBC news reports that many foresee a governmental collapse in which vendors will stop bidding on contracts, investors will stop buying bonds, and employees will be paid with IOUs, similar to what our own great state of California has done.

Thankfully, bankruptcy does apply to citizens and can be a valuable tool to allow San Jose residents to start fresh!

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.

Bankruptcy can be good for your wallet??? If you’ve chosen to file bankruptcy, especially through a San Diego bankruptcy lawyer, you’ve considered the pros and cons and decided it was in your best interests. With that as a backdrop, then, the question becomes “how bad is bad?” In other words, what can you do to most expeditiously rebuild your credit? Well, in brief, you should be able to effectively rebuild your credit in two to three years. Here’s how:

Firstly, after the bankruptcy, get a credit card. Your first reaction may be “wait…that’s what got me into this mess.” Well, we are talking about rebuilding credit, so the process has to, not surprisingly, involve credit. Plus, what is available to you after bankruptcy in terms of credit cards is not going to be anything like what you had before. Typically, you can expect to have the card be secured. You are probably going to have to deposit a certain amount (generally between $200 and $500) in a bank and use that cash as collateral on the card. Your limit is however much you put in the bank. So, even though it is secured, it’s still credit.

Don’t be surprised if, in applying for credit, you get offers for unsecured cards. While you certainly should be careful using unsecured credit cards after a bankruptcy (because you are precluded by law from filing again for a number of years), you will definitely build your credit using these cards, just use them wisely.

Do your absolute best to pay off your post-bankruptcy credit cards, too. Many people believe that leaving a balance on a card is the best way to grow credit: that the banks like knowing who they can make money off of. This San Diego bankruptcy attorney does not agree. The credit formulas for FICO calculations just do not seem to be linked to balance-carrying. Your best approach is normal, periodic usage of the cards. That builds credit.

Next, you need more credit (to build credit). So, if you kept a car or mortgage during bankruptcy, keep paying it off. This is obvious, I know. But installment debt is a strong aid toward credit growth. Student loans count, too. While you will likely have a hard time getting a good interest rate on a new car purchase, you might get a better rate with a co-signer. As long as your Social Security number is the primary payee on the installment account, you’ll get the credit benefit.

Remember that credit is how you get credit. Be responsible and cautious and you may even qualify for an FHA loan on a mortgage within as little as eighteen months after filing for Chapter 7 relief. Generally, when considering a Chapter 7 or Chapter 13 bankruptcy, just remember that while your credit report will assuredly reflect the bankruptcy filing for 7 to 10 years, you will likely significantly improve your credit in as little as two to three years.