November 30, 2010

Which Bankruptcy Law Chapter is Right for Me?

A California bankruptcy attorney explains which bankruptcy law chapters apply.

How do you know which bankruptcy law chapter is right for you? Well, if you are an individual, you have two choices: a Chapter 7 or a Chapter 13. It is advisable to consult with a lawyer; the first consultation is generally free. Each state has different guidelines for each chapter, and everyone's situation is a bit different too.

What Is Chapter 7?
Chapter 7 bankruptcy is where the debtor (you) can't pay their bills and is asking for a total discharge of all unsecured debt. Again, each state has qualifications which include income and household size. If you meet these limits, then you can proceed with Chapter 7.

What is Chapter 13?
Chapter 13 is called a bankruptcy reorganization. In this bankruptcy law chapter, you have assets (like a house) that you want to keep. You also are above the limits to file a Chapter 7, so Chapter 13 is the only option. The court will set a monthly payment which is lower than what you were paying, and under this program you will pay monthly for 5 years. At the end of this period, all unpaid debt will be discharged.

In many cases, the state required limits will leave you with only one choice of which bankruptcy law chapter to file. Consulting with an attorney, if you have both options available, will allow you to choose the chapter that fits your situation.

We can answer all your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. If you need help regarding a bankruptcy in California, call us at 1800.941.6730 and we will be more than happy to offer you a free consultation over the phone. You can also fill out a free online evaluation at our website, www.sagarialaw.com, or request a free face to face appointment at a Sagaria Law office location close to you. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution needs.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
November 23, 2010

Five Tips for a Successful Consumer Credit Counseling

A California bankruptcy attorney gives helpful tips for successful credit counseling.

Consumer credit counseling services can bring a person back from the brink of bankruptcy, but they do not do it automatically. The process is just as painful if not more painful than not filing for Chapter 7 or Chapter 11 bankruptcy would be. Some of the processes are the same.

The first steps are the same. A person needs to honestly assess his bills. An individual should also see if he can negotiate any agreements with his self or pay off smaller debts first. When he finishes this process, he needs to find a non-profit consumer credit counseling organization. An individual should avoid debt relief agencies, although new laws protect consumers from some of the larger abuses. Non-credit organizations are not as interested as turning a profit as debt relief agencies are.

An employee for a consumer credit counseling service is trained to deal with the debtors. A counselor sits down with the client and helps him work on a payment plan and a budget. The service makes sure that their employees or volunteers know what and what not to say to a client’s creditors. Two additional tips should be added: Keep to the payment plans set up. If circumstances dictate that a person cannot make the payments, make sure to let the service know.

If you would like more information on this topic or other bankruptcy topics, please contact one of our California offices at 1800.941.6730. We at Sagaria Law can connect you with one our our experienced California bankruptcy attorneys. We have bankruptcy attorneys located throughout California and Oregon to assist you with your bankruptcy questions. If you need assistance regarding a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! Please contact us to receive a free consultation or visit our website at www.sagarialaw.com to request an in-person consultation with an experienced bankruptcy attorney. We have an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting California.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
November 17, 2010

Credit Card Debts

A California bankruptcy attorney explains credit card debt.

Credit card debt is considered unsecured debt. This is the type of debt that consumers get into the most trouble with. When your are so deep in debt that you can't pay your bills any longer, it is at this point that bankruptcy becomes an option.

When is it Time to Take Action?
When you fall behind 3 months or more in your payments the lenders will begin to call you. After 6 months a major lender will sell your debt over to a collection agency. Credit card debt (revolving credit) is hard to deal with once you get behind. The credit card companies start to include late fees and hike interest rates. This just makes it harder to get caught up.

What is the First Step to Take?
Talk to a bankruptcy attorney. They will guide you, they can tell if you need debt relief or bankruptcy is the best option. In fact, consult with a few attorneys and see if their answers are the same, the consultations are free. Credit card debt is one of the most common forms of debt discharged through bankruptcy. The whole process can be quite emotional for you, consult with an attorney for the right options.

Please do not hesitate to contact us at one of our California offices by calling 1800.941.6730 for your debt resolution needs. You can receive a free consultation over the phone, or request a free in person appointment at a Sagaria Law office nearest you. Please visit our website at www.sagarialaw.com and fill out a free online evaluation form to determine if you are a qualified candidate for bankruptcy. Sagaria Law's team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff can assist you with all aspects of your bankruptcy case. We at Sagaria Law can assist you regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. and we are happy to help! Our bankruptcy attorneys located throughout California and Oregon can assist you with your bankruptcy questions.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
November 16, 2010

How Can Bankruptcy Help Me?

A California bankruptcy attorney shows how bankruptcy can be a useful method to relieve your debts.

There are many options that are available to individuals who need some debt relief. One of those options is known as the nuclear option for settling your debt. This option is what we know as bankruptcy.

Bankruptcy is a tricky thing because it does provide immediate debt relief but at the same time it can cause long term problems to your credit score. When you declare bankruptcy you are saying that you need financial protection from your creditors. This means that under most cases the debts that you owe them will be suspended for years until you are more able to pay for the debts that you have already taken out.

The main drawback to using this option is that the credit bureaus will see that you have done this and lower your credit rating significantly. They will know that you have not been able to keep up with your debts in the past and thus should be considered at risk to do so in the future. Bankruptcy will guarantee you a little breathing room to take care of your debts, but it will also cost you in the long run. Consider all of your options before jumping into anything.

At Sagaria Law, we offer an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting California. If you need help regarding bankruptcy in California, contact us at 1800.941.6730 for a free consultation or visit us online at www.sagarialaw.com to request a free in person appointment at a Sagaria Law office location nearest you. We can answer your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation to quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, California!

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
November 11, 2010

Do I Need Credit Counseling?

A California bankruptcy attorney considers credit counseling to avoid bankruptcy.

Our entire economy essentially runs on credit, but people sometimes forget how it can affect them on a personal level. If you spend beyond your means, and continue to do so, eventually you're not able to make your payments for your credit cards or for other payments like car payments, rent or utilities. When this happens, many people sacrifice payments for things like credit cards in favor of paying for living expenses.

When this continues over a certain amount of time, the account that hasn't been paid ends up in collections. Once an account is in collections, you will be contacted by the collections agency to provide payment for the past due account, and collections representatives can be very aggressive. If you have more than one account in collections, or if the payments due are particularly high, it may be a good time to consider credit counseling to get the assistance you need to get your debt under control.

Credit counseling will enable you to learn better spending habits and may even give you the opportunity to go into a debt consolidation program, or at the very least give you a better grasp on handling these past due accounts.

We can answer all your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. If you need help regarding a bankruptcy in California, call us at 1800.941.6730 and we will be more than happy to offer you a free consultation over the phone. You can also fill out a free online evaluation at our website, www.sagarialaw.com, or request a free face to face appointment at a Sagaria Law office location close to you. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution needs.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
November 4, 2010

Personal Bankruptcy and Business Formation

A California bankruptcy attorney discusses personal bankruptcy and business formation.

A personal bankruptcy can impact your ability to properly form a business. Someone who previously managed commercial properties and then ran into foreclosure problems is going to have a hard time getting the financing associated with a real estate project if they want to open up a similar business again. You have to worry about personal bankruptcy and business formation when you are attempting to get financing for a project. Chapter 11 bankruptcy is typically left as an option for businesses and can also be associated with personal bankruptcies as well.

An attorney can and should help you with the process associated with a Chapter 11 bankruptcy. The attorney should be able to tell you the options that are available to you after you go through a personal bankruptcy and business formation. There definitely is a tie between personal bankruptcy and the formation of a business. A business owner is likely to have gone through several bankruptcies in their past so the truth is that a personal bankruptcy may in fact not be the end of your business career. The personal bankruptcy and business formation is something that has a definite set of ties to each other and you will learn this if your business does begin to struggle.

We can answer all your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. If you need help regarding a bankruptcy in California, call us at 1800.941.6730 and we will be more than happy to offer you a free consultation over the phone. You can also fill out a free online evaluation at our website, www.sagarialaw.com, or request a free face to face appointment at a Sagaria Law office location close to you. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution needs.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
October 28, 2010

How to Use Bankruptcy to Your Advantage

A California bankruptcy attorney considers how you can use bankruptcy the right way.

In our culture we have an impression of bankruptcy as the end of a financial life in a way. We seem to gain the impression that when someone declares bankruptcy they are just done functioning, in a personal financial way at least. This however is not the case. In fact, most people who declare bankruptcy are in fact just taking some time to reorganize how they are going to deal with finances in the future.

Debtor's reorganization is the process by which someone who is in large amounts of debt declares bankruptcy in order to help themselves find better ways to be able to pay back the debt. They are basically getting the creditors to take a step back so that they can start to earn the money that they need to pay them back. If they are constantly having to pay the debts that they currently have, then it becomes difficult to build to capital in order to really pay back the bulk of the debt. Debtor's reorganization gives them time to begin this process of building the capital that they need.

If you feel that you may be in need of doing this process, then you should make sure to do your proper research to learn more about the ways in which you can set up payment plans.

At Sagaria Law, we offer an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting California. If you need help regarding bankruptcy in California, contact us at 1800.941.6730 for a free consultation or visit us online at www.sagarialaw.com to request a free in person appointment at a Sagaria Law office location nearest you. We can answer your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation to quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, California!

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
October 19, 2010

Is Involuntary Bankruptcy Fair?

A San Jose bankruptcy attorney comments on involuntary bankruptcies.

Firstly, the involuntary bankruptcy law allows the creditor to petition the court and force the debtor into bankruptcy. This only happens in rare cases, and can only result in a Chapter 7 or Chapter 11 filing.

The creditor has to have very credible causes, otherwise they jeopardize the principal owed, plus any costs paid by the debtor. The main reason a creditor would opt for involuntary bankruptcy is to stop the debtor from depleting any remaining assets. If the debtor is behind in payments but still owns high value assets, the creditor may be able to preserve them with the involuntary bankruptcy law.

This brings us to the question, is the involuntary bankruptcy law fair? In the case of the lender, if they feel the borrower is trying to pay off another lender unequally, or the borrower is trying to hide their assets, the lender would think the law is fair.

However, from the borrower's standpoint, if the lender is just trying to seize the borrower's assets for "bad faith" reasons, then it is obvious that the law is being abused. The involuntary bankruptcy law has certain requirements that must be met. Often, the intent seems to be fair, but it is up to the court to determine if the circumstances are justifiable.


Please do not hesitate to contact us at one of our California offices by calling 1800.941.6730 for your debt resolution needs. You can receive a free consultation over the phone, or request a free in person appointment at a Sagaria Law office nearest you. Please visit our website at www.sagarialaw.com and fill out a free online evaluation form to determine if you are a qualified candidate for bankruptcy. Sagaria Law's team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff can assist you with all aspects of your bankruptcy case. We at Sagaria Law can assist you regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment,

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
August 26, 2010

What is a Bankruptcy Petition Preparer?

A San Jose bankruptcy attorney describes the

A bankruptcy petition preparer is defined as an individual or company who is not a lawyer nor works for a law firm that will assist your document preparation for your bankruptcy filing.
The generation of bankruptcy forms in the primary duty of the bankruptcy petition preparer. Sounds convenient, right? It certainly can be if you are in the position to spend the money, however there are drawbacks to spending your money with a petition preparer vs. an experienced bankruptcy attorney.

Some of the differences between a bankruptcy petition preparer and a bankruptcy attorney are obvious to some – the bankruptcy petition preparer cannot give you legal advice nor can they serve as your bankruptcy court representative. But take it a step further and you will learn that in addition, the bankruptcy preparer is unable to inform you which type of bankruptcy you should file according to your circumstances or advise you on which debts to list, which debts not to list, which assets to list or not list or what property to exempt – all decisions that must be made during the bankruptcy process.

Therefore it falls upon you to be informed in these areas, a difficult and time consuming tasks which carries great risk in that your bankruptcy may get dismissed for a simple mis-filed item, a missed deadline or misinterpretation of the instructions or bankruptcy law.

In summary, when using a bankruptcy petition preparer, you are the sole person in charge of your bankruptcy case.

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.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
August 25, 2010

What are Bankruptcy Committees?

A San Jose bankruptcy attorney explains what committees are with regard to filing bankruptcy

With regard to filing bankruptcy chapters 7, 9 and 11 in particular, committees are sometimes appointed by the bankruptcy court. An example of a committee appointed in a Chapter 9 bankruptcy and a Chapter 11 bankruptcy is one comprised of stakeholders that hold the seven biggest claims of the type in representation by the committee.

There are also other types of committees within a bankruptcy that are appointed by the bankruptcy court.

As part of their duties, committess interact daily with the debtor, advisors and other key players in the bankruptcy 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.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
August 23, 2010

What is the US Bankruptcy Code

A San Jose bankruptcy attorney tells a bit about the Bankruptcy Code

The United States Bankruptcy Code is comprised of laws created to outline descriptions, rules, and guideline pertaining to the various chapters of bankruptcy. The Bankruptcy Code includes Chapter 7 (aka the Fresh Start bankruptcy because of the second chance it offers bankruptcy filers), Chapter 11 (reorganization bankruptcy typically filed by businesses or organizations) and Chapter 13 (reorganization bankruptcy as opposed to liquidation) . The Bankruptcy Code also outlines lesser known bankrutpcies Chapters 9 (the reorganization bankruptcy for municipalities) & 12 (similar to Chapter 13, but only available to family farmers and fishermen).

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.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
August 20, 2010

What is 'the Esate' in Bankruptcy?

A San Jose bankruptcy attorney defines what is meant by The Estate in a bankruptcy filing

The "estate" is created once a debtor commits to the bankruptcy filing and begins the formal process. The estate is comprised of all of the debtor's property interests at the time that the bankruptcy case begins, and may contain certain exemptions and/or exclusions. The estate may also include certian community property interest if the bankruptcy filer is married. The spouse's interest may also be included, even if they themselves are not filing bankruptcy at all.

Property inherited in a 180-day timeframe from the date the bankruptcy commenced may also be included in the bankruptcy esate.

It is important to note here, with regard to federal tax issues, that someone filing a Chapter 7 or a Chapter 11 bankruptcy, the estate becomes a separate, taxable entity. Not so in the case of someone filing a Chapter 12 or a Chapter 13 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.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
August 19, 2010

Consumer Debt Consolidation

A San Jose bankruptcy attorney on Consumer Debt Consolidation

Consumer debt consolidation is probably one of the most highly advertised debt relief solutions at the present. However, debt consolidation is not right for most people with credit card and unsecured debt. A consumer debt consolidation company does not have any special power or authority to settle with your creditors than you do. A consumer debt consolidation will often time charge hefty monthly fees for their services. These fees can often be higher than the combined interest that a consumer is reducing by using the consumer debt consolidation company. It is completely legal for a consumer and a creditor to enter negotiations for a structured payment schedule at a fixed interest rate. Often times this can be achieved through one simple phone call to the creditor. The consumer must be careful however to make all timely payments to the creditor because the creditor will likely not work with the consumer post-default.

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.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
August 16, 2010

Do I Need Credit Counseling in Bankruptcy?

A San Jose bankruptcy attorney helps answer: Do I Need Credit Counseling?

Q: Do I have a to take a credit counseling course if I file for bankruptcy?

According to the US bankruptcy code, very person who files for bankruptcy is now required to take two credit counseling courses. The first credit counseling course (also known as the pre-petition filing course) must be taken within 180 days of filing your bankruptcy petition. Your credit counseling certificate of completion must be filed with your bankruptcy petition.

You are required to take a second credit counseling course after the petition filing, but before the discharge of your bankruptcy. Similarly, the credit counseling certificate of completion must be filed with the court.

Q: Where do I find these credit counseling courses?
The credit counseling course must be one approved by the US Bankruptcy Court. Luckily, a wide variety of the credit counseling courses can be taken online for a minimal fee. (You can find courses that cost no more than $25 to $35.)

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.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
August 13, 2010

Overview of Loan Modification Law

A San Jose bankruptcy attorney provides an Overview of Loan Modification Law

A loan modification is a new agreement between the lender and borrower with respect to the monthly mortgage payments. Generally a loan modification will either decrease the monthly payments, forgive any missed monthly payments, or provide some other form of relief to an otherwise struggling homeowner. Loan modifications help prevent foreclosure by allowing the borrower a second chance at remaining current with the monthly payments.

Most homeowners who file for bankruptcy often wonder whether they can also apply for a loan modification. Loan modification law does not specifically bar the application from being processed because of a bankruptcy. This is especially important in a chapter 13 proceeding because often the borrower filed chapter 13 to prevent a foreclosure and catch up on past due payments. If the lenders application is process and accepted by the bank, there generally are no more arrears to pay through the chapter 13 plan and the homeowner does not have to worry about that aspect of the chapter 13 plan.

Applying for a home loan modification can also help alleviate financial strain placed on a lender if the monthly payments are too high. Having a loan modification approved in chapter 7 bankruptcy can benefit the homeowner in the sense that not only will they not be obligated to repay any unsecured debt, but the monthly mortgage payments can also be reduced, freeing up some additional money to be applied to necessary expenses.

Loan modifications, while difficult to obtain final approval on from your lender, can greatly help ease financial struggles facing many home owners. Even if you loan modification application is denied, it is helpful to keep applying, as the lender may approve the application the second or third time around.
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.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
August 9, 2010

Bankruptcy Law Guide to Different Chapters

A San Jose bankruptcy attorney offers a Bankruptcy Law Guide to Different Chapters

Bankruptcy Law Guide: Why are there different bankruptcy chapters?
There are different bankruptcy chapters because there are different methods of providing individuals with debt relief. Some people want to primarily get rid of unsecured debt (things like credit cards, medical bills, personal loans, etc.) Other people want to primarily come up with a repayment plan for making up the back payments on a secured debt. Chapter 7 bankruptcy is the chapter that wipes out unsecured debts. Chapter 13 is the chapter that allows individuals to keep property via a repayment plan.

Bankruptcy Law Guide: Is it better for me to file a Chapter 7 or a Chapter 13 bankruptcy?
As stated above, the primary goal of Chapter 7 bankruptcy is to wipe out unsecured debts for individuals who do not have enough income to cover their expenses. If you qualify for Chapter 7 bankruptcy, and if you primarily wish to relieve yourself of unsecured debts. Then this is the chapter of choice for you. It is generally the quicker, less expensive, “fresh start” bankruptcy chapter.

If you primary goal is to keep a property because you have missed several months of mortgage payments, and if you have a regular flow of income, then the Chapter 13 bankruptcy may be the chapter of choice for you. The Chapter 13 bankruptcy is a repayment plan. You should see in an attorney to get a better idea of how each chapter will affect your particular situation.

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.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
July 28, 2010

What Else Should I Know About Bankruptcy?

A San Jose bankruptcy attorney offers 3 tips with regard to preparing for bankruptcy...

What Else Should I Know About Bankruptcy?

Public utilities, services like the electric company for example, is not allowed to refuseservice to you nor cut off service due to the fact that you have filed for bankruptcy. It should be noted, however, that they may (and are allowed to) require a deposit for future service and you will be obligated to pay utilitiy bills that are incurred after bankruptcy is filed.

Driver’s license--If you lost your license specifically due to not being able to pay court-ordered damages caused by a car accident, bankruptcy will allow you to get your license back.

Discrimination--A government agency or employer cannot discriminate against you because you have filed for bankruptcy. Additionally, private entities and government agencies involved in student loan programs also cannot discriminate against you based on a bankruptcy filing.

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.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
July 27, 2010

Can I Own Anything After Bankruptcy?

A San Jose bankruptcy attorney helps answer this debt question: Can I Own Anything After Bankruptcy?

Yes! Most debtors are under the impression that they will not be able to own anything, such as a home or car, for a long period of time after filing bankruptcy. It is too bad that this myth deters people that really need the Fresh Start that filing bankruptcy offers from filing because it is not the case.

Typically, a bankruptcy filer can keep their exempt property and anything they acquire after their bankruptcy is filed.

However, property settlements, inheritances or monetary benefits such as life insurance that are recieved by the bankruptcy filer within 180 days after filing for bankruptcy, may or may not end up having to be paid to thecreditors if the property or money is not exempt. To learn more, it is always recommended that you consult an experienced bankruptcy attorney.

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.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
July 16, 2010

What is nondischargeable debt?

A San Jose bankruptcy lawyer defines what nondischargeable debt is.

Nondischargeable debts are debts that cannot be eliminated through declaring bankruptcy. Most common nondischargeable debts are: student loans, most federal, state and local taxes, credit card bills that were used to pay for those taxes, child support and alimony.
Some debts become nondischargeable if the creditors object to the discharge. Debts that falls into this category are: debts arising from a martial settlement or divorce decree, debts incurred based on fraudulent acts, debts from willful and malicious acts to another person or another person's property and debts from embezzlement, larceny, or a breach of fiduciary responsibility.


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.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share
July 15, 2010

Unsecured debt: the Short Answer?

A San Jose bankruptcy laywer gives the short answer on Unsecured Debt?

Unsecured Debt is any debt that has no collateral attached to the debt. Thus, if a debtor fails to make payments the creditor would NOT have any right to repossess any of the debtor’s property. A creditor’s only recourse would be to sue the debtor on the amount owed. Generally, most credit cards are considered unsecured debt.

Analizing unsecured debt comes up during a bankruptcy filing.

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.

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Consumers in Debt

| Share

Contact Us

evaluationbutton.gif

Subscribe

Subscribe to the blogs's ATOM feed Subscribe to the RSS feed
Add to your Google Home Page or Google Reader Add to your My Yahoo!
Add to your My MSN Add to your My AOL
Add to your My Feedster Add to your NewsGator
Add to your Bloglines Add to your News Burst
Add to your Rojo Add to your Pluck

Recent Entries

Legal Blogs