California Bankruptcy Lawyer Blog

San Jose Bankruptcy Attorney discusses Payments during a Chapter 7 Bankruptcy

San Jose Bankruptcy Attorneys notice that many times debtors are often concerned that filing for a Chapter 7 bankruptcy automatically means that they will lose their car and house. While a Chapter 7 filing is technically a “liquidation” proceeding, all is not lost. Debtors are entitled to keep their cars and homes as long as there is not significant equity in any one item. Most people do not lost their home or their car in a Chapter 7 proceeding because of state and/or federal exemptions. For example, in California, single people are entitled to exempt $50,000 of equity in their home and $75,000 of equity for married couples.

One caveat to being able to keep cars and homes is that the debtor must be able to maintain their current payments. If a debtor files for Chapter 7 bankruptcy and he/she is not current on their car payment then the car will likely be repossessed. If they are not current on their home, then the home will go into foreclosure. As a result, in order to keep a car or a home in a Chapter 7 proceeding, the debtor must be current on his/her payments at the time of filing and continue to remain current on those loans during the pendency of the 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 foreclosure in California...

California has posted the nation’s second highest foreclosure rate. Foreclosures in California are up 50% from the same time last year. California’s default notices and schedules foreclosure auctions are up 120% and 73% respectively. A recent survey shows that 7 out the top 10 metropolitan area foreclosure rates were in California. As San Jose Bankruptcy Attorneys who deal with clients facing foreclosure everyday and the devastating effects it can have with regard to adding additional stress to the bankruptcy process, we are glad to see that San Jose was thankfully not among the top ten, but its foreclosure rates are still dramatically up from last year. The hardest hit metro cities in Northern California are Vallejo-Fairfield, Modesto, Merced, Stockton, and Sacramento.

A chapter 13 bankruptcy can help consumers stop a foreclosure on their home. The 5 year (60 month) restructuring plan allows debtors to repay any arrears on their home over 60 months, so long as the homeowner is able to make their current mortgage payment in addition to the monthly arrears repayment. The benefit of this type of repayment plan is that the arrears cease accruing interest and the stress of a pending foreclosure is lifted.

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 on Short Sales and Bankruptcy...

Debtors in San Jose who are considering filing chapter 7 and walking away from their home may want to know whether or not a short sale is a good idea? Put simply, no. More accurately, it’s unnecessary.

There’s no point to going through the short sale process if a debtor is walking away from their home and filing chapter 7. The chapter 7 eliminates any and all liability of the debtor with respect to the home. Moreover, court approval will most likely be necessary to complete the short sale while in bankruptcy. Many attorneys probably wouldn’t consider this part of the bankruptcy process and will charge a debtor an extra fee to accomplish this unnecessary task. Thus, before a debtor begins the short sale process they should consult their 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.

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 Lack of COLA Increase for Social Security Recipients

For the first time since cost-of-living-adjustments (COLA) went into effect in 1975, Americans will not receive a COLA adjustment to their social security benefits. Not everyone is a San Jose Bankruptcy Attorney who deals with information like this everyday, so what that means is that the 57 million people in America receiving social security benefits, including veterans, seniors and those with disabilities, will not receive an increase in benefits. There will be no COLA adjustment this year because of the decline in consumer prices across the board as determined by the Consumer Price Index (CPI).

Due to the difficult national financial situation, many people receiving social security benefits are struggling to make ends meet. The Obama Administration has proposed a $250 per person stimulus payment for seniors, veterans, retired railroad workers and people with disabilities.

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 singer Toni Braxton’s Foreclosure

San Jose Bankruptcy Attorneys handle all aspects in the bankruptcy process, including foreclosujre. A home foreclosure really can happen to anyone. Even superstars fall behind on their mortgages. Singer, Toni Braxton fell behind on her mortgage payment due to financial difficulties and now she has received notice that the bank is going to foreclose on her Century City, California home.

Filing a Chapter 13 bankruptcy proceeding would stop the foreclosure and allow Ms. Braxton to repay her missed mortgage payments and accrued interest over a 5 year plan. While the Chapter 13 proceeding will enable Ms. Braxton to repay the arrears over 5 years through the Chapter 13 Payment Plan, she will need to be able to continue to pay her current mortgage payments post-petition in addition to her plan payments. This is often where debtors get into trouble. They file the bankruptcy to stop the foreclosure, but their financial situation does not improve sufficient to be able to make both payments. This problem is often remedied if there is a 1st and 2nd mortgage on the home. If the fair market value of the home is less than the balance on the 1st mortgage than the 2nd mortgage can be avoided and converted into unsecured debt. Once the 2nd mortgage has been removed from the home, debtors are often in a better position to make their monthly mortgage payments on the 1st mortgage as well as make their Plan Payments to repay the arrears.

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.

A San Jose Bankruptcy Attorney discusses the Increase in Chapter 7 Filings

Generally speaking, from a San Jose Bankruptcy Attorney perspective, Chapter 7 bankruptcy filings are up over 35% in Silicon Valley. An increase this dramatic has not been seen since the dot-com bust. Most attorneys in the San Jose area alone have seen their bankruptcy practices double, if not triple, over the past year. The increase in Chapter 7 filings has been driven by the increase in unemployment and the housing market crash. With the jobless rate on the rise and none of the Silicon Valley giants hiring, bankruptcy is often the only recourse. Chapter 7 filings have hit executives, professionals, and blue collar workers alike. Once a debtor falls behind on his/her payments it is next to impossible to get caught up in this economic climate. While most people have reserves to sustain themselves for a period of time, eventually those reserves run out and there is nowhere to turn.

Creditors have been ruthlessly terminating consumers’ credit lines and decreasing limits, not to mention the rampant increase in interest rates and penalty fees. It is no wonder that debtors throughout San Jose and the rest of Silicon Valley have had to turn to Chapter 7 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 discusses the Importance of Full Disclosure...

Bankruptcy Attorneys in San Jose that often work with debtors seeking protection under Chapter 7 and Chapter 13 find they inevitably want to protect family and friends from the consequences of their filing. However, all debtors are required to fully disclose all debts and assets in their bankruptcy petition. Furthermore, the bankruptcy court will review all payments made to family, friends, acquaintances, business partners, which fall under the category of “insiders” during the twelve months prior to filing. Any suspicious or “preferred payments” may be recoverable by the trustee.

Debtors should also be wary of trying to hide assets by transferring them to another party. Debtors are required to disclose all property that they have either sold or given away in the past 24 months prior to filing. Any transfers that the trustee believes was made for less than the fair market value could raise a red flag and possible dismissal of the bankruptcy proceeding. Any debtor who lies on their bankruptcy petition could also be charged with perjury, which can carry severe consequences including jail time.

As such, all debtors should be wary of transfers and the sale of property to family and friends immediately proceeding a bankruptcy. In life and in bankruptcy, honesty is the best policy to avoid case dismissal or worse potential consequences.

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 Bankrutpcy Attorney comments on analysis regarding consumer sentiment

As San Jose consumers scan the news for any rise in jobs or delcine in recent unemployment numbers and San Jose Bankruptcy Attorneys reveal we aren't quite there yet, Fox News New York confirms the effects of the latter, stating that 'consumer sentiment was weaker in February, as Americans grew more impatient with the government's gridlock over efforts to stimulate jobs...' This information, via a survey released on Friday, it further shows that while not so much concerned about additional dramatic spikes in layoffs, consumers are continuing to embrace gloom and doom about their income status and job opportunities, according to the Thomson Reuters/University of Michigan's Surveys of Consumers.

Fox News quotes a statement from Richard Curtin, surveys director, "Consumers have been getting more impatient with the slow progress of the stimulus program, and confidence in the Obama administration's economic policies has begun to wane."

The survey's overall index of consumer sentiment was at 73.6 in February's 73.6 is a drop from January's 74.4 as well as coming in lower than the Reuters' analyst poll forecast of 74.0.

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 Attorneys have undoubtedly noticed a rise in bankruptcy filings in the Bay Area, while at the same time Bay Area consumers as well as Bay Area consumers in debt are noticing themselves pulling more tightly on their purse strings, so to speak. According to a Gallup poll released last week, American consumers claim they have minimized their spending in January to reflect that of January, 2009. Gallup, which polled more than 14,000 adults, with an overal error margin of 1 percentage point noted that the results indeed include those in upper income margins. Categories include stores, gas stations and restaurants across all income brackets. A Reuters article notes that these findings do not match that of US data which suggests consumer spending strength within the same time frame, further noting that last week, 'the Commerce Department reported U.S. retail sales rose an unexpected 0.5 percent in January as consumers stepped up spending for essential goods and luxury items.'

Gallup's website indicates that these upper income households - those making $90,000 or more a year) self-report spending an average of $113 per day across the listed categories compared to $110/day from 2009. This is down 14 percent from December of 2009, while middle- and lower-income consumers lowerede daily spending by 13 percent to levels dropping last year's average per day.

While some focus on spending less compared to their income, the reality is that unemployment is still on the drastic rise of earlier this year. Bay Area consumers in debt and those considering filing bankruptcy and or credit counseling should not feel alone, as bankruptcies are growing across the country.

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 Reader's Digest Ch. 11 filing...

San Jose Bankruptcy Attornys have been commenting that Reader's Digest has emerged from it's August 2009 Chapter 11 bankruptcy with $525 Mil in exit financing and a new board of directors according to Reuters.com.

The Reuters article names Fredric Reynolds, former chief financial officer of CBS Corp (CBS.N), as a member of the new board.

President and DEO, Mary Berner, was quoted as stating "Having strengthened our balance sheet and capital structure and having successfully monetized underperforming assets, Reader's Digest is focused on free cash flow and return on investment," with regard to the Chapter 11 filing event.

The company alongwith its exit financing has been given a B1 Corporate Family Rating by Moody's Investors Service assigned, while Standard & Poor's assigned a B rating to the exit financing package.

Reader's Digest, made popular for its waiting room reading material additionally sells approxiamtely 40 million music, video and book products annually and has upwards of 75 branded websites, accordng to the article, so their Chapter 11 bankruptcy filing did not go un-noticed.

Reader's Digest states it has access to an additional $50 million of revolver credit.

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.

In speaking with a San Jose Bankruptcy Attorney who also does bankruptcies in the greater San Diego Area, he had to say with the rollout of the Credit CARD Act of 2009 coming very soon, credit card companies are doing everything they can to get paid before time runs out.

He asked Bay Area consumers as well as southern California consumers to consider this: a credit card with a 79.9% interest rate. That’s right. That’s not a typo: that’s seventy nine point nine percent interest. See a movie for $10, you’ll end up paying $17.99 if you fail to make the payment in full. The link is below. While I doubt anyone will actually sign up for the card (except those sad few who don’t read the fine print, perhaps), it’s a sign of the evil associated with subprime lending. I’m not saying all subprime lending is evil; if it’s profitable, it’s worth doing in a purely business sense. But there are other considerations than just profitability. The interest rate itself is not illegal because it is spelled out in the fine print, but, again, that’s not the point. This is predatory and that’s what makes it bad. So, don’t get the 79.9% card. Even if you file a San Diego Chapter 7 bankruptcy, you’ll get credit card offers immediately after the case, and at a rate much less than 79.9%.

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.

In its first move to adjust lending back to normality since 2008, the Federal Reserve raised its discount rate on Thursday and caught the attention of many a San Jose Bankruptcy Attorney. The one-quarter percentage point increase – raised from 0.50 to 0.75 will take effect tomorrow.

Not meant to be an across-the-board tightening of credit, according to Officials, this discount rate that has been at 0.50 percent since December of 2008, is instead meant to deter emergency borrowing by banks in lieu of other financial routes available to them.

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.