San Jose Bankruptcy Lawyer Blog

San Jose Bankruptcy Attorney discusses FairPoint October 2009 Bankruptcy

On Monday, October 1, 2009, FairPoint Communications, Inc. filed for Chapter 11 bankruptcy protection. FairPoint intends to use the Chapter 11 restructuring process to alleviate itself of approximately $1.7 billion worth of debt.

FairPoint became the largest LEC in New England after it purchased Verizon Communications Inc.’s New England landlines. The debt FairPoint assumed as a result of that purchase caused FairPoint’s ultimate insolvency.

In order to relieve itself of significant amounts debt, FairPoint is working with its creditors to reduce its debts and crushing interest obligations. FairPoint will also likely have to make additional layoffs and convince its union employees to take pay cuts.

FairPoint has issued a statement to waylay the concerns of the New England utilities regulators that its daily operations will not be impacted by the filing and will continue to provide reliable, uninterrupted service to its customers.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

A San Jose bankruptcy lawyer talks about loan mods and foreclosure...

Many consumers are confused as to why they are constantly hearing about loan modifications and the Administrations plan to aid home owners, but when they actually try to obtain a loan modification are just given the runaround. A big problem with the process is lender incentive to actually provide debtors with loan modifications. According a report by Real Capital Analytics, lenders are recovering between 60 and 70% of the loan values on foreclosed properties. In some state the recovery rate is as high as 78%. In California, the recovery rate is especially high: San Francisco has the third highest recovery amount at 70%, and Los Angeles is at 70% plus.

The best recovery rates are on commercial mortgages for retail properties. In 2009, lenders recovered $1.9 billion on 145 commercial mortgages that were in default. Higher recovery rates in California may make lenders less likely to negotiate with consumers in California compared to consumer in places such as Michigan and Florida which have recovery rates as low as 45%.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

A San Jose bankruptcy frim attorney reflects on Capmark's bankruptcy

The collapse of the real estate market has profoundly impacted more than just individual consumers. Capmark Financial Group, Inc. announced last year that it filed for Chapter 11 bankruptcy. Several of Capmark’s subsidiaries also filed in conjunction with Capmark. Capmark’s three primary businesses are lending and mortgage banking, investments and funds management, and servicing.

Capmark was forced into bankruptcy as a result of $1.6 billion second quarter loss due to the continued deterioration of the commercial real estate market. Capmark was placed into a further financial bind when the FDIC required Capmark to increase the liquidity of Capmark Bank, one of its commercial mortgage banks.

The Chapter 11 restructuring gave Capmark the opportunity to restructure its debt in order to reduce its current debt obligations. At the time Capmark stated that during the restructuring process it would be able to successfully continue to conduct trust services and meet its current lending commitments, and that it will not affect its customers’ deposits.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

A San Jose bankruptcy lawyer speaks to the issue of your bankruptcy estate...

Debtors in San Jose may wonder what exactly will be included in their bankruptcy. Your bankruptcy estate refers to all of your property that is part of your bankruptcy case. Not all property you own is in your bankruptcy estate. For example, property you acquire after you file bankruptcy generally falls into this category. Thus, you generally don’t need to worry about exempting such property.

There are several broad categories, however, a debtor should understand when considering their bankruptcy estate. First, property a debtor owns and possesses. This includes everything a debtor has in his or her possession that they own whether or not they owe money on the property e.g. an automobile or a house. Next, property a debtor owns but does not possess, e.g. a car you’ve loaned to a friend, or a deposit held by a stockbroker. A debtor must also be aware of property they are entitled to receive. Property a debtor has a legal right to receive is also included in the bankruptcy estate. This would include wages, royalties, or commissions you have earned but have not yet been paid, tax refund, vacation or termination pay, property you’ve inherited but haven’t received etc. Other categories of property included, community property, certain property received within 180 days after filing, and property generated by estate property.

So San Jose, now you know what property is covered in you bankruptcy estate. To ensure that the proper exemptions are applied I recommend contacting an experienced bankruptcy attorney.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

A San Jose Bankruptcy Attorney says a few words about bankruptcy and divorce...

One of the most common reasons that married couples ultimately decide to file for divorce is directly related to financial difficulties. Financial issues often lead to stress and anxiety that negatively impacts the marital relationship. Fighting over unpaid bills and blaming each other for spending practices and/or meeting expected earning potential add to an already tense situation. Rather than waiting for financial distress to destroy what would otherwise be a sound marital relationship, pursuing proactive debt solutions can help married couples out.

Filing for bankruptcy is not the end of the world. While it may stay on a person’s credit report for up to 10 years, creditors understand the current economic climate and will not have anyone to lend to if they do not do business with consumers who have had to seek relief through bankruptcy. Married couples have the option of filing either jointly, or just one partner can file. Given the status of current federal law, domestic partners are not able to file joint bankruptcy petitions.

Given the choice of filing for bankruptcy or letting financial distress push a relationship to the breaking point, at least discussing the possibility of filing with a qualified attorney may go along way to repairing communication between partners and relieving financial stress.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose Bankruptcy Attorney shares that middle class women may be the most suseptible to bankruptcy...

Are you a middle class college educated woman living in San Jose? Did you know that statistically you are possibly more susceptible to Bankruptcy? Read on to learn more!

According to Harvard Law Professor, Elizabeth Warren, educated Middle Class women are most likely to file for bankruptcy. This fact remains true despite most women who file have attended college. In fact, Professor Warren notes that having a college degree doesn’t seem to protect women from filing bankruptcy as much as it does for men! Professor Warren attributes this anomaly to the fact that women more often find themselves placed in the single parent role.

Perhaps the most alarming statistic from Professor Warren’s piece is that more women will file for Bankruptcy in 2010 than those who will graduate from college, receive a diagnosis of cancer, or file for divorce! To temper this trend Professor Warren advocates that women spend less and have a financial backup plan when having children. Only time will tell if this advice goes unheard.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose Bankruptcy Attorney says all is not lost for recreational activities after filing bankruptcy

Now that we have the after-buzz of “Avatar” and everyone is hot for a ticket to that train your dragon movie; we are going in droves to the movies, even with the rise in 3-D ticket costs. If one has or is considering filing a Chapter 7 bankruptcy (or even a Chapter 13 bankruptcy or Chapter 11 bankruptcy), does that mean that there won’t be any money to go to the movies, or engage in any recreation at all? This San Jose Bankruptcy Attorney says “NO.”

As a local Bay Area Bankruptcy Attorney, I understand how important recreation is. Silicon Valley has lots of enjoyment opportunities and local resources. Certainly it is free to go to the beach or Balboa Park and, as locals, we should avail ourselves of these wonderful resources, but most recreation costs something. When one files a Chapter 7 liquidation, the forms specifically ask how much money you and your family spend on recreation (this is Schedule J). Most people think they should answer zero: that somehow just because they have filed for bankruptcy they are doing something wrong living a normal life. In my opinion, answering “zero” for recreation costs raises a red flag for the trustee that somehow the debtor is fudging their numbers. People go to the movies, they buy magazines, they fly kites at the beach, etc. Doing so is not unlawful nor unethical.

So if you are wondering if bankruptcy means an end to all fun, just say "no." Just be reasonable with your choices and Chapter 7 bankruptcy can be the relief you seek without the headache or worry you think it might be.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose Bankruptcy Attorney

Let's face it, nowadays giving isn't just at the holidays anymore. And for everyone who gives, there is a person who gets. Sometimes, what we get is not what we want, however; and so, often as packed as they were during the shopping season, the stores are filled in late December and early January with people returning items. Giving and getting find their way into bankruptcy law, too, though a certain type of “giving” amidst a bankruptcy is not as warmly welcomed as holiday giving.

As a bankruptcy lawyer in the Bay Area, I am regularly asked about keeping one’s personal property during a Chapter 7 bankruptcy or Chapter 13 bankruptcy. Most of the time, debtors are able to keep all of their personal items, even during a liquidation. Sometimes, debtors ask about transferring property – or “giving items as a gift,” albeit temporarily – to family or friends. The intent is often to later ask for the property’s return. Not only is giving with the expectation of return not a true “gift” or a legal transfer of property, it is also possibly fraudulent under the bankruptcy laws and the subject of a forcible return of the property. What this means is that asking your cousin to hold your Stradivarius violin and handwritten letter from George to Martha Washington – or selling it for five dollars and a bag of chips – only to have it returned to you after the bankruptcy or buying it back for ten dollars a year later will make your cousin “an insider.”

Such an insider can have the property taken from them (and if it’s a rare Stradivarius or a personal letter from a Founding Father to his wife, you can bet the trustee will take it) and the property will then be added to your bankruptcy as a declared asset. This will likely mean the property will be sold. Not only that, because the FBI investigates issues of bankruptcy fraud, you (and maybe your cousin) could be charged with the crime of perjury (or worse).

Chapter 7 bankruptcy (and Chapter 13 bankruptcy) are available for debtors as a fresh start. Usually that means the debtors do not have assets of such great value; accordingly, your personal belongings are most likely safe. Consult a local bankruptcy attorney to discuss your own situation. In the meantime, return your unwanted Christmas gifts and be aware of the Chapter 7 bankruptcy and Chapter 13 bankruptcy laws related to gifts and property transfers.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose Bankruptcy Lawyer explains the hardship discharge with regard to Chapter 13 bankruptcy...

Debtors in San Jose who file for Chapter 13 bankruptcy may seek a hardship discharge if they cannot complete their repayment plan. Like most areas of the law, however, a three part test must be met. A debtor will only be granted a hardship discharge if these three conditions are met:

1) A debtor failed to complete the plan payments due to circumstances for which the debtor should not justly be held accountable
2) Based on what a debtor has already paid into the plan, a debtor’s unsecured creditors have received at least what they would have received if a debtor filed chapter 7 i.e. the value of the non exempt property.
3) Modification of the plan is not practical.

So if you live in the South Bay Area, and are currently on a Chapter 13 repayment plan but have run up against unforeseen circumstances, you may qualify for a hardship discharge. That’s all for today, San Jose.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

A San Jose Bankruptcy Attorney mentions the Bobbit BK...

As we approach tax deadline, and debtors in San Jose begin to reanalyze their financial situation, I feel it necessary to once again share some famous Bankruptcies. I do this in hopes of calming the fears of those who know that bankruptcy is inevitable.

I’m sure the Bay Area remembers Mr. John Wayne Bobbitt. He gained worldwide fame after his wife Lorena Bobbitt sliced off his penis with a razor on June 23, 1993. The story gained even more notoriety when Doctors were later able to save Mr. Bobbitt’s penis by reattaching it after 12 hours of surgery! Still, that kind of surgery isn’t cheap.

Despite starring in his own adult film, Mr. Bobbitt could never make enough money to pay for his medical bills. Consequently, soon after his surgery Mr. Bobbitt filed for Bankruptcy.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose bankruptcy lawyer makes comment on Chapter 13 bankruptcy...

Debtors who file Chapter 13 should remember that they will be on a payment plan for five years. While this time frame may sound daunting, debtors should realize five years or 60 payments is the same time frame used when financing an automobile. Still, despite a debtor’s best efforts to make regular payments some may not be able to complete their plan. Fear not.

San Jose and the South Bay: listen up! If you can’t complete your plan you basically have three options: dismiss your case, convert to a chapter 7, or request a hardship discharge. Debtor’s in the Bay Area should understand that a significant percentage of Chapter 13 debtors find themselves in this position. Consequently it’s best to understand the consequences of these three choices ahead of time so that debtors may properly prepare if they have to make such a decision. Each option should be dicussed in more detail with an experienced bankruptcy attorney because knowledge is power.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose Bankruptcy Attorney comments on Chrysler's bankruptcy last year...

San Jose, is 2010 getting better than 2009? Let's hope so, for you and for Chrysler. The Detroit news reported in '09 that Chrysler, the smallest of Detroit's automakers, went through bankruptcy suffered the biggest decline of any major player in the U.S. market -- a 38 percent drop in car and truck sales. Consequently, the automaker had no new models to show at the 2009 Detroit auto show and its presence at the show was minimal.

Industry leaders worried, however, that such a decision would not be without risk. "It's a dangerous time to stay dark," Stephanie Brinley, senior manager of product analysis at Tustin, Calif., consulting firm AutoPacific Inc. had to say. "There are a lot of people watching and the longer they're quiet, the more speculation there is." So, if you live in San Jose or the greater Bay Area and are a diehard Mopar fan, you may habe been disappointed that Chrysler did not unveil any products that month.

It should be noted, however, that unlike Chrysler’s situation, many in San Jose who are considering filing bankruptcy do not need to worry about public opinion. Instead, debtor’s should realize that Bankruptcy really constitutes a fresh start!

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose Bankruptcy Attorney reveals information regarding what you reveal when filing bankruptcy...

Debtors seeking protection under Chapter 7 and Chapter 13 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 questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose Bankruptcy Attorney comments on rise in Chapter 7 bankruptcies in particular...

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 questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

A San Jose bankruptcy lawyer reflects on the boom in bankruptcy

Many Bay Area family law attorneys are shifting their practices to include, and sometimes even focus, on bankruptcy proceedings given the current economic downturn. Since 2008, membership in the National Association of Consumer Bankruptcy Attorneys has increased by approximately 33%. This is a dramatic increase after many attorneys left the field in 2005 once Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). BAPCPA dramatically increased due diligence requirements for attorneys and implemented stricter requirements for consumer filings. The 2005 reformation legislation was primarily intended end the abuse of the bankruptcy court by college graduates with massive amounts of student loans and consumers who had frivolously racked up inordinate amounts of credit card debt.

Another result of the BAPCPA legislation was a nearly 500% increase in paperwork required to be filed by bankruptcy attorneys, which has in turn caused attorneys’ fees to increase. Debtors are also now required to take two credit counseling classes, one prior to filing and one prior to discharge of the bankruptcy proceeding. Even with all of the additional hoops created by BAPCPA, consumers are in such a financial crisis that bankruptcy is often the only solution. The increase in bankruptcy attorneys has allowed debtors to obtain the financial relief they need during these tough economic times.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose Bankruptcy Attorney says be careful what you post on Facebook

Facebook has become an international phenomenon, boasting millions of users posting new information everyday. However, debtors 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 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 questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose Bankruptcy Attorney comments on spending trends...

The gap between the spending habits of the wealthy and the middle class is widening again. While all consumers had reigned in their spending over the past year, those in the upper tax brackets have started purchasing designer and luxury items again. Retailers such as Nordstrom and Bloomingdale’s have seen increased earnings reports up from last year.

Unfortunately, the middle class has not had a substantially significant improvement to return to high ticket item spending. Many consumers are still scrimping by and purchasing their basics at discounters such as Wal-Mart. The middle class is still in the “saving” group, while more affluent consumers are gradually moving back into the “spending” group.

However, based on current projections, it looks like all customers, spenders and savers alike, are still shopping for value and making more conservative decisions than they have in years past.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose Bankruptcy Attorney discusses states in most financial challenge

California residents are not surprised that given the current economic downturn that it is one of the nation’s top states in financial trouble. The entire west coast has been significantly impacted by foreclosures and the housing market crash, including Oregon, Arizona, and Nevada.

A recent study which placed California in the top 10 states in financial crisis based its conclusion on foreclosure rates, loss of state revenue, poor money management practices, relative size of budget gaps, and unemployment rates.

The San Jose economy still continues to struggle with increased unemployment and tanking housing values. Some areas in the Silicon Valley are slowly starting to recover, but the impact of the economic downturn is still devastating. With unemployment on the rise, many once prospering San Jose and Silicon Valley residents are having to turn to various programs for debt relief including bankruptcy and debt settlement.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose Bankruptcy Attorney comments on House of Reps vote against homeowner legislation...

When the U.S. House of Representatives voted against legislation that would have allowed homeowners to modify their loans on a principal residence in a bankruptcy case (Chapter 13), it was at least the second time this amendment came up for vote, and this time only 50 democrats voted in favor. Thus, the bankruptcy law remains unchanged on this issue. Loans against a principal residence cannot be modified in a bankruptcy case (except that in some circumstances–and only in some districts– a junior lien may be removed if and only if the value of the property is less than the amount owed to the 1st mortgage).

Of course, there were a number of variables associated with today’s vote that were not a factor in the earlier vote, particularly given that Members also were being asked to vote against the banks by supporting the creation of a Consumer Financial Protection Agency (CFPA).

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose Bankruptcy Attorney makes not of Japan Airlines' bankruptcy...

Asia’s largest air carrier, Japan Airlines, has filed for Japan’s version of Chapter 11 bankruptcy protection after months of speculation as to its fate. It is anticipated that approximately 15,600 jobs will be cut and the board of directors to resign. A state-backed Enterprise Turnaround Initiative Corporation (ETIC) will be supervising the restructuring and plans to inject a large sum of money into the failed airline. Japan’s government has issued statements that flights will continue as normal during this time. Following news of the filing, the airline’s shares fell to its lowest price in history. The airline is estimated to owe debts of approximately $25 billion.
Many see the air carrier’s filing as proof that no company is too big or too secure to fail. The airline has undoubtedly fallen from grace as Japan’s once-proud flagship carrier. It was founded in 1951 and owned by the state at first. Following World War II, the airline expanded quickly and ultimately became privatized in 1987. In recent years, the global economic downturn as well as medical fears have all led to reduced business for the airline. At the time of the announcement, United States carrier, Delta Air Lines issued a statement of support for Japan Airlines. Delta is seeking to have the airline join its SkyTeam partnership as it looks to expand its Aisan networks. Delta and its partners have offered $1 billion, including $500 million in cash in order to lure the airline away from its Oneworld Alliance with American Airlines.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose Bankruptcy Lawyer Discusses Recent Bankruptcy Filing by Parking Co. of America Airports

Parking Co. of America Airports LLC filed for Chapter 11 bankruptcy protection due to declining business. The company is the largest United States operator of off-site airport parking lots in the country. The company listed assets of $94 million and liabilities of $233 million in its bankruptcy filing. PCAA Parent, the direct parent of Parking Co. of America Airports also filed for bankruptcy. The indirect owner, Macquarie Infrastructure Company LLC stated that it plans to sell the company to Bainbridge ZKD-Corinthian Holdings LLC for $111.5 million pending bankruptcy court approval. The company stated that revenue was severely decreased due to the significant decline in travel by businesses and consumers due to the economy as well as reduced flights being offered by airlines.

Parking Co. of America Airports employs more than 1,000 workers and runs 31 offsite airport parking facilities with more than 40,000 parking spaces under AviStar, FastTrack, and SkyPark names. Its operations center around 7 of the 10 busiest United States airports including Hartsfield-Jackson in Atlanta, O’Hare in Chicago, airports in Denver and San Francisco as well as all 3 major New York area airports. Court records show that the company plans to borrow $5 million from lenders including Dekabank Deutsche Girozentrale and ING Real Estate Finance (USA) in order to maintain operations during the pendency of the bankruptcy proceedings.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

San Jose Bankruptcy Attorney discusses the Luther Elliss bankruptcy...

Former Detroit Lions defensive lineman Luther Elliss is joining the ranks of those that must seek bankruptcy protection in recent times. Although Elliss was paid around $11.6 million from 2000-04, he has already lost one property to foreclosure and is being forced to walk away from another. In his bankruptcy filing, Elliss and his wife listed $1.38 million in assets and $4.4 million in liabilities. At the root of the problem were several failed business ventures as well as a high amount of mortgage debt. The final tipping point came when the U.S. Bank National Association obtained a $524,058.00 civil judgment against the couple tied to the property that was foreclosed upon.

Elliss is only one of several Detroit athletes who have recently run into financial problems. Other professional athletes claim that they are overwhelmed with investment pitches from friends and strangers alike. To make matters worse, many of these athletes are prone to overspending and ignoring financial advice. At the time of filing, Elliss was working for a Southfield Insurance company, netting $1,799.00 per month. Among the assets listed for the couple were a pension, annuity retirement plan, a watch and a car totaling approximately $550,000.00. Elliss is unsure how he will support his wife, five biological children and six adopted children going forward.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

A San Jose bankruptcy attorney clarifies more on HAMP...

If the net present value (“npv”) test shows that the lender would receive at least as much under the calculated modification as if the property were foreclosed, the lender is required to offer the modification. It is not optional. If the “npv” test does not favor the modification the lender may, in its discretion, offer the modification to the borrower.

If the “npv” does not favor the modification, but the lender wishes to offer it, the interest bearing balance must at least equal the current value of the property.

If the “npv” favors the modification, the lender is required to forbear principal up to the greater of 30% of the unpaid principal balance or the amount that would provide for amortization of the current value of the property, to the extent necessary to lower the “tmp” target first mortgage montly payment to 31% of the borrower’s gross income. The lender may in its discretion forbear more principal.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation 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 downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!