San Jose Bankruptcy Lawyer Blog

A San Jose bankruptcy attorney answers: What is a Loan Modification?

A loan modification is requested most often when a borrower has either fallen behind on his or her monthly obligations or the borrower simply cannot afford to continue making monthly payments at the agreed upon obligations due to an increase in APR or some other factor. Loan modifications are very difficult to obtain and are not part of any court’s jurisdiction. Therefore, the judge cannot order the lender to even attempt a loan modification. A loan modification will usually lessen the interest rate while packing all the arrears to the end of the loan. Most times this will cause the borrowers monthly payments to reduce. There are several loan modification companies out there to assist in the loan modification process, but ultimately the decision lies with the lender and their financial interpretation of the borrower.

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 on How Chapter 13 and Foreclosure Works...

Once a borrower defaults on his monthly obligations to a lender to which monies were secured by real property, the lender will likely opt to foreclose on the property in an attempt to sell the property and collect his money. One way to postpone a foreclosure and/or Trustee’s Sale is to file for Chapter 13 bankruptcy. In a Chapter 13 bankruptcy, the debtor is to propose a Chapter 13 Plan in which he or she is to pay the majority of their secured debt through a court assigned Trustee. Included in the Chapter 13 plan are automobile payments, payments to the IRS and FTB, and most importantly, the arrearages on any secured property. Once the Chapter 13 bankruptcy is filed, it is almost equivalent to “starting” the mortgage payments fresh. For the sake of the mortgage and bankruptcy, the minute the petition is filed the borrower is ‘current’ on their mortgage and the arrears get placed into the Chapter 13 Plan.

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 fills you in on:
How Chapter 7 and Foreclosure Works...

Once a borrower defaults on his monthly obligations to a lender to which monies were secured by real property, the lender will likely opt to foreclose on the property in an attempt to sell the property and collect his money. The easiest way to postpone a foreclosure and/or Trustee’s Sale is to file for Chapter 7 bankruptcy. The filing of a Chapter 7 bankruptcy places an automatic stay on any legal actions against the filing debtor. This will stop any foreclosure sale. However, in a Chapter 7 bankruptcy the lender will likely move the court for relief from the automatic stay and begin the foreclosure process again. Filing for Chapter 7 bankruptcy is a great way to postpone the foreclosure process in order to buy the debtor some time to either save some money or find a new place to live.

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 addresses:
What is a Non-Judicial Foreclosure?

Non-judicial foreclosure is one of two main types of foreclosures, the other being judicial foreclosure. In a non-judicial foreclosure, sometimes known as foreclosure by power of sale, the lender may supersede or bypass the judicial process of foreclosure and sell the property in order to satisfy the loan by the lender. This only occurs if and when the borrower defaults on their monthly obligations and either ignores or cannot comply with the request by the lender to cure the default. The terms and conditions of a non-judicial foreclosure are typically outlined in the lender’s mortgage papers. The highest bidder at the non-judicial foreclosure sale becomes the outright owner of the property free and clear of all interest from the former owner but superior liens may survive the sale. For more infomation on foreclosure, please contact us toll-free.

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 answers:
What is Foreclosure?

A foreclosure is the legal process wherein a lender of money and/or collateral, usually a mortgage, attempts to collect on the monies they are owed from the individual by re-taking the property securing the loan. There are typically two types of foreclosure, judicial and non-judicial. In judicial foreclosure, the court supervises the sale of the property foreclosed upon. The lenders are paid in the order of the priority. In non-judicial foreclosure, there is typically a clause in the lending papers which states that the lender can bypass judicial foreclosure and use methods outlines by each state/district’s guidelines. Should the sale of the property not satisfy all liens attached, the lender may file and request a deficiency judgment. The foreclosure process can be stopped by filing for protection under any of the bankruptcy chapters.

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 supplies a
Guide for Student Loan and Bankruptcy

Student loans and bankruptcy go together like oil and water. Student loan debt can be some of the most difficult debt to repay. However, student loan debt is known as “good debt.” Student loan debt is debt incurred in order to further or better one’s financial situation. For the most part, student loan debt is not dischargeable in any chapter of bankruptcy.

The first tip with student loans and bankruptcy is to make timely payments. This is essential since most student loan debt is backed by government money. The second tip on student loan debt and bankruptcy is to take out only that which you need in order to get through school. A third tip on student loan debt and bankruptcy is to use your student debt in place of credit cards. The interest rate is often times lower on a student loan and you don’t have to repay the balance until you finish school. A fourth tip on student loan debt and bankruptcy is to find a co-signor. A co-signor such as parents or spouse will likely lower the interest rate of the loan. And lastly, a fifth tip on student loan debt and bankruptcy would be to stay in school, regardless of how minimal it is. This way, you can continue to defer payments until you are established in a well paying job.

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 offers
5 Tips For A Successful Creditor Debt Settlement

First creditor debt settlement tip, settle within your means. Do not create a creditor debt settlement with terms that you know you will be unable to satisfy. Missing a payment will only anger the creditor more and have them less likely to work with you in the future. Second creditor debt settlement tip, do not settle for the first offer. Many times, a creditor will settle for dimes on the dollar. The consumer must be persistent when attempting a successful creditor debt settlement. Third creditor debt settlement tip, offer large lump sums payments stretched out for a percentage of the balance owed. In this economy, creditors want to get paid and creditors want to get paid now. In the past, creditors were pleasantly happy to sit on $10,000 debt and earn interest on that debt. Nowadays with the bankruptcy filings rising, creditor debt settlement is much more common. Fourth creditor debt settlement tip, do not threaten bankruptcy. This is like a broke record to creditors and they simply do not care. You either file bankruptcy or you don’t. A creditor debt settlement is a lot less likely to happen if the creditor feels threatened. Fifth creditor debt settlement tip, do not wait until it is too late and you are sitting on a law suit. A law suit forces the creditor to incur legal fees and costs, something they do not appreciate. They will build these fees into a creditor debt settlement if it reaches that point.

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 discusses:

Which Bankruptcy Law Chapter is Right For Me?

Deciding which bankruptcy law chapter is the correct to file under should always remain with an attorney. However, if you decide to delve into the realm of bankruptcy law alone deciding which bankruptcy law chapter can be confusing and often times lead to dismissal. Deciding which bankruptcy law chapter is correct depends on many factors. The first and largest factor is the intentions of the debtor. If the debtor would like to surrender his house and is current on his car payments, a Chapter 7 bankruptcy would be the likely choice. If an individual is behind on their first and second mortgages and wish to keep the house, a Chapter 13 bankruptcy is the most likely of choices. Deciding which bankruptcy law chapter to file under can have detrimental effects on an individual and their belongings.

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 provides a
Chapter 13 Bankruptcy FAQ

Chapter 13 bankruptcy can be a confusing chapter to file under. Must I have disposable income at the end of the month in order to qualify for a Chapter 13 bankruptcy? Within schedules I and J there must be enough excess income to at least fund the Chapter 13 plan. What does that Chapter 13 plan consist of? The Chapter 13 plan is based upon a debtor’s disposable monthly income through the means test. If the means test shows no disposable monthly income then the plan will fund 0% of the unsecured creditors. The debtor will pay back taxes, arrears, and automobile payments through the plan. The rest will likely be paid outside the plan. What is a confirmation hearing? A confirmation hearing is a court hearing where a Chapter 13 debtor submits a proposed plan of payments to their creditors and a hearing is held to make sure that all secured creditors are adequately protected. How long is the average Chapter 13 plan? The average Chapter 13 plan is 5 years, but they can be as short as 3 years.

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 on Chapter 9

The first municipal bankruptcy legislation was enacted in 1934 during the Great Depression. Pub. L. No. 251, 48 Stat. 798 (1934). Although Congress took care to draft the legislation so as not to interfere with the sovereign powers of the states guaranteed by the Tenth Amendment to the Constitution, the Supreme Court held the 1934 Act unconstitutional as an improper interference with the sovereignty of the states. The law has been amended several times since 1937. In the more than 60 years since Congress established a federal mechanism for the resolution of municipal debts, there have been fewer than 500 municipal bankruptcy petitions filed. Although chapter 9 cases are rare, a filing by a large municipality can— like the 1994 filing by Orange County, California—involve many millions of dollars in municipal debt.

The purpose of chapter 9 is to provide a financially-distressed municipality protection from its creditors while it develops and negotiates a plan for adjusting its debts. Reorganization of the debts of a municipality is typically accomplished either by extending debt maturities, reducing the amount of principal or interest, or refinancing the debt by obtaining a new loan.
A municipal debtor receives a discharge in a chapter 9 case after: (1) confirmation of the plan; (2) deposit by the debtor of any consideration to be distributed under the plan with the disbursing agent appointed by the court; and (3) a determination by the court that securities deposited with the disbursing agent will constitute valid legal obligations of the debtor and that any provision made to pay or secure payment of such obligations is valid. 11 U.S.C. § 944(b). Thus, the discharge is conditioned not only upon confirmation, but also upon deposit of the consideration to be distributed under the plan and a court determination of the validity of securities to be issued.

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 on Chapter 11 of the Bankruptcy Code

Filing for bankruptcy under the chapter 11 bankruptcy code in California is more commonly known as a reorganization bankruptcy. The court charges a $1,000 filing fee for filing bankruptcy under the chapter 11 bankruptcy code in California. When filing for bankruptcy under the Chapter 11 bankruptcy code in California, the petition looks almost identical to a Chapter 13 bankruptcy with mostly the same schedules and statements. Once an individual files for bankruptcy under the Chapter 11 bankruptcy code in California, he is then known as a ‘debtor in possession.’ Generally, the debtor, as "debtor in possession," operates the business and performs many of the functions that a trustee performs in cases under other chapters. Once the bankruptcy under the Chapter 11 bankruptcy code is filed in California, a creditor’s committee is formed to submit their own repayment plan to propose to the court, in opposition to the debtor in possession’s plan. The debtor in possession may use, sell, or lease property of the estate in the ordinary course of its business, without prior approval from the court.

What happens to the shareholders or partners when a business files Chapter 11 in California? An equity security holder is a holder of an equity security of the debtor. An equity security holder may vote on the plan of reorganization and may file a proof of interest, rather than a proof of claim.

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 provides a Chapter 13 Bankruptcy Overview

A Chapter 13 Bankruptcy is also known as “Reorganization.” It is essentially a repayment plan. In order to qualify for a Chapter 13 bankruptcy, you must have a regular, steady flow of income. The Court will only confirm your Chapter 13 Plan if your plan is feasible. (In other words, the court will only confirm your Chapter 13 plan if you can show that you have enough income to make your Chapter 13 plan payments.)

Time Frame of the Chapter 13 Plan: Three (3) to Five (5) Years

A General Overview of Chapter 13 Plan Payments:

1. Secured Debt: All secured debt must be paid off in full over the term of your plan if you wish to keep the property which secures the loan.

2. Priority Debt: All priority debts must be paid off in full. These are things which the government considers a high priority (such as debts owed to the IRS, and child support arrears.)

3. Unsecured Debts. Unlike the first two types of debt, unsecured creditors are not entitled to being paid off in full. Payments to the unsecured creditors are dependent upon how much property you own and how much income you make. You should consult with an attorney in order to get a better understanding of what your particular Chapter 13 plan payments may look like.

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 helps with: What To Do About Bankruptcy And Loan Modification in California?

What is a loan modification in CA?

A loan modification in CA is when your lender agrees to modify the terms of the mortgage in order for you to afford your monthly payments and stop foreclosures. A loan modification in CA often requires the borrower to be in arrears on their monthly mortgage payments. When attempting a loan modification in CA, since you usually must allow your mortgage to default, it is wise to place each monthly mortgage payment into a savings account should the modification not go through. That way, your loan modification failure can be easily cured and you will not lose your home. When considering a loan modification in CA, lenders often look at the amount owed, the equity in the house (if any), and the borrower’s ability to continue to make monthly payments. Though not often obtained, a loan modification in CA help to alleviate California’s number one ranking on the foreclosure charts.

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 provides Information About Chapter 11 Bankruptcy

What is Chapter 11 Bankruptcy?

Chapter 11 Bankruptcy is a bankruptcy that is beneficial if you do not qualify for Chapter 13 bankruptcy because your debt limits are too high. This Chapter is mostly used by businesses. Similar to the Chapter 13, the Chapter 11 bankruptcy is also a reorganization chapter; however, it is on a much larger scale.

What is the cost of filing for a Chapter 11 Bankruptcy?
A Chapter 11 bankruptcy entails much more work, time and effort than either the Chapter 7 or the Chapter 13 bankruptcies. For this reason, attorneys fees are much higher than the attorneys fees for either a Chapter 7 or a Chapter 13 bankruptcy. You should consult with an attorney in order to get the best estimate for your particular Chapter 11 plan.

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 comments on this bankruptcy attorney question:

Would a Bankruptcy Litigation Attorney Do?

Technically, yes. However, a bankruptcy litigation attorney is primarily used for adversary proceedings. A bankruptcy litigation attorney will have some familiarity with the procedures in bankruptcy, but will likely be unfamiliar with how to accurately and completely prepare a bankruptcy petition. A traditional bankruptcy attorney will have familiarity with exemptions and how to apply them, what is and is not property of the bankruptcy estate, how to list certain creditors on certain schedules, and how to prepare a means test. A litigation bankruptcy attorney will not have daily familiarity with any of this and likely not a good candidate for preparing your petition.

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 bankrutpcy attorney tells Bay Area consumers:

Where Can I Find a Means Test Calculator?

The most common place to find a means test calculator would be to search online. The courts do not provide a standard means test calculator, but many websites state they provide an accurate means test calculator. A means test calculator would take into account the size of a person’s home, the amount gross income, the amount of taxes and other necessary deductions, cars, and numerous other items and options. It is hard for a means test calculator to accurately predict or prepare a debtor for the means test, thus it is best to seek legal counsel.

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 talks about Debtors And Involuntary Bankruptcy

An involuntary bankruptcy is basically what it sounds like, involuntary - or not by voluntary means. A debtor and involuntary bankruptcy is analogous to a civil class action lawsuit by a majority of one’s creditors. When a debtor has less than twelve creditors, it takes only one creditor to request the court to initiate an involuntary bankruptcy. When a debtor has twelve or more creditors, it takes the cooperation of at least three creditors to set forth an involuntary bankruptcy. The involuntary bankruptcy petition is proposed to the court, and if accepted that petition is treated exactly the same as a voluntary petition. Nonprofit organizations and farmers are exempt from involuntary 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!

A San Jose bankruptcy attorney provides information on this popular bankruptcy question:

Should I Hire a Chapter 7 Attorney?

It is always best to be represented by legal counsel when filing any bankruptcy. A Chapter 7 attorney will be able to review the client’s current financial situation including arrears and specific intentions of property. A Chapter 7 attorney will be able to correctly and adequately prepare the means test which is the basis of presumption of fraud in bankruptcy. A Chapter 7 attorney can also deal with back taxes owed and what is dischargeable. A Chapter 7 attorney will know when it is proper to file a Chapter 7 bankruptcy or possibly suggest a Chapter 13. A Chapter 7 attorney will appear in court with the client and resolve any and all issues with the Trustee. Lastly, a Chapter 7 attorney has familiarity with the bankruptcy procedure and knows what need immediate attention and what is standard.

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 lists 3 Chapter 13 pre-discharge requirements:

1. You must be paid in full, having either paid in full or completed all of your payments within your particular payment plan (you actually must be paid in full to have your bankruptcy filed at the bankruptcy court)
2. Completion of the financial debtor education course (the 2nd of two financial courses required in the bankruptcy filing process)
3. Maintenance of existing (or current) support obligations during the bankruptcy filing process

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 on the Means Test

In 2005 a new bankruptcy law came into effect requiring a Means Test in order to determine a debtor's eligibility to file either a Chapter 7 or a Chapter 13 bankruptcy. As part of the assessment that happens during the Means Test, the debtor's income for the last 6 months is given an average, than compared to the median average income of the state. If the debtor's income is above the state median and their qualified deductions will not reduce their income any further, they typcically may file for Chapter 13 bankrutpcy. If the debtor's average income is below the state median, they typically are eligible to file Chapter 7 bankruptcy, a.k.a. the Fresh Start. To learn more about which bankruptcy may be right for you, and more about the Means Test, you may want to contact 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 lawyer comments on Chapter 11 and Business

Filing chapter 11 bankruptcy in California is more commonly known as a reorganization bankruptcy. The court charges a $1,000 filing fee for filing Chapter 11 in California. When filing Chapter 11 in California, the petition looks almost identical to a Chapter 13 bankruptcy with the same schedules and statements. Once an individual files for Chapter 11 in California, he is then known as a ‘debtor in possession.’ Generally, the debtor, as "debtor in possession," operates the business and performs many of the functions that a trustee performs in cases under other chapters. Once the Chapter 11 is filed in California, a creditor’s committee is formed to submit their own repayment plan to propose to the court, in opposition to the debtor in possession’s plan. The debtor in possession may use, sell, or lease property of the estate in the ordinary course of its business, without prior approval from the court.

What happens to the shareholders or partners when a business files Chapter 11 in California? An equity security holder is a holder of an equity security of the debtor. An equity security holder may vote on the plan of reorganization and may file a proof of interest, rather than a proof of claim.

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 answers: What Will Bankruptcy Do To IRS Tax Debt?

It was once believed that taxes owed to governmental agencies could not be discharged in bankruptcy and the debtor was doomed to give a huge portion of their monthly income to repay taxes owed to the government. But this may not be true. Taxes, in certain circumstances, may be dischargeable. There are several strict caveats that apply to the discharge of tax debt, the relevant of which are the age of the taxes based upon the date the returns were due, the date of the assessment of the taxes, the date of dates the returns were filed, and whether the debtor willfully attempted to evade payment of the taxes via fraud.

The very minimum requirements for discharging federal or state income taxes are: (1) it must have been more than three [3] years since the returns were due to be filed, (2) the returns were timely filed or it has been two years since the returns were filed, (3) there was no fraud involved in the non-payment of the taxes, and (4) the taxes were not assessed within the last 240 days.

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!