San Jose Bankruptcy Lawyer Blog

A San Jose bankruptcy attorney writes about foreclosures.

For those that may be on the verge of losing their homes, foreclosure and bankruptcy, although neither being desirable, are two options. Filing for bankruptcy may temporarily block creditors from taking any action. A chapter 7 bankruptcy allows the court to discharge most, if not all of your debts, but the bankruptcy trustee can take your property and recoup the loss for creditors. A chapter 13 bankruptcy will facilitate a restructuring that will allow you to make a deal with a mortgage company and possibly keep your home.

There are some cons to filing for bankruptcy though. It will be on your record for 10 years and there is still the possibility that the foreclosure may occur anyway. However, those that are facing both foreclosure and bankruptcy, the end result may not end up being as bad as it would initially seem. Filing for bankruptcy may allow you to save your home.

Please do not hesitate to contact us at our San Jose office by calling 408.279.2288 or 1800.941.6730 for your debt resolution needs. You can receive a free consultation over the phone, or request a free in person appointment at a Sagaria Law office nearest you. Please visit our website at www.sagarialaw.com and fill out a free online evaluation form to determine if you are a qualified candidate for bankruptcy. Sagaria Law's team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff at San Jose can assist you with all aspects of your bankruptcy case. We at Sagaria Law can assist you regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. and we are happy to help! Our bankruptcy attorneys located throughout California and Oregon can assist you with your bankruptcy questions.

A San Jose bankruptcy attorney discusses bankruptcy petitions.

When an individual or company owes debts that they cannot repay, the most common course of legal action is filing a bankruptcy petition. This petition is an official document that is the first step in filing bankruptcy in order to either discharge or restructure the amount of debt owed.

The bankruptcy petition contains numerous questions asking for information about the individual or organization intending on filing bankruptcy. Because it is a legal document, it must be filled out completely and as truthfully as possible. The purpose of such a petition is to provide the bankruptcy court with information about the individual or organization filing, offering their financial particulars in addition to the names of all companies, individuals or organizations that are owed money.

A bankruptcy petition must be filled out completely with detailed information, so some individuals hire an attorney specializing in bankruptcies for help in properly filling out this form. Once the form has been filled out, it must be signed by the individual filing bankruptcy, swearing that all information is accurate and true under penalty of perjury. Completed petitions are then able to filed with the United States Bankruptcy Court so that all creditors can be informed of the decision to file bankruptcy. While the court considers the merits of the bankruptcy, any creditors are prohibited from attempting to reclaim owed money until the case is settled.

We can answer all your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. If you need help regarding a bankruptcy in San Jose, call us at 408.279.2288 or 1800.941.6730 and we will be more than happy to offer you a free consultation over the phone. You can also fill out a free online evaluation at our website, www.sagarialaw.com, or request a free face to face appointment at a Sagaria Law office location close to you. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution needs.

A San Jose bankruptcy attorney blogs about some common debt collection practices.

One of the biggest annoyances are those debt collectors who call you at home, attempting to get money. They seem to have the ability to always know when you are right in the middle of something important. Some creditors try to harass you by calling frequently. The whole process is annoying and frustrating, and seems completely pointless. Make sure that you know your rights and you can protect yourself against this form of harassment.

Debt collection and creditor harassment has finally caught recent national attention. One of the regulations put in place to protect against debt collection and creditor harassment is that creditors are not allowed to call after a certain hour at night, and not until a certain time in the morning. This time must also correspond with your time zone, not the time zone the creditor is calling from.

Knowing specifics about the federal regulations that protect you against this kind of harassment will help you if they should decide to give you a call some time soon. Make sure that you are able to present to them that you have knowledge of your rights. If it doesn't cease the calls, take up your case with the proper authorities. If you continue to receive calls from creditors and cannot repay them, consider bankruptcy.

At Sagaria Law, we offer an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting San Jose. If you need help regarding bankruptcy in San Jose, contact us at 408.279.2288 or 1800.941.6730 for a free consultation or visit us online at www.sagarialaw.com to request a free in person appointment at a Sagaria Law office location nearest you. We can answer your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation to quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose!

A San Jose bankruptcy attorney explains what happens to unemployment benefits after filing bankruptcy.

When it comes to bankruptcy and unemployment, one question that is normally asked is if a person can file for bankruptcy while receiving unemployment benefits. This is a good question because many people who do not have jobs have no other means to pay their debts and have to resort to using their benefits.

Just because a person receives unemployment benefits does not mean that they are not eligible for bankruptcy. The payments that come from unemployment insurance are very low and there is a fund set aside by the government for that. With bankruptcy, the government can go after your assets and liquidate them in order to get the monies owed. As a matter of fact, in some bankruptcy cases, it will help you that you are getting unemployment benefits because it goes to show that you are not working and have a legitimate reason why you have not been able to pay your debts.

Bankruptcy and unemployment benefits are two entirely separate things. Assets can be touched with bankruptcy, whereas unemployment benefits are part of a social program to help people live their lives.

If you have a question regarding bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, asset protection, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free 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 explains mortgage modifications.

When are person is having trouble paying their monthly mortgage payment, there is one option called modification. This will allow you to keep your home and hopefully keep from filing bankruptcy. You are seeing some lenders taking 30 year mortgages and extending them to 50 years. This lowers your monthly payment, but increases the interest you pay on your home. The hope in this case is that the real estate market recovers and you can sell your home well before the 50 year period is up.

When doing a mortgage modification, be cautious of large upfront fees. A legitimate company may ask for a small processing fee, but a lot of the fees can be built into the new loan agreement. It's a good idea to ask your lender who they recommend and go from there.

If you would like more information on this topic or other bankruptcy topics, please contact our San Jose office at 408.279.2288 or 1800.941.6730. We at Sagaria Law can connect you with one our our experienced San Jose bankruptcy attorneys. We have bankruptcy attorneys located throughout California and Oregon to assist you with your bankruptcy questions. If you need assistance regarding a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! Please contact us to receive a free consultation or visit our website at www.sagarialaw.com to request an in-person consultation with an experienced bankruptcy attorney. We have an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting San Jose.

A San Jose bankruptcy attorney provides a brief overview on business creditor and debt.

The phrase business creditor means something specific in bankruptcy law, or at least something specific to a lawyer. The distinction may not matter much to an individual who wants to file under Chapter 7, Chapter 11, or Chapter 13. Unlike many other legal terms, there is not a complicated explanation about what it means. The average person does not need a law degree to sort this out.

What are Business Creditors?
Business creditors are people who lend businesses the money that the enterprise needs to conduct its operations. A business creditor can be a bank, credit card company or in very rare cases an angel. If the reader does not understand what angel means in this context, an angel is simply a venture capitalist for small businesses. As with any investment, the angel does expect to get money back for his investment eventually.

Can a Private Individual Have Business Creditors?
This can happen only if the private individual owns a business. Small businesses are often run as an individual proprietorship rather than as a limited liability corporations. In this case, business creditors and personal creditors can coincide. In most cases, they do not. When in doubt about which is which in a bankruptcy situation, do not hesitate to ask for expert legal help.

Please do not hesitate to contact us at our San Jose office by calling 408.279.2288 or 1800.941.6730 for your debt resolution needs. You can receive a free consultation over the phone, or request a free in person appointment at a Sagaria Law office nearest you. Please visit our website at www.sagarialaw.com and fill out a free online evaluation form to determine if you are a qualified candidate for bankruptcy. Sagaria Law's team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff at San Jose can assist you with all aspects of your bankruptcy case. We at Sagaria Law can assist you regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. and we are happy to help! Our bankruptcy attorneys located throughout California and Oregon can assist you with your bankruptcy questions.

A San Jose bankruptcy attorney discusses consumer debt.

As our economy continues to fail, more and more Americans find themselves becoming so far in debt that they are having trouble coping with it. It is estimated that consumer debt has reached over $2 trillion for the first time ever in our country.

Consumer debt is made up of any debt that is not an investment, with credit cards and payday loans leading the pack in consumer debt. Credit card interest rates can get as high as 26% once payments are missed. Many young people compound their debt by thinking a quick payday loan will solve their bill for the month. The problem with this is the interest rates on payday loans; you are paying such high interest rates, that when the note comes due, most people cannot make the payment, which then increases the debt with late fee and even higher interest.

One thing you as a consumer should know when the creditors start the collection process. There are certain guidelines set in place by The Fair Debt Collections Practices Act, which prevents collectors from demanding outrages amounts over the debt, they cannot harass or threaten you, they are not allowed to call your place of employment, they cannot under any circumstances reveal your debt to a third-party, and finally they may not contact you once they have received a cease communication letter.

We can answer all your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. If you need help regarding a bankruptcy in San Jose, call us at 408.279.2288 or 1800.941.6730 and we will be more than happy to offer you a free consultation over the phone. You can also fill out a free online evaluation at our website, www.sagarialaw.com, or request a free face to face appointment at a Sagaria Law office location close to you. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution needs.

A San Jose bankruptcy attorney explains the difference between a Chapter 7 and Chapter 13 bankruptcy.

Both Chapter 7 and Chapter 13 refer to bankruptcy filing. Chapter 7 is also known as straight bankruptcy. Corporations, partnerships and individuals can file Chapter 7 and not Chapter 13. Businesses generally file if the entity is operating at a loss and they no longer wish to continue operating. Filing for Chapter 7 bankruptcy can be either voluntary or involuntary. Under this type of filing, an appointed trustee gathers assets that can be sold and uses the proceeds to pay creditors what is owed.

Chapter 13 on the other hand is used primarily as breathing room. It allows a sole trader to continue operating while paying off debts incurred during the operation of the business. This usually requires that a debt repayment plan be put in place. Most, sometimes all disposable income is used to pay off outstanding debts to creditors. Due to the nature of Chapter 13, it can only work if the debtor has a regular source of income to meet the obligations of repayment according to the plan proposed.

While partnerships and businesses can file Chapter 7, they cannot file Chapter 13. Also, there is no maximum debt for filing Chapter 7, however, for Chapter 13, there are debt requirements.

At Sagaria Law, we offer an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting San Jose. If you need help regarding bankruptcy in San Jose, contact us at 408.279.2288 or 1800.941.6730 for a free consultation or visit us online at www.sagarialaw.com to request a free in person appointment at a Sagaria Law office location nearest you. We can answer your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation to quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose!

A San Jose bankruptcy attorney describes the Chapter 13 bankruptcy code.

Understanding the Chapter 13 Bankruptcy Code is important if you are considering filing bankrupting. Chapter 13 is for individuals who have monthly income with not enough money left over after paying their living expenses to pay all their credit card payments.

Under the Chapter 13 Bankruptcy Code, an individual can restructure their unsecured debt such as credit card or medical bills. When a person file Chapter 13, the court will look at how much their living expenses are to see if there are areas that could be reduced to help pay for their bills. Once the court has determined what is fair, a structured 5 year payout plan is ordered. The Bankruptcy Judge may even reduce the total amount of debt owed so the individual can pay off this balance in the five year period.

Will the Bankruptcy Court reduce my house payment or car payment? No, the court cannot reduce the monthly payments on your home or car. They are prevented by law in reducing debt that is secured by a lien. Your home and car falls under this category. File for bankruptcy under the Chapter 13 Bankruptcy Code made not be for everyone. Your debts maybe so out of control, your only option is to file Chapter 7 Bankruptcy. It is best to consult a bankruptcy lawyer to determine what would be in your best interest.

If you have a question regarding bankruptcy in San Jose please contact us at 408.279.2288 or 1800.941.6730 and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping, a cram down, asset protection, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist in all of these important areas. Please complete our free 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!