San Jose Bankruptcy Lawyer Blog

Credit is very important in today’s world of economics. It comes in handy for emergencies and financially challenging times. The best thing about it is everyone can be granted the opportunity to build good credit. 

Although this may seem like the best thing ever, one bad decision or misfortune can cause a lifetime of consequences. It does not take much to be introduced to the legal aspect of credit and its downfalls. This unfortunate decision is often not a decision at all but more of a final conclusion for many people.Nearly 300,000,000 people declared bankruptcy in 2009. Bankruptcy is the legal process in which a person declares being unable to repay outstanding debts. This may sound like a way out but it is actually a road to more difficult financial problems. For one, not everything can be dissolved in bankruptcy, such as student loans. In some cases you may be forced to give up your home and or vehicle. After filing, it stays on your credit for 10 years. The end result is higher interest rates, and extremely limited ability to use credit.

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

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 gives some tips to avoid involuntary bankruptcy.

If you are looking to avoid involuntary bankruptcy, there are several things you can do to avoid it. Some are just common sense while others are not.

1. Pay your bills on time. This is an obvious step to avoid involuntary bankruptcy, but it is not always possible, especially if a business is experiencing tough times.
2. Try to avoid alienating creditors. Creditors want their money and are willing to work with you. Small businesses often have a hard time making loans, especially early in their life.
3. Try not to have preferred payees. Businesses do not like being put off for other accounts, but it does happen sometimes. Oddly, this behavior can prevent a person from being forced to go through involuntary bankruptcy proceedings.
4. If you do find yourself facing involuntary bankruptcy, find a good lawyer. They can find a way to get a client out of proceedings, particularly if a creditor broke the law.
5. Pay attention to aggressive creditors. A lender cannot engage in aggressive practices to force someone into these proceedings. Involuntary bankruptcy requires a debtor to face all his creditors at once.
6. Go through your records to make sure they are up-to-date. If you can prove that there was no reason to bring the proceedings to court, you should do so.

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 explains why you may need a debt creditor law firm.

For people who fall under hard times and deal with mounting debts, finding a debt creditor law firm to help them through the process of filing a bankruptcy, or resolving a debt with a creditor may be the best way to go. This is especially true for those who have over ten thousand dollars worth of debt. There are certain things a debt creditor lawyer will be able to do that can make the process for the debtor less stressful.

Having a debt creditor law firm on your side can cause many things to happen. The first thing, is that the lawyers can file an automatic stay which will cause the creditors to stop their attempts to collect the debt. They will then help the debtor settle with the creditors or help complete a reorganization of assets depending on how much debt the person has, and what chapter bankruptcy they wish to file. The end result will be an organized procedure that benefits the debtor. Having a debt creditor lawyer will also ensure that the debtor is protected legally and has taken all the proper precautions and followed the right procedures for filing a bankruptcy or settling a debt.

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

A San Jose bankruptcy attorney explains a Plan of Reorganization.

Firstly, there are three generally known bankruptcy tactics used to clear debts and/or reorganize. A Chapter 7, Chapter 11, and Chapter 13 are most common. A debtor's plan of reorganization is usually via a Chapter 11 bankruptcy filing. In the legal parlance, it means a business or corporate reorganization in which assets are stipulated and disbursed after being approved by the court and the business creditors.

A debtor's plan of reorganization is subject to court guidelines. However, in some cases, depending on the reorganization plan, the current owners may be able to retain control of the business. Other times, depending on the strength of the creditors, the creditors may have enough leverage and power to become the new owners of the business and company. The only downside on this debtor's plan of reorganization is that they were merely investors, and may not have management or marketing experience to make the business successful which could lead, in time, to having this Chapter 11 reorganization repeat itself.

Keep in mind that a creditor could be a bank, but is more often one person or a group of private party investors, and the debt could be secured or unsecured with no collateral.

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

A San Jose bankruptcy attorney defines bankruptcy.

Bankruptcy litigation is a legal process people go through in order to obtain debt relief from a bankruptcy court. Filing bankruptcy is often done when a person has exhausted all other means of repaying their debts. The primary purpose of bankruptcy is to help a person relieve all of their debts so that they can have a fresh start.

Commonly, we think of individuals filing for bankruptcy. However, businesses can also file for bankruptcy. All bankruptcy litigation is handled by the federal courts rather than state level courts. Bankruptcy can occur in two ways: either voluntary or involuntary. If a bankruptcy case is filed voluntarily, then it is often done by the debtor. If the bankruptcy case is involuntary, filing is often forced by a creditor.

There are three main bankruptcy litigation types: these are known as Chapter 7, Chapter 11 and Chapter 13. Chapter 7 and Chapter 13 are used for individuals, while Chapter 11 is meant for businesses. During Chapter 7, a process referred to as liquidation takes place. All of the debtor's assets are sold, and the money gained is distributed to creditors and all remaining debt is canceled. Chapter 13 bankruptcy requires the debtor to agree to a three to five year debt repayment plan and creditors must reduce or eliminate all interest charges. This allows the debtor to keep his home and assets.

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 what is an automatic stay?

The U.S. Bankruptcy Code has a provision called the Automatic Stay. The Automatic Stay, under Chapter 11 bankruptcy, was designed to prevent creditors from pursuing collections on amounts due them from the entity filing the Chapter 11 bankruptcy. Those that request an automatic stay are typically firms, companies or businesses that are seeking debt relief through filing Chapter 11 bankruptcy. They do this by hiring an experienced Chapter 11 bankruptcy attorney who takes the necessary steps on the debtor’s behalf to request the automatic stay.

It should be noted here that it is only allowable to lift the automatic stay per the direction of the bankruptcy judge.

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!