Sacramento Bankruptcy Lawyers Blog

Sacramento Bankruptcy Attorney Discusses Credit Counseling Within a Bankruptcy

Pursuant to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, in order to file an individual bankruptcy, you must obtain credit counseling from a government-approved organization within 180 days before filing. Furthermore, in order to receive your discharge, you must also receive a debtor education course during the course of the bankruptcy. While there are extremely limited exceptions to both courses in certain situations such as exigent circumstances or the U.S. trustee’s determination that there are insufficient credit counseling agencies available, for the most part all people who intend to file bankruptcy must comply. The two courses also cannot be taken at the same time.

In the initial course, an evaluation of the individual’s personal financial situation should be conducted, as well as a discussion of possible alternatives to bankruptcy including the formulation of a personal budget plan. Typically, this course runs anywhere between 60 to 90 minutes and can be completed in person, on the phone or online. The fee is somewhere in the neighborhood of $50.00 although if you cannot afford to pay this, you should request a fee waiver from the counseling organization before the session begins. Upon completion of the course, the credit counseling organization should issue you a certificate which must be submitted to the Court prior to or in conjunction with your bankruptcy filing.

The second course in the bankruptcy process is a debtor education course which should cover topics such as developing a budget, managing your finances as well as using credit wisely. As with the credit counseling course pre-filing, this course may be taken in person, on the phone or online with an approved provider. The duration and cost is roughly the same as the first course with the possibility of requesting a fee waiver in advance if you are unable to afford it. And as with the first course, you should receive a certificate upon completion of this course.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement 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, Sacramento and Roseville!

Sacramento Bankruptcy Lawyer Discusses the Progress of Station Casinos’ Bankruptcy Filing

In today’s disastrous economic climate, even the gambling industry is not spared as observed by this Sacramento bankruptcy attorney. In July 2009, Las Vegas based, Station Casinos, Inc. filed for Chapter 11 bankruptcy protection. In the months leading up to this move, the company attempted to reach a prearranged agreement with all of its lenders. However, this did not come to fruition with the parent company holding on to $5.7 billion in debt. A Station official stated that the company’s 18 casinos are completely separate entities (although owned by Station), would not be a part of the bankruptcy filing and would continue to operate business as usual.

Station now joins other smaller casino companies that have also filed for bankruptcy recently, including the Las Vegas Tropicana and Trump Entertainment Resorts in Atlantic City. They all point the finger to the ongoing reduction in consumer and corporate spending as well as significant cuts in tourism. Recently, Station reported still growing third-quarter losses in the midst of its bankruptcy filing along with continued revenue declines. The company now faces a different problem in attempting to fend off a possible takeover by rival Boyd Gaming Group, who only earlier this year made an offer for some of Station’s assets. Station’s losses went from $23.4 million to $455.4 million, while experiencing a drop in revenue of 19%.

Station was founded in 1976 with one casino by the Fertitta family. It slowly expanded by catering to locals who worked or lived in Las Vegas before eventually opening luxury resort casinos off of the Las Vegas strip. The company was taken private in 2007 in a leveraged buyout by the founding family and an investment firm.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement 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, Sacramento and Roseville!

Sacramento Bankruptcy Attorney Discusses Recent Bankruptcy Filing by Champion Enterprises

Champion Enterprises, a leader in the manufactured housing industry, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the District of Delaware (2009). The company was founded over 50 years ago in a small rural town in Michigan and later grew to encompass over 27 manufacturing facilities located throughout North America and Europe. The company provides factory-built housing and other structures throughout the United States, western Canada as well as the United Kingdom. Pursuant to the petitions filed with the bankruptcy court, Champion only included its U.S. operations in the bankruptcy filing and not those in Canada or the United Kingdom.

In a statement by its Chief Executive Officer, William Griffiths, the company had operated “for many years with a significant debt load.” To make matters worse, the “challenging economic conditions” were attributed in negatively impacting the company’s “capacity for debt.” In its papers, the company listed total assets of $576.5 million and total debt of $521.3 million. The company has stated that daily operations would continue through the restructuring.

As observed in Sacramento County and elsewhere, the construction industry has taken a hard hit through the current tough economic times. Champion indicated it had obtained a $40 million debtor-in-possession credit facility from lenders, some of which would be used for its operations in Canada and United Kingdom. The company has chosen to proceed with a sale process which would allow its lenders to participate after opting not to accept a third party offer. No matter what happens, the next few months will likely be precarious for the company as the housing and financial industries are not expected to improve.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement 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, Sacramento and Roseville!

Sacramento 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 Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement 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, Sacramento and Roseville!

Sacramento Bankruptcy Attorney Discusses Japan Airlines Recent Bankruptcy Filing

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 Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement 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, Sacramento and Roseville!

BigLaw Lawyers Jump to Small Firms, Law’s Fastest Growing Sector, ABA Journal, February 16th, 2010

The big opportunities in the legal profession are at small firms, Los Angeles Times, February 15th, 2010

Sacramento Bankruptcy Lawyer Discusses Bankruptcy Filing of Famed NFL Star Luther Elliss

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 Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement 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, Sacramento!

Sacramento Bankruptcy Attorney Discusses Ala Moana Center’s Reemergence from Bankruptcy...

Ala Moana Center, Hawaii’s largest shopping mall, emerged from bankruptcy on January 25, 2010 as a part of its’ owner, General Growth Properties’ restructuring. Ala Moana Center was among 96 properties owned by 180 General Growth debtors to emerge from bankruptcy with the final 16 loans totaling $2.1 billion that remain to be restructured expected to be completed over the next few weeks. General Growth filed for Chapter 11 bankruptcy in April 2009 in an effort to restructure 74 mortgage loans totaling $9.4 billion. The company owns or manages more than 200 shopping malls across the United States, including five properties in Hawaii. In total, all of its properties include more than 24,000 stores and about 200 million square feet of retail space.

The company filed for bankruptcy after amassing $27 billion in debt. It is the second largest mall owned in the United States and is the biggest real estate bankruptcy in United States history. The company also completed a four-year extension of a $155 million mortgage on the Caroline Place Mall in North Carolina. Other properties owned by General Growth that emerged from bankruptcy included Four Seasons Town Centre , Ward Centre, Ward Entertainment Center, Ward Gateway Village and Prince Kuhio Plaza.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement 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, Sacramento!

A Roseville Bankruptcy Lawyer Discusses the Treasury Department’s Home Affordable Modification Program

In an effort to stem the rising wage of foreclosures across the United States, the Treasury Department introduced the Home Affordable Modification Program (HAMP) which is designed to give millions of homeowners who have loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance in order to achieve more affordable monthly payments. $75 billion has been put into the program in an attempt to prevent millions of Americans from facing foreclosure. Although the program has started the mortgage modification process for approximately 760,000 homeowners at risk, less than 5% of those have become permanent modifications.

Since the start of the recession in 2007, more than 5 million mortgages have been forced into foreclosure proceedings and analysts expect another 8 million to 13 million more to follow in the next five years. The Treasury’s goal is to help modify approximately 3 to 4 million mortgages in 3 years, but even this lofty goal is still far outpaced by the number of current foreclosures, not to mention those anticipated in coming years, especially if you take into account that only 1% of the Treasury’s goal has actually completed the process. One of the main problems is the slow pace of finalizing modifications that are in progress. The three month trial period for the modification process also factors into the low conversion rate.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement 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, Sacramento!

A Sacramento bankruptcy attorney comments on the Mesa Air Chapter 11 filing...

On January 5, 2010, Mesa Air Group, Inc. filed for Chapter 11 bankruptcy protection. The company was founded in 1982 and is based in Phoenix, serving 127 cities in 41 states in North America. At the time of filing, it listed assets totaling approximately $975 million and debts of almost $869 million owed to as many as 10,000 creditors. Mesa Air was forced to seek bankruptcy protection after private negotiations with aircraft manufacturers and other parties broke down.
Due to its current financial crisis, Mesa Air has already parked 52 plans and has plans to eliminate another 25 from its fleet by May. Chairman and Chief Executive of Mesa Air stated that the airline’s primary purpose in filing for bankruptcy protection was so that it could break leases on some of the 130 aircraft in its fleet that it no longer needs. While the airline used to be considered one of the most innovative regional carriers, in recent years it has been weighed down by legal disputes and an unsuccessful joint venture in China.

The company will continue to operate through the restructuring, which was filed by Mesa for itself as well as 11 affiliated companies. Mesa’s Hawaiian joint venture was not include in the filing and will continue full operations. The company has long stated that it may seek Chapter 11 protection and is hoping by doing so will help to speed the settlement of a lawsuit with Delta, in which Mesa is seeking more than $70 million in damages. The lawsuit arose when Delta sought to terminate a contract before it ended in 2008.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement 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, Sacramento!