Sacramento Bankruptcy Lawyers Blog

A Sacramento bankruptcy attorney defines Chapter 9 bankruptcies.

A Chapter 9 Bankruptcy is a formal proceeding that allows municipalities to get relief from their financial debts. It is a way to provide help to the municipal debtors and creditors. A municipality can be towns, cities and counties. This is a way for the municipality to get their debt under control so the whole municipal will not feel the loss. Chapter 9 bankruptcy law is designed for reorganization not liquidation.

There are many reason why a municipal might need to file a Chapter 9. It can happen because of poor budgeting or a terrible tragedy. Most of the time, the problems that a municipality face will have a direct affect on it's people living there. Chapter 9 Bankruptcy Law allows a failing community to reorganize their debt and get back on their feet.

The reorganization process starts with a petition being filed with the court. Along with the petition is a list of all debtor's creditors. During this time, lawsuits and all collection activity must be stopped, also known as an automatic stay. Chapter 9 Bankruptcy law allows the debts to be repaid according to a court set repayment plan.

If you would like more information on this topic or other bankruptcy topics, please contact our Sacramento office at 916.792.6025 or 1800.941.6730. We at Sagaria Law can connect you with one our our experienced Sacramento 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 Sacramento.

A Sacramento bankruptcy attorney tells you 5 things you should never do with your US Bankruptcy Trustee.

Due to the unfortunate economic state and the rise in unemployment, bankruptcy is also rising. Your Bankruptcy Trustee is appointed by the courts to administer the debtor's estate. The trustee will look at your total financial picture.

1. Lie- Never lie or try to deceive the bankruptcy trustee, the cost of being caught is entirely too high. You may spend up to 5 years in jail if convicted of fraud in a US bankruptcy case.

2. Hide Assets- Never try to move property to another family member or friend’s name. Anything transferred within the last 2 years needs to be reported to the Bankruptcy trustee.

3. Skip Appointments- You must attend every court hearing scheduled; failing to do so may result in your bankruptcy being discharged.

4. Hide that you paid off family members first- All debts paid must be disclosed to the bank trustee, not doing so my result in your US bankruptcy being discharged.

5. Not providing all documentation- The bankruptcy trustee will need all documentation requested in order to settle your case.

Please do not hesitate to contact us at our Sacramento office by calling 916.792.6025 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 Sacramento 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 Sacramento bankruptcy attorney discusses Chapter 11 bankruptcies.

Chapter 11 bankruptcy allows a person or business to work with creditors when debts pile up too high. The following information about chapter 11 bankruptcy will allow you to determine what the needs are in order to satisfy your debt while remaining in business. The first recommendation to you is to get a lawyer. Chapter 11 is a complicated process, and your case could remain in court for years. File only once during a six-month time frame. Paperwork is extensive for Chapter 11; this will include a list of liabilities and assets, expenses and income, plus proof of credit counseling within 15 days.

There is more important information about chapter 11 bankruptcy that you should be aware of. Sitting down with your creditors to file reports regarding the financial situation will be required. You will file a payment plan within a few months, however after that your creditors will also be filing their own plans. Possibly the most difficult, is giving up control of the business. The business is still yours; however, filing chapter 11 bankruptcy allows you to be told how to run the business by the courts, creditors, IRS, and credit counselors.

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, discharging a debt, asset protection, etc. If you need help regarding a bankruptcy in Sacramento, call us at 916.792.6025 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 Sacramento bankruptcy attorney answers frequently asked questions about bankruptcy fraud.

A person who files for bankruptcy wants to avoid committing fraud, and a bankruptcy fraud FAQ may help a person avoid common mistakes. In general, this crime consists of the concealment or misrepresentation of assets. Punishment for this white-collar crime is handled at the federal level.

What Must Be Disclosed?
When a person files for bankruptcy, he must declare all assets he has on the forms. Assets must be declared even if the debtor does not believe an asset has any net value. The values, even those that are under, are included during the initial bankruptcy decision.

All Documents Must Be Provided
Another form of bankruptcy fraud is not providing documents to the judge. A debtor should make sure he has all the he needs.

Destroying Documents
A person cannot destroy documents when applying for documents for the same reason he cannot withhold the needed paperwork.

Falsifying Documents
Although this is harder to prove, a person cannot alter documents in any way. This one, like the other fraud indicators, is just common sense.

Strategic Bankruptcy
This does not count as bankruptcy fraud, but it may make a person more likely to undergo bankruptcy fraud proceedings. In general, a person’s mental state is used to prove his intent in bankruptcy fraud proceedings.

At Sagaria Law, we offer an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting Sacramento. If you need help regarding bankruptcy in Sacramento, contact us at 916.792.6025 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, Sacramento!

A Sacramento bankruptcy attorney describes the role of a beneficiary.

A beneficiary entity classified by a deed of trust used in a home loan. A deed of trust is a document where the title to real property is transferred from the borrower to a trustee, which holds it as security for a loan between the borrower and the lender. The lender is referred to as the beneficiary.

When the loan is fully paid, the monetary claim on the title is transferred to the borrower by reconveyance to release the debt obligation. If the borrower defaults on the loan, the trustee has the right to foreclose on and transfer title to the lender or sell the property to pay the lender from the proceeds.

If you have questions regarding bankruptcy in the greater Sacramento area , please contact our Sacramento Bankruptcy Attorneys at (916) 492-6025 or (1800) 941-6730 for a free consultation or visit www.sagarialaw.com and request a free face to face appointment in a Sagaria Law office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Client Care Specialists and Bankuptcy staff supporting Sacramento and Roseville consumers in debt 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, Sacramento and Roseville!

A Sacramento bankruptcy attorney defines an automatic stay.

When you file for bankruptcy, the automatic stay immediately stops any lawsuit filed against you and most actions against your property by a creditor, collection agency, or government entity. Especially if you are at risk of being evicted or being foreclosed on the automatic stay is a powerful reason to file for bankruptcy.

Bankruptcy will likely give around 2 months before the home is subject to relief from automatic stay. The lender will request the court to remove the property from protection of the automatic stay. The requirement for relief from stay is delinquency in payments. After relief from automatic stay the home is then set for sale.

A chapter 13 allows for the restructuring of debts per a proposed plan. Here a borrower can use Chapter 13 to cure the amount they are behind on while paying the ongoing home loan payment all while being protected by the automatic stay.

Please do not hesitate to contact us at our Sacramento office by calling 916.792.6025 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 Sacramento 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 Sacramento bankruptcy attorney

A foreclosure usually results when the borrower defaults on payments pursuant to the home loan. Once the borrower is in foreclosure a borrower may be able to prevent foreclosure if it pays the amount of the default plus foreclosure fees. If the borrower cannot make up the delinquency home loan modification should be explored. However if the modification process is taking too long or is not available a borrower may use Chapter 13.

A Chapter 13 allows for a borrower to cure the deficiency over 3-5 years. Chapter 13 filers opting to save their homes usually choose the 5 year plan in order to spread out the delinquency for a longer term and have a plan payment that meets their budget. Bankruptcies filed in the San Diego, Los Angeles, San Francisco areas allow for the filer to either pay the ongoing home payment directly to the lender or to their Chapter 13. Sacramento requires the ongoing home loan payment to the trustee.

If the Chapter 13 debtor makes all payments then the delinquency is cured and the home should not be able to be foreclosed on.

If you would like more information on this topic or other bankruptcy topics, please contact our Sacramento office at 916.792.6025 or 1800.941.6730. We at Sagaria Law can connect you with one our our experienced Sacramento 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 Sacramento.

A Sacramento bankruptcy attorney discusses how bankruptcy affects foreclosure.

Filing for bankruptcy invokes the automatic stay which is an injunction against all acts of collection. If your home is set for sale and bankruptcy is filed then the sale is an act of collection that must be stopped. A good practice is to fax a court stamped copy of your petition to notify the lender and foreclosure trustee that a bankruptcy was filed. Lenders will respect the automatic stay and no proceed with foreclosure.

Bankruptcy will likely give around 1-2 months before the home is subject to relief from automatic stay. These 1-2 months will allow for a home owner some time to make preparations for moving. The borrower can try to ask the lender for ‘cash for keys’ where money is given for moving expenses. Money for moving may deflate a borrower’s anger and prevent any damage to the property.

After the filing of bankruptcy, the lender will request the court to remove the property from protection of the automatic stay. The requirement for relief from stay is delinquency in payments. After relief from automatic stay the home is then set for sale.

A chapter 13 allows for the restructuring of debts per a proposed plan. Here a borrower can use Chapter 13 to cure the amount they are behind on while paying the ongoing home loan payment all while being protected by the automatic stay.

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, discharging a debt, asset protection, etc. If you need help regarding a bankruptcy in Sacramento, call us at 916.792.6025 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 Sacramento bankruptcy attorney explains the topic of foreclosures.

Foreclosure is the legal process by which the lender acts on a power of sale clause which is included in the deed of trust with such a clause. This process involves the sale of the property by the mortgage holder without court supervision.. This process is generally much faster and cheaper than foreclosure by judicial sale.

Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien.

California has adopted nonjudicial foreclosure procedures in which the mortgagee, or more commonly the mortgagee's servicer's attorney or designated agent i.e. the trustee, gives the debtor a notice of default (NOD) and the mortgagee's intent to sell the immovable property in a form prescribed by state statute; the NOD in some states must also be recorded against the property. This type of foreclosure is commonly referred to as "statutory" or "nonjudicial" foreclosure, as opposed to "judicial", because the mortgagee does not need to file an actual lawsuit to initiate the foreclosure. With this "power-of-sale" type of foreclosure, if the debtor fails to cure the default, or use other lawful means (such as filing for bankruptcy to temporarily stay the foreclosure) to stop the sale, the mortgagee or its representative conduct a public auction in a manner similar to the sheriff's auction. Notably, the lender itself can bid for the property at the auction, and is the only bidder that can make a "credit bid" (a bid based on the outstanding debt itself) while all other bidders must be able to immediately present the auctioneer with cash or a cash equivalent like a cashier's check.

The highest bidder at the auction becomes the owner of the immovable property, free and clear of interest of the former owner, but possibly encumbered by liens superior to the foreclosed mortgage (e.g., a senior mortgage or unpaid property taxes). Further legal action, such as an eviction, may be necessary to obtain possession of the premises if the former occupant fails to voluntarily vacate.

At Sagaria Law, we offer an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting Sacramento. If you need help regarding bankruptcy in Sacramento, contact us at 916.792.6025 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, Sacramento!

A Sacramento bankruptcy attorney writes about Chapter 13 bankruptcies.

Chapter 13 bankruptcy is a person's legal right to claim in the event of severe financial hardship. An experienced attorney can help advise a person about the technicalities of Chapter 13 and who is eligible. This type of bankruptcy allows a person to keep certain assets, such as a vehicle or home. A person must be able to prove that they have a job with enough income to pay off debts.

A trustee or attorney will determine how much of a person's income will be taken each month to pay off the entire settlement. The payment is generally garnished from a person's wages and sent directly to the trustee. The trustee then distributes the money to all the creditors.

An attorney will work with the creditors to get fees and either all or a portion of the interest removed from the total bill. The payment schedule is set up for a period of three to five years. At the end of the scheduled time frame, the petitioner must have fulfilled their previously agreed upon repayment schedule. During the course of the Chapter 13, creditors are not allowed to contact the person who filed bankruptcy. They are also restricted from taking any further legal action against the bankruptcy petitioner.

If you would like more information on this topic or other bankruptcy topics, please contact our Sacramento office at 916.792.6025 or 1800.941.6730. We at Sagaria Law can connect you with one our our experienced Sacramento 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 Sacramento.

A Sacramento bankruptcy attorney discusses Chapter 11 bankruptcies.

The United States Bankruptcy Code has a chapter labeled 11: cases filed underneath this chapter are typically referred to as a "reorganization" bankruptcy. A filing or petition with the bankruptcy course serving the local area where the debtor resides is the first step in the chapter 11 bankruptcy process. This process can either be voluntary or involuntary, depending on whether the creditors who file have the right to do so. Although most people who file for a chapter 11 bankruptcy do not have any money, they must provide at least $1000 to cover court fees, which are required with any bankruptcy case. During a voluntary petition, the courts will usually receive the debtor's basic information such as name, address, social security number, and the debtor's plan to file for bankruptcy. Once accepted by the courts, the debtor must then write a disclosure statement addressing a plan of reorganization. This means that the debtor will explain to the court what he or she plans to do with any remaining assets, liabilities, and business affairs so that they will not end up in the bankruptcy process again. Upon approval of the disclosure statement, the court will perform a confirmation hearing to determine whether to confirm the plan and whether or not to relieve the debtor of their debts.

Please do not hestitate to contact us at our Sacramento office by calling 916.792.6025 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 Sacramento 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 Sacramento bankruptcy attorney answers: Will My Lender Help Keep My House?

If the lender is participating in the Home Affordable Modification Program (HAMP) then it must help a borrower keep the home.

If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.

Homeowners who qualify must complete a trial period of three or four months to demonstrate that they will be able to make their reduced payments on time before their mortgage will be permanently modified. To create an affordable payment, your mortgage servicer can lower your interest rate to as low as two percent, as well as extend your mortgage term up to 40 years, or forbear (defer) payments on your principal. A portion of the principal can also be forgiven, although that is optional on the part of the servicer.

If you have questions regarding bankruptcy in the greater Sacramento area , please contact our Sacramento Bankruptcy Attorneys at (916) 492-6025 or (1800) 941-6730 for a free consultation or visit www.sagarialaw.com and request a free face to face appointment in a Sagaria Law office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Client Care Specialists and Bankuptcy staff supporting Sacramento and Roseville consumers in debt 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, Sacramento and Roseville!