Sacramento Bankruptcy Lawyers Blog

A Sacramento bankruptcy attorney comments on mortgage modifications and bankruptcy.

When a person is having trouble paying their monthly mortgage payment, there is one option called modification. There are three areas that can be modified:
- Interest
- Principal
- Term

A modification can be one of the above or a combination of all the above factors. In some cases the lender will allow you to skip a few payments and add them to the back end of your loan. This really wouldn't be considered a modification.

A true modification is where a new agreement overrides the original agreement. 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 out to 50 years. This lowers your monthly payment, but increases the interest you pay on the 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.

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 writes about Chapter 9 bankruptcies.

Chapter 9 bankruptcy is the part of US Bankruptcy code that deals with municipalities and the help that they need in restructuring their debts. In 1934, bankruptcy in the United States was afforded to municipalities, mainly due to the Great Depression. Before that time, when a city or town was faced with debt they had to raise taxes in order to get the money.

One major part of Chapter 9 bankruptcy is collective bargaining. One advantage of this is that it gives municipalities the ability to negotiate on their own terms without any trustees or other help. It also gives them the ability to rewrite previous bargains that they had previously.

There have been some famous Chapter 9 cases in the US with some of those being Orange County, California back in 1994, Desert Hot Springs, California back in 2004, Vallejo, California in 2008, and Washington Park, Illinois back in 2009.

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 difference between an individual and a business filing for Chapter 11 bankruptcy.

Chapter 11 is the most common bankruptcy filing as it allows the debtor to remain in control of their possessions while they restructure their debt. To restructure a debt the value owed is reduced or eliminated. Both individuals and businesses are able to file for Chapter 11 bankruptcy protection but a couple main differences exist.

In individual Chapter 11 cases the Absolute Priority Rule is irrelevant. Unlike businesses, individuals are not required to repay all of their unsecured debt. For five years individuals are required to repay an amount equal to their disposable income. After five years the remaining debt is extinguished. In company Chapter 11 filings the business’s unsecured debt does not expire after five years.

The second main difference is the ability to handle the financial burden of the filing. Company Chapter 11 filings are expensive, but businesses are better able to handle the cost compared to individuals. Most company filers are multimillion dollar corporations. Despite that individual Chapter 11 cases are smaller than company Chapter 11 cases, the cost ranges from $10,000 - 30,000. Accordingly, individual chapter 11 filings are uncommon because individuals normally seek bankruptcy protection under Chapter 13 since the process is less expensive.

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 explains bankruptcy and the foreclosure process.

Learn about bankruptcy and foreclosure before you take the next step. Bankruptcy and foreclosure are two of the most important financial steps anyone can take. The effects of either one can affect you up to ten years. Either one of these can affect you getting credit if you need to buy a car or another home. Taking these steps requires you to really think about the outcome.

Can I keep my home if I file bankruptcy? Yes you can keep your home if you file bankruptcy. You must be current in your payments to the lender. The bank cannot foreclose on your just because you are going through bankruptcy. As long as you are current, then you can keep your home. Your Bankruptcy Attorney can explain how the laws work.

Can I let my home go back to the bank during foreclosure? Yes, you have that option. If you are unable to make your payments, you can let the bank foreclose on your home. Consult a bankruptcy attorney regarding your options during bankruptcy and foreclosure proceedings. They can advise you what is in your best interest. If you let your home go to foreclosure, you may not be able to qualify for a loan to purchase a home for a few years.

If you have a question regarding bankruptcy in the greater Sacramento area please contact us at 916.792.6025 or 1800.941.6730 for a free consultation or visit 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 ankruptcy 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 describes how businesses often handle bankruptcy.

You may be surprised to learn that many of our favorite business brands have at one point gone through bankruptcy. This is probably because we like to think of bankruptcy as the end of something rather than as a period of reorganization. We think that when a business declares bankruptcy that they are done forever, however this is often not the case at all.

A bankruptcy affect business in a number of ways. It does create a public stigma that the business may not be doing so well and that you should possibly consider choosing a different company to do business with. However, the financial aspect of how a bankruptcy affect business is a little bit different.

Most business file bankruptcy under the way of using it where they are allowed to reorganize their business while they try to get their financial affairs straight. It is a way of keeping away the creditors long enough that they are able to get a little breathing room and start to bring in profits again. When they do this, they are able to start to use that new money to pay off the debts that put them into bankruptcy in the first place. Businesses often use bankruptcy to reorganize, not to put the final nail in the coffin.

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 comments on California unemployment and bankruptcy.

The unemployment rate in California is still very high. Many people who end up facing unemployment may also end up facing a bankruptcy. The number of retail jobs may be on somewhat of a rise in the state of California, but the people who are looking for jobs in manufacturing and construction may have to continue to struggle. With the high amount of California unemployment and bankruptcy you aren't going to see a lot of people building homes in the construction sector. You can see a lot of video stores in the state of California closing and this is going to lead to an increase in California unemployment and bankruptcy.

A bankruptcy can be something that can impact a person or a corporation. A corporation does have to reshuffle assets from time to time after they get done with the bankruptcy process. A company may have to cut employees due to this bankruptcy process. The fact that so many corporations are struggling is what happens be causing an increase in California unemployment and bankruptcy. California has to find a way to get people back to work again. The retrofitting of buildings can help the employment situation in the state of California.

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 explains California tax debt and bankruptcy.

A lot of very wealthy and successful people can find trouble with California tax debt. Some very successful people such as successful business people and others have been struggling to pay off their California tax debt for years. The tax debt can and usually is caused by bad accounting practices. The California Department of Revenue tries to do everything they can in order to collect the revenue that it takes in order to properly run state government. A lot of people may need to hire a tax debt relief attorney in order to properly deal with these problems.

The truth is that bankruptcy will often not end up helping your problems when it comes to paying off your California taxes. People may end up talking about a wide variety of different taxes out there, many people open up franchises in the state of California. This means that you may find trouble when it comes to the franchise taxes that people may owe to the state. A good California tax debt attorney is also going to be able to help out with property taxes issues that a person may be facing, whether people are talking about commercial or residential property. The ultimate goal should be that a person will not have to end up filing bankruptcy over the tax debt.

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 writes about the California means test.

Question: How do I know if I pass the California means test?

Answer: The means test California is designed to limit the use of Chapter 7 bankruptcy to people who truly qualify. The first qualifier is income. If your current income per month is less than the average income for the state, then you pass. If you fall below the average income for the state of California then you do not have to complete the rest of the California means test. You are eligible to file for Chapter 7.

For those individuals who exceed the state average, the means test will get a little more complex. Individuals should calculate their disposable income or income that is left over after “allowed” monthly expenses. If the disposable income adds up to more than the California state means test standard, then you cannot file for Chapter 7 bankruptcy. There are California means test available online.

If you have a question regarding bankruptcy in the greater Sacramento area please contact us at 916.792.6025 or 1800.941.6730 for a free consultation or visit 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 ankruptcy 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 describes the role of a bankruptcy litigation attorney.

A bankruptcy litigation attorney can keep you out of financial trouble. You need to be making sure that you develop a good plan in order to make sure that you do not end up having to go to bankruptcy court. You need to learn how to manage your assets and not end up in bankruptcy court. You want to make sure that a litigation attorney can set up a plan for you to be able to strike a deal with your creditors. A creditor needs to be able to get paid and the bankruptcy litigation attorney can help you and the creditor find the way in order to get this done.

The attorney should be willing to fight for the needs of the consumer against the creditor in many situations. The creditor should not end up abusing the consumer and consistently harassing them with too many phone calls in order to get their money. You have to set the limits on the number of phone calls that a creditor can make and the attorney can help you protect yourself against the consumer.

An attorney can also help people who own businesses and also end up getting into financial trouble. Corporate bankruptcies are something that need to be dealt with.

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.