Sacramento Bankruptcy Lawyers Blog

In this bad economy, you hear a lot of news about foreclosure and loss of jobs hitting the middle class. Yet, these days, even the rich celebrities are getting hit hard by the economy.

#1 Gary Coleman

Coleman was once one of the highest paid child stars in history. Despite this, he filed for bankruptcy in 1999, due to carelessly spending his money as well as his long, expensive medical bills. Coleman once even had to work as a security guard, which was a complete downgrade from his star status.

#2 Kim Basinger

In 1993, Basinger had to file for bankruptcy due to losing $8.1 in a lawsuit. Basinger ended up selling a $20 million dollar town investment to pay of some of her debt.

#3 Dorothy Hamill

Hamill, an Olympic champion, once owned the Ice Capades. After a few years, it ended up being a choice that she regretted after she had to file for bankruptcy in 1995 after selling the company.

#4 Marvin Gaye

After a fourteen year marriage ended with divorce, Gaye became bankrupt. Eventually, he gained the money back after marrying his second wife in the year 1977 and having a #1 hit, which made his profits soar.

If you have a question regarding Bankruptcy in Sacramento 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.

Over the past few years, many people have struggled financially and have had to decide whether or not filing for bankruptcy would be the best way to get out of debt. If you do decide to file, there are three main reasons why you should hire an attorney.

The first reason why you should hire an attorney if you decide to file for bankruptcy would be because the attorney would consult you on your situation. An attorney will sit with you to decide whether filing would be the best course of action and tell you how you could benefit and what the next steps are.

The second reason why you should hire an attorney would be because they will handle all of the paperwork for you. When you declare you will have to fill out a lot of paperwork. If it is not handled properly, your declaration could become void. An attorney will ensure that this does not occur.

The third reason why you should hire an attorney when filing for bankruptcy is that they will negotiate with creditors. Through effective negotiations, the attorney could save you a lot of money, have your debt expunged, and minimize the effect filing has on your credit.

If you have a question regarding Bankruptcy in Sacramento 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.

Whenever a home foreclosure is filed in Sacramento, there is a particular set of steps that will occur. The first step requires the lender to file a Notice of Default with the County Recorder. A notice of the filing is sent to the borrower, who then has the option to pay off the delinquent amount plus any foreclosure costs, in effect stopping the foreclosure.

Ninety days later, a Notice of Sale is posted on the property and in one public location near the home. This notice must be published in a local newspaper once each week for three weeks beginning at least twenty days before the final step—the Trustee Sale Auction. The notice must contain certain information, most specifically the date, time, and location of the sale along with the property address and contact information for the trustee. It must also be recorded with the County Recorder at least 14 days prior to the sale or the home foreclosure cannot proceed.

The final step is the Trustee Sale Auction, which is a public auction that is conducted by a representative of the lender. Whoever wins the auction must immediately pay the full amount of their bid in cash or with a cashier’s check. In return, he or she will then receive a trustee’s deed and become the legal owner of the property.

If you have a question regarding Bankruptcy in Sacramento 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 Roseville bankrutpcy attorney explains the Bankruptcy Exit Plan

What is a Debtor’s Plan of Reorganization?
A Debtor’s Plan of reorganization is a method of prioritizing the debtor’s debts and paying off those debts that are of the highest priority with the limited amount of Debtor’s resources, and relieving the Debtor of liability for those debts that there are not enough resources to pay for.
A Chapter 13 bankruptcy provides individuals with a plan of reorganization. The Chapter 13 Plan of Reorganization places individuals on a repayment plan that lasts for a term of three (3) to five (5) years. During that time period, the Chapter 13 plan of reorganization prioritizes debts in the following order:

1) secured debts (are to be paid in full)
2) Priority debts – such as child support arrears and taxes (are to be paid in full)
3) Unsecured debts (are only entitled to a percentage)
Contact your attorney to get a better understanding of what your payments amounts under a Chapter 13 Plan of Reorganization might be.

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!

A Roseville bankruptcy attorney What is a bankruptcy exemption in Roseville?

A bankruptcy exemption is a law that states that a certain property is exempt from (or not subject to) being taken during the bankruptcy process. Each state has its own exemption system. There is also a federal exemption system. California has two exemption systems. If you have property that is considered exempt based on the exemption system that is used in your bankruptcy case, then you will get to keep that property (if you are filing a Chapter 7) or you will not have to pay creditors the value of that property (if you are filing a Chapter 13.)

How does a bankruptcy exemption work?

Exemptions determine what property of yours will be considered exempt. For instance, cars are often exempt up to a certain amount, equity in your home is exempt up to a certain amount, furniture is exempt up to a certain amount, etc. Any equity above the limit is considered nonexempt. One of California's exemption systems has a wildcard exemption that can be used towards your property as well.

What type of property is typically not covered under a bankruptcy exemption?

Some examples of property that are not covered under a bankruptcy exemption laws are: susbtantial equity in a high value car, interest in an investment property, expensive hobby collections, expensive clothing, jewelry, etc.

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!

A Roseville bankruptcy attorney looks at this bankruptcy blog topic: What is a bankruptcy exemption?

A bankruptcy exemption is a law that states that a certain property is exempt from (or not subject to) being taken during the bankruptcy process. Each state has its own exemption system. There is also a federal exemption system. California has two exemption systems. If you have property that is considered exempt based on the exemption system that is used in your bankruptcy case, then you will get to keep that property (if you are filing a Chapter 7) or you will not have to pay creditors the value of that property (if you are filing a Chapter 13.)

How does a bankruptcy exemption work?
Exemptions determine what property of yours will be considered exempt. For instance, cars are often exempt up to a certain amount, equity in your home is exempt up to a certain amount, furniture is exempt up to a certain amount, etc. Any equity above the limit is considered nonexempt. One of California's exemption systems has a wildcard exemption that can be used towards your property as well.

What type of property is typically not covered under a bankruptcy exemption?
Some examples of property that are not covered under a bankruptcy exemption laws are: susbtantial equity in a high value car, interest in an investment property, expensive hobby collections, expensive clothing, jewelry, etc.

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!

A Sacramento bankruptcy attorney considers the question: Do I Need Counseling Before Bankruptcy?

The short answer as to whether you shoud have counseling before bankruptcy is, of course and In most cases, yes!

In 2005 Congress started to require credit counseling as a prerequisite towards filing. The course must be approved by the U.S. Trustee an arm of Department of Justice and must be taken within 180 days before the filing of your bankruptcy case. The credit counseling also describes some of the different chapters of bankruptcy and provides a detailed budget analysis. After counseling a certificate is given must be filed with your bankruptcy petition. If credit counseling is not done then your case will be dismissed.

There are some exceptions for the credit counseling certificate.

If you cannot provide a certificate at filing then you must provide it within 14 days after you file.

If you request credit counseling services but cannot obtain counseling within 7 days before you file and have an emergency situation the requirement for counseling may be waived depending on the emergency.

Those who either are incapacitated, disabled, or in active military duty are excused from credit counseling.

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!

A Sacramento bankruptcy attorney informs: Where can I find the necessary bankruptcy forms in Sacramento?

The necessary bankruptcy forms in Sacramento or any other city can be found on the district court’s website in the jurisdiction for which you live in. For Sacramento: click here, then choose the the link on the upper right hand side.

For a nominal fee the clerk of the Bankruptcy Court can provide hard copies of all the necessary bankruptcy forms for a petition.

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!