November 18, 2010

Help! I'm Overwhelmed with Consumer Debt!

A Sacramento bankruptcy attorney describes the steps you can take if you seek debt relief.

It's easy to become overwhelmed by consumer debt. All it takes is an illness or injury that prevents you from working, a visit to the emergency room, or a few costly credit card purchases. If you find yourself in over your head, take the following steps.

1. Pay the Most Important Bills First
If you can't pay all your bills, focus on the ones that are the most important. These include rent or mortgage payments, car payments, and utility payments. Once these obligations are met, turn your attention to unsecured debt like credit cards and medical bills.

2. Stay in Touch with Creditors
If you are drowning in consumer debt, let your creditors know what is going on. Tell them what is happening in your life that makes it difficult for you to pay your bills, and offer suggestions for repaying the debt. (For instance, "I was just laid off. I can send you $10 per month until I find another job.")

3. Seek Credit Counseling
Look for a not-for-profit agency that will work with you at little or no cost to come up with a budget and a plan to manage your debt. Being overwhelmed by consumer debt is a scary feeling, but if you stay calm and get help, there are ways out of the hole.

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 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 Bankruptcy Law Firm office location close to you. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution needs.

Bookmark and Share

November 10, 2010

Tips for Consumer Debt Consolidation

A Sacramento bankruptcy attorney offers some tips on consumer debt consolidation.

Consumer debt consolidation is a common factor among many households in America with today’s economy. However, there are some tips to help you out when considering debt consolidation.

Tip #1
Always choose the company the company wisely. You do not want to get with a debt consolidation company that may add extra charges, leaving you owing more than what you were before. Make sure to ask questions, because you want to know everything upfront before diving into a deal with a company that may make your problems worse instead of better. Remember consumer debt consolidation is to lower your bills not to add on more money for you to pay back.

Tip #2
Make sure to stick with the agreed upon terms. The payment will be based upon a budget you and the debt consolidation company have agreed on. Therefore, making your payments is crucial to helping you resolve your debt problems.

Tip #3
During the time of your debt consolidation avoid taking on new debt. Set a budget for yourself and do not go over by adding on more debt, which could hurt your chances of getting your old debt paid off.

Tip #4
Check with your creditors each month to make sure they are being paid. Checking up on the consumer debt consolidation company to make sure they are doing their job because late payments and misunderstandings could also hurt your standing of becoming debt free.

At Bankruptcy Law Firm, 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 for a free consultation or visit us online at www.sagarialaw.com to request a free in person appointment at a Bankruptcy Law Firm 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!

Bookmark and Share

July 29, 2010

Help! I Am Overwhelmed With Consumer Debt!!

A Sacramento bankruptcy attorney responds to: Help! I Am Overwhelmed With Consumer Debt!!

Being overwhelmed with consumer debt occurs where the debt is too large, the interest rate is too high or both. The agreement to pay signed before the credit was given requires repayment of the debt in monthly installment amounts. The interest is usually commensurate with your FICO at the time the agreement is submitted. If the repayment terms of consumer debt outweighs the ability to repay then there are several options to deal with the repayment of debt.
Paying the minimum amount will only pay off the monthly interest incurred. Leaving the entire amount unchanged and the problem unsolved.

The debt could be paid off by settling with the credit card company and paying a reduced amount in a lump sum . This usually happens where the debt is unpaid for a couple of months. Many debt settlement companies focus on this aspect of debt settlement. They will agree to take installment payments in order to pay their fees and pool money to settle. While the payments are being made to the debt settlement the debt is considered late and interest is accruing. Moreover the agreement with the debt settlement company will not prevent creditors from taking legal action.

Many debts can be consolidated into one loan. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.
The last option should be bankruptcy. Bankruptcy will offer protection and a release of your obligation to pay depending on your income. If disposable income is high enough then Chapter 7 is not available. A Chapter 13 could be filed where a fraction of debts that equal your disposable income would be paid off over 5 years.

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!

Bookmark and Share

July 27, 2010

What is Consumer Debt?

A Sacramento bankruptcy attorney explains: What is consumer debt?

Consumer debt as defined by the Bankruptcy Code is debt or an obligation to repay money loan incurred by an individual primarily for a personal, family, or household purpose.

Examples of consumer debt are loans to buy a house, car loans, retirement account loans, personal loans from friends and family, lines of credit, home equity lines of credit. These debts can further be categorized as secured where the debt is backed by collateral or unsecured where the debt is not tied to any collateral.

Consumer debt usually requires repayment with interest. If the repayment terms of consumer debt outweighs the ability to repay then there are several options to deal with the repayment of debt.

To know and understand what these options are, give Bankruptcy Law Firm a call.

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!

Bookmark and Share

July 19, 2010

Bankruptcy Fraud Penalties

A Sacramento bankruptcy attorney details Bankruptcy Fraud Penalties

Bankruptcy fraud can occur either intentionally or unintentionally. Intentional bankruptcy fraud occurs when a filer will conceal assets in order prevent its liquidation by the creditors and trustee. Or a filer will incur debts and use bankruptcy as part of a scheme to avoid liability. There are instances however where there’s no intent to commit fraud but the act itself satisfies the requirements for nondischargabililty or denial of a discharge. These acts can range from running up debts and never making payments, misstatement of income on applications for credit, embezzlement as a fiduciary, or just plain bad faith. Other remedies by creditors or the trustee are the denial or limitation of exemptions.

The best step is to consult a bankruptcy attorney so that these events don’t occur during your filing.

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!


Bookmark and Share

July 14, 2010

Where can I find necessary bankruptcy forms in Roseville?

A Roseville bankruptcy lawyer talks about the necessary bankruptcy forms...

Where can I find necessary bankruptcy forms in Roseville?

What are the bankruptcy forms I need?
There are multiple bankruptcy forms that must be filed during your bankruptcy. Knowing what bankruptcy forms need to be filed and finding the necessary bankruptcy forms is the easy part. Knowing the bankruptcy code and interpreting the bankruptcy code for purposes of filling out the necessary bankruptcy forms is quite complicated and it is highly recommended that you have an attorney do it for you.

What are the necessary bankruptcy forms?
To begin your bankruptcy, you will need to file the following bankruptcy forms such as the voluntary petition, declarations, statement of current monthly income, a summary of schedules, your schedules, and a statement of financial affairs among other forms. Consult an attorney to determine the timing of filing these and other bankruptcy forms.

Where can I find the necessary bankruptcy forms in Roseville?
Well, if you are from Roseville, you are filing within the Eastern District of California. Therefore, you can visit the California Eastern District Bankruptcy website and go to the Bankruptcy Forms tab.

Again it is highly recommended that you retain bankruptcy counsel in order to help ensure the proper filing of the necessary bankruptcy forms.

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!

Bookmark and Share

July 9, 2010

What is Secured Debt, Sacramento?

A Sacramento bankruptcy attorney answers: What is Secured Debt, Sacramento?

To best define secured debt, its important to describe unsecured debt first. Credit or money is loaned only on the promise of the borrower to pay. If the borrower defaults collection depends on the ability of the borrower to pay.

Without the means to repay the creditor has to take a loss.
Secured debt in contrast requires the borrower to pay on the debt and is reinforced by a property right held by the secured creditor in the property held by the borrower. If the borrower fails to pay the monthly bill then the secured creditor can use the property to satisfy the debt by repossessing it and selling it. If the proceeds do not fully pay the debt then the secured creditor has a claim for the deficiency as an unsecured debt.

A secured creditor is in a better position than an unsecured creditor because it can collect on the debt and take back the property.

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!

Bookmark and Share

June 30, 2010

How do I make the creditors stop calling in Sacramento?

A Sacramento bankruptcy attorney has suggestions on how to make the creditors stop calling...

Late payments or any delinquent account will have the creditors calling. Whether you actually owe the debt or not, creditors and bill collectors will call.

One way to have the creditors stop calling is to pay the debt. The account will be current and there’s no reason to call.

If the debt is actually not owed but the collectors believe you owe it then record on paper when those calls are made and what was being said. The material you gather here may support a cause of action for violations of the Fair Debt and Collections Practices Act.

If you believe you are judgment proof or the statute of limitations on collection had run let the creditor know by sending a letter or responding to their civil complaint in state court. If creditors recognize that that you are judgment proof or the statute of limitations had run they should stop calling.

Finally, filing for bankruptcy imposes an injunction against all collection activity by your creditors. Any collection effort after you file subjects the offending creditor to sanctions by the Bankruptcy Court.

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!

Bookmark and Share

June 21, 2010

How Much Does Bankruptcy Cost in Roseville?

A Roseville bankruptcy lawyer explains: How Much Does Bankruptcy Cost in Roseville?

Bankruptcy Cost – The Filing Fee

The Bankruptcy Code sets the bankruptcy filing fees. The bankruptcy cost for filing a Chapter 7 bankruptcy is $299. The bankruptcy cost for a Chapter 13 bankruptcy is $274. Everyone who files for bankruptcy must pay the filing fee. It can be paid upon filing, or within four equal installments (with the court’s permission.)

Bankruptcy Cost – The Credit Counseling Fee

One small, yet often overlooked bankruptcy cost, is the credit counseling fee. Bankruptcy law requires every person who is filing for bankruptcy (regardless if it is a Chapter 7 or Chapter 13) to take two credit counseling courses. One before the petition is filed, and one before the discharge. Each credit counseling agency has its own fees. The cost averages around $30 per course.

Bankruptcy Cost - Legal Preparation

The bankruptcy cost of legal preparation varies. You can either file the bankruptcy petition yourself, hire a petition preparer (non-attorney), or an attorney to handle your case. The bankruptcy code is not as straight forward for a lay person to understand, so if you plan on filing your own bankruptcy be prepared to at least purchase a few training materials. Bankruptcy legal costs vary. You should consult your attorney.

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!

Bookmark and Share

June 8, 2010

How can bankruptcy help with debt relief?

How can bankruptcy help with debt relief?

Bankruptcy allows a filer to receive a discharge and its the principle incentive for filing bankruptcy. The discharge is by law the forgiveness of the balance of debts not paid prior to the filing of your bankruptcy case. The discharge is only given to the honest filer and works to relieve the personal liability on debts but does not terminate any lien on the filer’s property. The discharge of debts immediately helps to improve your creditworthiness by increasing your income to debt ratio. The FICO goes up!. The effect of the discharge in place even after the bankruptcy case is closed. No creditor can ever come back and collect on the debt once you’ve received your discharge. Yes, filing bankruptcy helps with debt relief.

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!

Bookmark and Share

June 7, 2010

What Is A Bankruptcy Exemption?

A Sacramento bankruptcy lawyer answers: What Is A Bankruptcy Exemption?

A creditor who has a judgment can execute or enforce judgment only on property of the defaulting borrower. States pass law that exempts certain property of a borrower from the claims of a creditor who obtained judgment. These laws are called exemptions and either allow the borrower protect property up to the value set by the state exemption laws. These exemptions are available outside of bankruptcy and within bankruptcy. Its here where an experienced attorney comes in useful by identifying the property of the borrower and exempting it. A competent attorney will always maximize the use of exemptions to protect his or her client’s property.

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!

Bookmark and Share

June 3, 2010

How Do I Keep My Car in Bankruptcy?

A Sacramento bankruptcy attorney tells consumers how to keep your car in bankruptcy?

To keep your car in bankruptcy its important to understand that a consumer bankruptcy whether its in Chapter 7 or Chapter 13 removes your personal obligation to pay on the debt. The creditor or lender has a security interest in the car which means that if they’re not getting paid on the loan that’s backed by the car then the security interest allows them to repossess the car in the event of default. There’s a twist to keeping the car depending on the chapter of bankruptcy you file.

Keeping the car in Chapter 7 bankruptcy requires merely that you pay the monthly amounts or more to compensate the lender for the rate of depreciation in the car. Lenders realize that a Chapter 7 discharge erases your liability so they don’t want you to drive the car and later escape from the debt if you later turn the car in. Therefore the lender proposes a reaffirmation agreement where you agree to have the debt held as nondischargable in order to keep the car. Not signing the reaffirmation agreement gives the lender to repossess the car even if you’re current.

Chapter 13 bankruptcy is a repayment plan. If the payments on the car are late or you propose to pay only the actual value of the car during the term of your Chapter 13 plan then keeping the car is dependent on making the plan payment. By making the plan payments the car’s loan is being paid off. Once the value of the car is paid off then lender should give title to the car.


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!

Bookmark and Share

May 13, 2010

Which Bankruptcy Chapter is Right for Me?

A Sacramento bankruptcy lawyer answers: Which Bankruptcy Chapter is Right for Me?

There are two policies encompassed within bankruptcy law – liquidation and repayment of debts or rehabilitation where the filer is kept as a going concern and debts are paid over time.

A bankruptcy filer will chose a bankruptcy law Chapter of bankruptcy depending on the filer’s assets, liabilities and goals.

Bankruptcy Law Chapter 7

A bankruptcy law Chapter 7 filing is usually chosen and recommended for those with a large amount of consumer debt who either have an income that is less than the median income corresponding to their household size or have an income with enough liabilities that leave them without a significant amount of monthly disposable income that could be used to repay their debts over five years.

A bankruptcy law Chapter 7 filing will leave financing on collateral with
the same terms entered into prior to the bankruptcy.

Bankruptcy Law Chapter 13

A bankruptcy law Chapter 13 filing is a reorganization that allows a bankruptcy filer to use the bankruptcy laws and propose different terms that enable the cure or catch up of past late payments and reorganization. A person filing under Chapter 13 can repay back taxes over the term of the reorganization at 0% interest. An attractive feature of Chapter 13 is repayment of financed item at its actual value as opposed to the payoff amount owed. The actual value is the secured value and the balance is treated just like credit card debt.

Some bankruptcy filers are forced to file Chapter 13 because they do not qualify for Chapter 7. Bankruptcy filers in this situation can either choose not to file bankruptcy and be responsible for 100% of their debt or file Chapter 13 and repay their debts according to their means.

Bankruptcy Law Chapter 12

A bankruptcy law Chapter 12 filing is a reorganization for those who meet the definition of a farmer. These bankruptcy filers file under Chapter 12 and use bankruptcy laws specific to financial
situations commonly encountered by farmers.

Bankruptcy Law Chapter 11

A bankruptcy law Chapter 11 filing is a reorganization that allows a corporation to receive a discharge of its debts and propose a plan of reorganization that will allow a business to start over without being burdened by loans it cannot repay or leases it no longer needs.

Chapter 11 is also the alternative to those who cannot file Chapter 13 because they exceed the debt limits for collateral backed debts and credit card type debts.

Your goals and the types of the debts you have will compel you to file under Chapter 7, Chapter 13, Chapter 11, or Chapter 12.

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!

Bookmark and Share

May 6, 2010

What Is Bankruptcy

A Sacramento bankruptcy attorney asks and answers: What’s Bankruptcy?

When a borrower files bankruptcy, collection procedures that are usually followed are replaced by a different system of rules and laws. The filing of bankruptcy has a deep impact on the borrower, creditors, and others that have an interest in the borrower’s affairs.

Bankruptcy has different forms and is flexible to provide
different outcomes. Characteristics that make is different from the state laws used by creditors to collect owed monies are:

1. Bankruptcy is a system that is under federal law.

2. It’s a system that encompasses all of the borrower’s assets and debts.

3. The bankruptcy system affords relief to borrower by resolving and settling current debts while protecting creditors and guarding their interests.

4. Bankruptcy is administered by a specialized system consisting of bankruptcy court, government officials, and private persons such as attorneys

Although all assets are included, bankruptcy does allow for the protection of property most necessary for a borrower to start over. If a borrower does not have the income to repay debts the bankruptcy system and the borrower fully discloses all assets and liabilities then the bankruptcy system allows for a fresh start free from the predatory debt incurred in the past. Proper planning and responsible spending after bankruptcy can lead to a financial rehabilitation.

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!

Bookmark and Share

May 4, 2010

Nondischargable Debt When Filing Bankruptcy

A Sacramento bankruptcy attorney comments on nondischargable debt when filing bankruptcy

On too many occasions a person filing a bankruptcy is lulled into believing that filing of bankruptcy is the answer to all their debt problems that is until their attorney receives a letter from a creditor’s attorney describing the facts and circumstances of usage that meets the definition of fraud. A creditor who can prove fraud may be able to hold the debt as nondischarable and therefore unaffected by the bankruptcy discharge. Using large amounts of credit in a short amount of time, making no minimum payments, or stating income that is higher than what was actually made at the time the credit card application was filled out will increase the odds of a nondischargability complaint being filed. In my experience the greatest number of nondischarability suits occur where the filer operated a small business incurring large amounts of debt to keep the business going or was a contractor dealing with an irate property owner who didn’t feel the work was up to par.

The nondischarability complaint is prefaced with a letter describing why the credit card company believes it has a case for prevailing on a nondischarability suit. The letter is an invitation to settle in order to save both sides the time and effort in litigation. The more the creditor has to expend on litigation the less slack will they give you on settlement and collection. A call to the lender explaining that the usage was in good faith may persuade the creditor in dropping its suit.

The creditor’s next step is to institute an adversary proceeding and file the complaint. What commonly occurs in these situations is settlement of the debt at say $150 a month until the debt is paid off. The creditor requests and is granted a default judgment holding the debt as nondischargable. The settlement usually has a provision for execution of the nondischargable debt by applicable state law if a payment is missed.

Proper planning and the realization that a nondischarability suit could occur may help in preventing one from being filed or mitigating the amount of debt owed.

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!

Bookmark and Share

May 3, 2010

Pre Bankruptcy Transfer For Exemption Planning

A word on Pre Bankruptcy Transfer For Exemption Planning from a Sacramento bankruptcy lawyer

The United States Bankruptcy Code allows you to keep property or assets such as a car, home, land and other assets by claiming them as "exempt" under Federal and State bankruptcy exemption laws. Your attorney attempts to apply exemptions to the fullest extent possible to protect all of your property. Planning is necessary to convert non exempt property into property that can be exempted.

When assets are converted to a form of property that can be exempted on the eve of bankruptcy its been held by courts that any inference of a fraudulent transfer is insufficient to establish a fraudulent transfer which makes it possible for a trustee to avoid the transfer and use the property to repay debts owed to creditors.

A trustee will have to show more than just the conversion of assets and the filing of bankruptcy. Of the badges of fraud that are most relevant to exemption planning are 1) the financial condition of the filer both before and after the transfer; 2) the existence or cumulative effect of a pattern or series of transactions or course of conduct after incurring debt, the onset of financial difficulties; 3) the pendency or threat of suits by creditors; 4) and/or a general chronology of events and transactions under inquiry.

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!

Bookmark and Share

April 30, 2010

No Plan Term In Chapter 13 If You Qualify

A Sacramento bankruptcy lawyer discuess Chapter 13 with regard to plan terms...

In one of the most important bankruptcy cases of 2008 the 9th U.S. Circuit Court of Appeals has ruled that the strict language of the 2005 bankruptcy reform law allows higher-income debtors to limit the amount of money and time for repayment of debts, though lower-income debtors do not share the same benefit.

Also, the 9th Circuit held that bankruptcy judges must stick to the terms of the 2005 bankruptcy reform law even though it treats higher-income debtors better than lower-income debtors when it comes to calculating income available to pay creditors in Chapter 13 reorganizations.

The decision provides a potential windfall for what the law defines as "above-median income debtors" because repayment plans can be created to pay creditors smaller amounts over shorter periods of time. Debtors in the "below-median income" classification must still make "reasonable" repayments for a minimum of three years.

The ruling allows the repayments to be for periods shorter than five years, meaning that if a debtor received a windfall after the shortened repayment period, the creditor would have no recourse to collect.

If the Chapter 13 debtor(s) projected disposable income comes out to be negative then there is no applicable commitment period or plan term. Hence a debtor with a 0 or negative disposable income is free to propose any plan term.

A negative disposable income is usually achieved by having large monthly liabilities such as taxes, car payments, child care, 401k loan repayments, 401k deductions and of course the $3,500 1st mortgage payment.

As one bankruptcy judge remarked “This creates an incentive for a higher- income debtor ‘to fiddle with his expenses and income just before he presents his creditor plan for confirmation, [s]o long as he can push up his expenses and delay receipt of income so as to show no 'disposable income' at the time of plan confirmation, he can propose such a short period of time that he can save any postponed income from the creditors' clutches."

This current law makes it even more advantageous to file Chapter 13. Many Chapter 13s are filed in order to pay $0 to the 2nd lien holder on a house while treating the balance as credit card type debt and getting it discharged. No longer will some above median Chapter 13 filers have to propose a 60 month Chapter 13. If after careful planning with an experienced attorney a Chapter 13 filer may be able to show the means to repay $0 and therefore propose a plan that is substantially shorter than 60 months. I would love to hear from attorneys in other 9th Circuit jurisdictions about their trials or sucessess in incorporating In re Kagenveama in their Chapter 13 plans.

Its been this author’s experience that Sacramento trustees permit at least 36 month plan terms for Chapter 13 filers with negative disposable income. One trustee has made it clear that he will object to a less than 36 month plan.

The dispute began when Chapter 13 trustee Edward Maney of Arizona challenged a repayment plan by Kagenveama when her bankruptcy petition showed she had an income of $74,000 a year and $1,500 per month in disposable income to dedicate to paying creditors. But as an above-median-income debtor, she was required to recalculate her living expenses under Section 1324(b)(3), leaving her with zero in disposable income.

She volunteered to repay $1,000 per month for three years, rather than the typical five-year commitment period. The trustee appealed, and the 9th Circuit agreed she could limit her repayment to three years at the lower amount, even though her income projections realistically showed a greater ability to pay.


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!

Bookmark and Share

April 23, 2010

Bankruptcy Audits

An "FYI" from a Sacramento Bankruptcy Attorney: Your Bankruptcy Can And Might Be Audited by the US Trustee...

Individuals who file for relief under Chapter 7 or Chapter 13 are subject to audits under the authority of the US Trustee. At least one out of 250 Chapter 7 and Chapter 13 cases will be randomly selected for audit. In addition, other cases will be selected for audit.

You are required to provide some additional information and records and cooperate with the audit firm hired by the US Trustee and provide this information promptly. There is no cost to you for the audit, except for the cost of making copies of documents needed for the audit. The information that you provide in connection with your case is subject to examination by the Attorney General.

The audit firm will file a report containing the results of the audit. A copy of the report will be provided to your attorney. If the audit firm finds material misstatements of income, expenses, or assets the Clerk of the Bankruptcy Court will notify your creditors.

Failure to cooperate with the audit firm or failure to reasonably explain to the bankruptcy court any material misstatements contained in the audit firm's report may result in the dismissal of your case or in the denial or revocation of your discharge, and, possibly in referral of the matter to the US Attorney for criminal investigation.

Audits are serious but if you’ve chosen the right attorney he’ll 1) have all the required documents, 2) submit a bankruptcy petition that’s consistent with your assets and liabilities, 3) list your income correctly, and 4) know what to expect because he or she had been through it before.

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!


Bookmark and Share

April 22, 2010

Transfer of Property

A Sacramento bankruptcy attorney answers Why Must I Disclose To The Trustee Or Any Interested Creditor Whether I’ve Transferred Property In The Past 2 Years*?

A credit card creditor takes the risk that a borrower will have no property to satisfy its claim. But if a borrower does have valuables and attempts to conceal or illegitimately dispose of it then the law gives the out of luck creditor some ability to retrieve the property so that it can be used to satisfy the debt owed.

A creditor can avoid or cancel the transfer property because the law sees the transfer as an abuse having the effect of defeating the justifiable expectations of the creditor.

There are two grounds for avoidance of the transfer: actual fraud and constructive fraud.

Actual Fraud
Over the centuries courts of law have identified typical patterns of behavior that create a suspicion of fraud i.e. badges of fraud. Some badges of fraud include transfers of property to a friend, a business insider or someone with close family connections; concealment of the transfer just before litigation or in the face of impending collection activity; or the transfer of property was made just before a significant amount of debt was incurred.

Constructive Fraud
Where actual fraud goes to the intent to conceal property, constructive fraud is found where facts give rise to an unfair diminishment of the person’s estate and should not be allowed. Here there is no inquiry into the transferor’s state of mind. For constructive fraud to be established the following elements are required: 1) the transferor did not receive reasonably equivalent value in exchange for the transfer, and 2) the transferor was in a shaky financial condition at the time of the transfer. This ‘shaky financial condition’ is established in one of three ways:

1.Transferor was involved in or was about to engage in a business venture and the transfer left the debt holder with insufficient capital for the venture.

2.The transferor was about to incur debts wit the actual intention of not paying them when due.

3.The transferor was insolvent i.e. expenses exceeded income.

If you feel you may have engaged in these transactions in the past whether intentional or not talk to an experienced bankruptcy attorney.

*Some trustees will go back as far as four years.

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!

Bookmark and Share

April 16, 2010

White House Party Crashers Not Immune from Chapter 7 Bankruptcy

A Sacramento bankrutpcy attorney comments on the Chapter 7 bankruptcy of White House Party Crashers

From my Sacramento bankruptcy firm, I recently read a little article about the couple that crashed President Obama's first official state dinner. It details the Chapter 7 filing and assorted debt of Mr. and Mrs. Salahi, which is said to include over $80,000 in credit card debt. Its a good read and a small insight into what I see both in our Northern Califormnia bankruptcy practice and what I see happening nationwide; business is slow, debt is high and bankruptcy filings are up. We all just don't try to gate crash the white house to get a reality show to help pay off those debts. Actually that brings up a question. If they filed for a Chapter 7 bankruptcy and presumably those debts will be discharged then why do they need the reality show money so bad? They should be basically debt free....

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!

Bookmark and Share

April 15, 2010

Projected Disposable Income Test for a Chapter 13 Bakruptcy

A Sacramento bankrutptcy attorney explains the projected disposable income test for chapter 13 bankruptcy...

The projected disposable income for someone filing Chapter 13 bankruptcy is measured by a standardized test that determines your means to repay the creditors over 5 years. If the gross income earned over the 6 months (annualized) before you file is greater than the median income in the state you are filing in then the means test is required.

The reason for the Disposable Income Test is to reduce the amount of discretion that courts have in determining a filer’s disposable income and press the filer into making a greater effort (or sacrifice) to repay a portion or all of his/her debts over 5 years. Some filers have a negative disposable income and others show some ability to repay debts over 5 years.

If the result of the means test is a positive figure then you would have to pay that amount for 60 months. A lesser amount can be proposed but if the trustee or a credit card creditor points out that less than the projected disposable income is being paid then the law forbids the court from approving the Chapter 13 Plan.

Where a Chapter 13 filer shows the means to repay the means test can be a really mean test.

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!

Bookmark and Share

April 14, 2010

A Sacramento Mom Co-Signs on her Daughter's Car, then Files Bankruptcy

A Sacramento bankruptcy attorney answers a bankruptcy liability question...

I was recently asked by a potential client in my Sacramento bankruptcy law practice, the following: "I was recently laid off from my job and need to file for bankruptcy. I have a significant amount of credit card debt that I am really seeking from relief from. The only reason I might not file for bankruptcy is because I am the co-signor on my daugher’s vehicle. Can I still file for bankruptcy without messing her credit up?"

Yes, you will be able to still file for bankruptcy without messing your daughter’s credit up. What will happen in your bankruptcy petition is the debt will be discharged against you. But as long as your daughter continues to make her car payments, they will not take the car away from her. In the event your daughter can no longer make the payments and she has the car re-possessed, since you filed for bankruptcy on this debt, you will not be liable and the lender will not be able to sue you.

The other option is for you to re-affirm the debt, however you should consult with your attorney prior to entering into any reaffirmation agreements.

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!

Bookmark and Share

April 13, 2010

Your Car and Chapter 7 Bankruptcy

A Sacramento bankruptcy attorney says: Is Your Car Seriously Upside Down? Redeem It!

Consistent with the fresh start goals of consumer bankruptcy a person filing for Chapter 7 bankruptcy can redeem their cars and pay its actual value in full instead of the loan amount and interest. This makes sense if the car is worth substantially less than the loan you applied for.

The first step is to find the price that a car dealer would charge for your car in its current condition. Alternatively, you could find the value of your car in excellent condition and deduct the amount it would cost to make the car marketable. The cost would include interior and exterior detailing, mechanical repairs, and the cost of any replacement parts.

Next you will have to find financing that matches the actual value of your car. Typical financing companies will provide the loan amount at 26% interest. Yes that’s high but the amount saved by paying a lesser principal may save you money and even lower your payment.

If you can either afford to pay the actual value or get approved for a loan then it may make more sense to redeem the car even though the latter option is at a higher interest.

Ensure that the price is reflected in your bankruptcy petition in Schedule B and that it is your intention to redeem the car in the Statement of Intention.

The Bankruptcy Code requires a filer to either exempt the car in interest or it be abandoned from the bankruptcy estate. The latter requirement requires a request to the court to compel the standing Chapter 7 trustee to abandon it and a $150 fee to the bankruptcy court. Exempting the car is the better route because no additional fee is required.

Next its best to be proactive and draft a motion to redeem prior to filing the case. Make sure the motion to redeem includes the value of the car, whether its exempt or abandoned and that its for personal use.

The petition is now consistent with a motion to redeem. After filing and learning who the trustee is, file your motion to redeem.

Once the redemption is approved the actual value must be paid in full within 30 days.

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!

Bookmark and Share

April 12, 2010

Creditors ask for tax returns in a Bankruptcy?

A Sacramento bankruptcy attorney answers the question: What Should I Do If A Creditors Wants My Tax Return In Bankruptcy?

Answer: Comply, If The Request Is Timely.

A creditor in a Chapter 7 or Chapter 13 bankruptcy can request your tax return if they file a request with the bankruptcy court more then 7 days before the First Meeting of Creditors. Do not provide your tax return if your close to attending your 341 meeting or after. If the creditor’s request is timely then and the tax return is not given, the creditor can request the court to dismiss the bankruptcy. The court must dismiss unless you can give circumstances that support an inability to comply.

Savy creditors have done this and its best to comply and send the tax return to the requesting creditor. The main purpose is likely to create another hurdle and get an opportunity to dismiss the case. I’ve seen many a bankruptcy attorney get upset and try to fight the request. Its best to just comply and move on.

See Section 521(e)(2)(ii) for the exact language.

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!

April 8, 2010

Check The Correct Box on the Statement of Intentions (Form 8)

A Sacramento bankruptcy attorney discusses foRM 8...

This entry will take a step by step approach on the reaffirmation process of a financed car in a Chapter 7 bankruptcy.

A Chapter 7 filer in their petition must indicate on the Statement of Intention (Form 8) they are going to reaffirm their vehicle by checking the box labeled reaffirm. They must also list the creditor holding title. This lienholder must also be listed in Schedule D – Secured Debts.

If the property securing the loan is personal property and an individual chapter 7 debtor fails to indicate in the statement that he or she either will redeem the property or enter into a reaffirmation agreement the automatic stay is automatically terminated and the property is no longer receives protection of the bankruptcy filing. The financing company may repossess without having to file any request with the bankruptcy court.

Stating ‘retain collateral and continue to make payments’ on a car is the equivalent of not stating any intention and protection will automatically lapse 30 days from the filing of the bankruptcy petition.

In conclusion make sure you check on the boxes on Form 8 with respect to your car. Never try to retain and pay if that’s your intent.

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!

Bookmark and Share

April 2, 2010

Property Lien

A Sacramento bankruptcy attorney says: If The Lender Does Not Garnish Wages They Will Put A Lien On Your Property

A nonpossessory nonpurchase money security interest is an interest where a lender takes an interest in consumer goods or tools of the trade. In bankruptcy this interest can be avoided to the extent that the security interest impairs an exemption in such property. Impairment occurs when a debtor cannot take an exemption due to the judicial lien encumbering such property.

Impairment of an exemption is measured by first comparing the value of the interest in the property in the absence of any liens against the total of the lien to be avoided plus other liens on the property plus the amount of the exemption claimed. The exemption is impaired to the extent that all liens plus the claimed exemption is greater than the value of the property.

The above calculation is the content of any motion to avoid a judicial lien. An abstract of judgment of the lien filed in the county where the property resides should be filed along with any request to avoid a judicial lien in order to show the court that a lien exists.

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!

Bookmark and Share

March 30, 2010

The Bankruptcy Filing of Six Flags

A Sacramento bankruptcy attorney discusses Six Flags, Inc. bankruptcy

Six Flags, Inc., one of the world’s largest operators of regional theme parks across the country filed for bankruptcy protection last summer, with a proposed plan that transferred almost all of its stock to senior lenders to reduce it’s debt. Under that plan, noteholders would receive approximately 25% of the new common stock and rights to purchase an additional 70%. News sources now report that bondholders of the corporation are asking a judge to terminate the company’s right to exclusively file a plan of reorganization. Instead, the bondholders claim they have a better proposal which would pay the note holders in cash and in full.

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!

Bookmark and Share

March 27, 2010

Fraudulent Debt in Bankruptcy

A Sacramento bankruptcy lawyer outlines fraudulent debt in a bankruptcy filing
Sacramento, as we approach the close of tax season and a close review of our financial straits, there may be some debtors who know they are going to file bankruptcy. For many this realization may be a difficult pill to swallow. Still, some debtors may take this as an opportunity to run up their credit card bills to pay for debts or necessities knowing they will discharge the debt when they file for bankruptcy. Not so fast my friends!

Debts from fraud are non-dischargeable. Thus, if a creditor can prove that your debt arose out of dishonesty, the court probably will not let you discharge that debt.

For example, you know you are going to file for bankruptcy, but your five year old daughter really wants a pony for her birthday. Being the kind parent you are, you pay $5,000.00 for your daughter’s beloved pony by using your credit card. A couple months later you file for bankruptcy after making only one payment on that credit card after purchasing the pony. In this situation a debtor should not be surprised to have the creditor object and the court agree this debt should not be dischargeable.

So, word to the wise, Sacramento, enjoy life. But do so responsibly.

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!

Bookmark and Share

March 25, 2010

Charter Communications' Bankruptcy

A Sacramento bankruptcy lawyer comments on Charter Communications emergence from bankruptcy

Last year, Charter Communications finally emerged from bankruptcy. The company filed for bankruptcy protection under Chapter 11 approximately seven months ago after facing significant financial hardship . Despite opposition to Charter’s reorganization plan from Wells Fargo, JP Morgan Chase, and other creditors, the company has successfully reentered the television services and broadband market. It’s reported that Charter was able to cut its debt load by approximately forty percent or $8 billion.

If you have a question regarding Bankruptcy please contact us at 1-800-941-6730 or visitwww.bkanswers.com and we can connect you with one of our experienced Bankruptcy Attorneys. After you have spoken with one of our bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of Bankruptcy Lawyers can assist you with all aspects of your case. If you are have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, a stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

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!

Bookmark and Share

March 21, 2010

Student Debt Bankruptcy Case

A Sacramento bankruptcy lawyer discusses in depth a bankruptcy case heard by the Supreme Court

These days most people who’ve gone on to college or graduate school carry large amounts of student loan debt. In this economy, it has become increasingly difficult for people to pay those debts back. Based on current laws it is extremely difficult to get rid of student loan debt by filing for bankruptcy, however it is possible to restructure the debt. So what happens when The Supreme Court weighs in on what the obligations of a lender and a borrower are when a student is unable to pay back student loan debt.

A particular 2009 case involved a debtor earning just over $6 an hour with approximately $13,000 in student loan debt. The debtor had no other debt except $13,000 in student loans. The debtor filed for bankruptcy protection under Chapter 13, and worked out a payment plan to pay off the loan and bankruptcy fees but not the accrued interest on the loan of approximately $4000. The lender was notified in writing and filed no objections. Six months later, a federal bankruptcy judge approved the plan, and despite being notified a second time, the lender did not file an appeal. The debtor completed his five year bankruptcy plan and the court declared his debts paid in full. Eleven years after the bankruptcy court had confirmed the original repayment plan, the lender tried to claim that the plan was illegal and void. A federal appeals court denied the lenders claim that is was taken advantage of. The lender, filed an appeal with the US Supreme Court.

It is the lender’s position that without a finding of undue hardship, a bankruptcy plan that discharges any part of the student loan debt, including interest is illegal. On the other hand, the debtor argues that the lender never filed an objection; and a final judgment was issued. Depending on the outcome, there is likely to be significant ramifications for the student loan industry.

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!

Bookmark and Share

March 18, 2010

Debts to Family Members when Filing Bankruptcy

A Sacramento bankruptcy attorney advises on paying back debts to family members prior to bankruptcy

It is not uncommon for people to borrow money from family members. Many people in contemplation of bankruptcy wonder if they can pay their family member back prior to filing for bankruptcy in order to avoid this person becoming a creditor. For example, Debtor’s brother loans him $10,000 to help through a tough time. Debtor’s financial circumstances do not improve and Debtor needs to file for bankruptcy. Debtor manages to come up with $10,000 prior to filing for bankruptcy and pays his brother back. Debtor then files for bankruptcy a month later.

In this situation, the $10,000 that the debtor paid to his brother is likely to be recovered by the bankruptcy estate. The general policy behind recovering these funds are that when a person files for bankruptcy, one creditor should not be preferred over another, or that all creditors should be treated equally. While an unfortunate circumstance, it is not advised that you pay back your family members in contemplation of bankruptcy.

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!

Bookmark and Share

March 4, 2010

Credit Card Usage Prior to Filing for Bankruptcy

Sacramento Bankruptcy Attorney Discusses Credit Card Usage Prior to Filing for Bankruptcy

With the state of the economy and the unemployment rate at record levels, relying on credit cards for all purchases has become a way of life for many Americans. However, individuals planning to file for Chapter 7 bankruptcy must be extremely conscious of their credit card usage as such usage pre-filing may be deemed unreasonable and fraudulent, thereby jeopardizing their entire bankruptcy filing. Anyone who has decided to file for bankruptcy or has hired an attorney to do so should immediately stop using their credit cards.

The natural inclination for many people planning to file for bankruptcy is to max out their credit cards before filing. However, doing so is highly discouraged as creditors will review all transactions on your account typically for at least a year prior to your bankruptcy filing. If the creditor considers your spending behavior abusive, it may challenge your right to discharge some or all of the debt incurred. This not only complicates your bankruptcy filing but also places your entire filing at risk, which ultimately is a far worse scenario. Thus with all pre-filing credit card usage, it is important to keep in mind the reasonableness standard which is the standpoint all such transactions will be viewed from by the creditors upon filing for bankruptcy.

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!

Bookmark and Share

March 2, 2010

United States Supreme Court’s Agreement to Hear Case Involving Student Loans

Sacramento Bankruptcy Lawyer Discusses the United States Supreme Court’s Agreement to Hear Case Involving Student Loans

More than a third of those people seeking post-high school higher education, apply for some sort of student loan. A large majority of these loans are guaranteed by the federal government which is also why federal law makes it next to impossible to discharge such debt. Student loan debt may only be discharged in cases of undue hardship under the bankruptcy code although there is no restriction on restructuring the debt.

This issue arose when Francisco Espinosa filed for Chapter 13 bankruptcy in or around 1994. His only debt was approximately $13,250 in federal student loans owed to United Student Aid Funds Inc. A plan was devised with the bankruptcy trustee in which Espinosa would pay off the loan with the exception of the accrued interest totaling approximately $4,000.00. The lender was notified in writing but filed no objections and thus the plan was approved by a federal bankruptcy judge. Espinosa lived up to the plan’s requirements, paying it off in installments upon which the bankruptcy court declared the debt paid in full.

Nevertheless, years later, the lender attempted to collect the accrued interest from Espinosa and eventually filed suit alleging that the Chapter 13 Plan was void as there was no showing of undue hardship which would have required the bankruptcy court to conduct an adversary hearing. A federal district court rules in favor of the lender but this decision was reversed on appeal to the Ninth Circuit Court of Appeals. It found that the lender had missed its opportunity as the bankruptcy court already made a final order discharging Espinosa’s debts. The United States Supreme Court has now agreed to hear the case. Hence what started as bankruptcy case involving a relatively small amount of debt could not have enormous ramifications for the entire student loan industry. Only time will tell what those ramifications will be but this Fremont attorney is eager to see what the outcome will 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!

Bookmark and Share

February 26, 2010

Credit Counseling when Filing Bankruptcy

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!

Bookmark and Share

February 11, 2010

The Bankruptcy of NFL Star Luther Elliss

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!

Bookmark and Share

January 13, 2010

Rise in Bankruptcy Among Middle Class Citizens

Sacramento Bankruptcy Attorney notices the rise in bankruptcy among the middle class...

Several news sources have reported a significant rise in personal bankruptcy filings last year.
As a Sacramento Bankruptcy Lawyer, I know that at least 1.4 million Americans filed for bankruptcy last year; many of them, your average, hard-working middle class citizen who had no other alternative after losing a job, seeing their business suffer, or facing foreclosure.

One local resident, Frank M. states that he found himself $100,000 in credit card debt, after losing his job 2 years ago and being unable to find a new one. He had cashed out his retirement to make ends meet, and when that was depleted, he turned to credit cards. He tried to consolidate his debt and work out a repayment plan through a debt relief agency but the plan did not work out. Feeling like he had no other alternative, he sought the assistance of a bankruptcy attorney.

Like Frank, many people that seek the assistance of bankruptcy attorneys these days were people who were living comfortably just a couple of years ago. These are hard-working people who could have never imagined that they would be filing for bankruptcy, and are extremely embarrassed and/or conflicted about not being able to pay their debts back. These are people who got in deep debt just because they were trying to make ends meet each month. Attorneys across the country say that they rarely consult an individual who had run up huge debt with no intention of paying it back.

People should be aware that filing for bankruptcy does not equate a moral failure on their part. It's actually an opportunity to clean the slate and start over.

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!

Bookmark and Share

January 11, 2010

Local Business Bouncing Back

Sacramento Bankruptcy Attorney states that there is news on local business...

News sources report that share of Sacramento based, Pacific Ethanol Inc. soared more than 80 percent this week after a positive report. Shares of Pacific Ethanol increased to $1.05 to $2.47 per share by midday and $2.65 the next morning. News sources report that almost 33 million shares traded as of the morning of January 11, 2010; this is about twenty times more than the average daily volume during the past month. The company’s ethanol producing divisions filed for bankruptcy protection last May after unfavorable market conditions. The company reports that they have now resumed ethanol production at it’s facility in Burley, Idaho after a 10 month shut down. Last month the company obtained the necessary court and lender approval to restarting the Burley plant, also known as the Magic Valley facility. The recent turn of events provides encouragement to other struggling businesses.

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!

Bookmark and Share

January 6, 2010

Travel Slump Effecting Hotel Businesses

Sacramento Bankruptcy Lawyer comments on travel slump...

In my Sacramento Bankruptcy Law office I read a news source report that California hotels are increasingly facing default or already in foreclosure. The travel slump which has also negatively impacted several airlines, along with declining real estate values, have forced many hotels into foreclosure. New sources report that figures released by the Atlas Hospitality Group indicate that hotels in foreclosure rose 313% from 15 locations in 2008 to 62 locations in 2009; and the number of hotels who have defaulted on their loans rose 479% from 53 locations in 2008 to 307 locations in 2009. The group further indicates that more than half of the foreclosed hotels have filed for bankruptcy protection. This news does not bear well for the commercial real estate market which is expected to have a significant impact on the number of bankruptcies filed in 2010.

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!

Bookmark and Share

January 4, 2010

Even Celebrities File for Bankrutpcy Jan 6 2010

A Roseville Bankruptcy Attorney makes note of celebrity bankruptcy filings...

News sources report that actor Barry Corbin has recently filed for bankruptcy protection. Corbin, who is an Emmy Award nominated actor gained fame for roles in televisions shows Northern Exposure, Urban Cowboy, and Dallas. Corbin’s house is Forth Worth, Texas is currently up for sale. New sources report that Corbin, like many others in the economy, fell on hard times and was unable to pay his bills.

Many people in this economy have come up against unforeseeable circumstances whether it is job loss, pay cuts, decline in home values, or bills which simply got out of control. Filing for bankruptcy can offer individuals in the appropriate circumstance a fresh start.

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!

Bookmark and Share

January 3, 2010

U.S. House Rejects Cramdown Measure

Sacramento Bankruptcy Lawyer Discusses the U.S. Houses’s recent vote rejecting mortgage cramdown measure

On December 11, 2009, the U.S. House of Representatives voted to reject a measure that would have allowed bankruptcy judges to change the terms of mortgages for distraught homeowners who were unable to keep up with their mortgage payments. The measure was defeated in a 188-241 decision. The controversial measure was introduced by Representative John Conyers (D-Michigan), chairman of the House Judiciary Committee. It would have allowed bankruptcy courts to reduce mortgage interest rates, adjust principal balances or extend the length of mortgages in an effort to save homeowners from foreclosures. Under the measure, homeowners would be required to seek a loan modification, upon which bankruptcy judges would determine whether the borrower was offered a qualified plan that would prevent them from changing the terms of the mortgage in the bankruptcy process.

Previously the House had approved a similar mortgage cramdown measure in March over the objections of Republicans and bank lobbyists. However, the measure was later defeated in the Senate. Of course, as with any controversial measure, both sides are hotly debated. Proponents of the measure claim cramdowns would help to stop the increasing number of foreclosures across the United States. Meanwhile, opponents of the measure state that doing so would raise costs for everyone and only serve to divert debt.

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 County!

Bookmark and Share

 
 
100% Money-Back Guarantee from Sagaria Law

If the courts do not accept your bankruptcy filing because of an error on our part, we will refund 100% of your money, including the filing fee!

At Sagaria Law, PC we want to guide you on the path to financial freedom and realize this is not an easy task for most. We respect your devotion to better your circumstances even with financial hardship and thus are willing to guarantee that if you retain us, we will do everything we can, legally and ethically, to help you become debt-free.

The Fine Print

The Sagaria law guarantee covers everything that a bankruptcy law firm produces in order to successfully complete a bankruptcy filing. We guarantee that it will be done in a manner that is accepted for filing with the bankruptcy clerk's office.

There may be reasons beyond our control that may cause a case to be dismissed. Therefore, the 100% Money-Back Guarantee does not guarantee;

  1. That you will receive a discharge.
  2. That you will receive a discharge of all debts or of any particular debt.
  3. That your case won't be dismissed for reasons not related to the paperwork being accepted for filing.
  4. That you, our client, will successfully complete all of your obligations including accurate disclosure of debts, completing your forms on time and attending your 341 meeting as scheduled.
  5. That you will not lose assets in chapter 7, or that creditors won't successfully argue for the repossession of collateral in chapter 13.
  6. That you will not encounter challenges of any kind to your bankruptcy case.

Take advantage of this offer. Get started now by completing your FREE online bankruptcy evaluation, accessible from our home page.

Click Here To Close This Window