San Francisco Bankruptcy Attorney Blog

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What is foreclosure?

A foreclosure notice is a notice that you, or "the borrower," receives in the mail warning you of a pending foreclosure sale on your home. Typcially, the foreclosure notice is sent due to non-payment on a mortgage for a period of anywhere between 1-6 months, but typically the foreclosure notice is initiated once someone is 3-4 months behind and has made no contact with their lender. Foreclosure is the process by which the lender retakes possession of the property on which the mortgage was based. The lender’s interest is secured in the home and if there is a default in repaying on the note, the lender has the option of foreclosing on the property in order to satisfy the outstanding balance. If you have received a foreclosure notice or know someone who has, the worst thing you or they can do is nothing. Calling your lender right away to avoid foreclosure is the right thing to do. If you are unable to do so or your foreclosure is beyond the stages of reaching resolution with your lender, legal counsel shoud be sought.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 or (1800) 941-6730 for a free consultation or visit www.sagarialaw.com and request a free face to face appointment in a Sagaria Law office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Client Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

A San Francisco Bankruptcy Attorney discusses
the Fallout of Vallejo's bankruptcy...

Vallejo filed for Chapter 9 bankruptcy in 2008 and, according to the Vallejo Times Herald, the fallout continues to this day.

CIty officials hoped for economic recovery signs in 2009, and acknowledged the financial hardship would continue, not unlike debtors in Northern California who are faced with filing bankruptcy, only their financial harship can end with a Fresh Start when they file bankruptcy. The city of Vallejo is not so lucky.

With guesstimated city deficits projected to increase annually, between $7 million and $12 million annually for the next 5 years, adding to the the financial burden are layoffs planned back in December that will go into effect next month for 6 police employees (officers) in conjunction with some demotions in rank for other employees. This is in addition to a combination of 6 retirees and those that quit serving the police department in 2009. Again, a similar scenario when considering unemployment for San Francisco residents as a factor in bankruptcy filings.

As a municipality that California acquiesced to cover loans that Vallejo was borrowing November voter results caused a renewal of the city's existing telecommunications
utility users tax, worth about $5.2 million, to quote the article.

An over $1 million general fund reserve was established by Interim City
Manager Bob Adams, but its cushion only slight compared to Vellejo's reserve target of 15 percent of the budget.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

A San Francisco Bankruptcy Attorney discusses the potential bankrutpcy of Major League Baseball's Texas Rangers.

According to a Bloomberg report, the Texas Rangers may be headed for bankruptcy as a result of stumbling blocks with their sale initiated by controller and billionaire Thomas Hicks, of Hicks Sports Group, LLC. It is said that either the sale’s terms need to be determined or another buyer found.

Monarch Alternative Capital, which is said to be captaining the group of creditors owed money by Hicks Sports Group, LLC may take action to block the sale due to a $525 million default in debt from last year. A move like this would potential force the team into bankruptcy.

Although the debt discussions are private, it is said that the group of creditors is seeking $30 million additional funds from the sale of the Texas Rangers.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

A San Francisco bankrutpcy attorney discusses the bankruptcy of AmTrust Financial Corporation...

Recently, AmTrust Financial Corporation filed for bankruptcy. Amtrust has stated that the reason they are filing bankruptcy is because they had invested in home loans that had lost value during the recession. AmTrust Financial Corp is the parent company of AmTrust Bank, however the bank will not be included in the bankruptcy.

Peter Goldberg, CEO of AmTrust, pointed to the economic downturn, mortgage availability, and devalued homes as some of the main factors involved in the need to file bankruptcy. The company is filing for Chapter 11 reorganization, and listed over $169.5 million in debt. Altogether the company has about $11 billion in assets and roughly 1,700 employees.

AmTrust listed debts in the millions of dollars to companies such as Bank of NY Mellon, Allstate Life Insurance, Midland National Life Insurance Co., US Bank, and Phoenix Life Insurance Co. Many private stockholders were also listed.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

A San Francisco bankruptcy lawyer comments on Palm Beach Finance Partners LP's bankruptcy filing...

From my San Francisco bankruptcy law office, I read that Palm Beach Finance Partners LP has recently filed for bankruptcy due to the ponzi scheme lead by Thomas Petters. Petters is currently on trial for running a ponzi scheme where he received money from investors for non-existent deals, and kept a large amount of the money for himself and his business partners.

The scam is estimated to have cost investors more than $3.5 billion. Palm Beach Finance Partners LP said that they lost over $1 billion to the operation themselves, and that this loss is the reason for filing bankruptcy.

Petters blamed his business partners who are also defendants in the case, claiming that he had no idea that they were committing fraud. The other defendants testified against Petters, while he claims they were lying in the hopes of being let off a little easier.

Palm Beach Finance Partners LP claimed assets up to $500 million and debts up to $50 million in Chapter 11 papers filed yesterday in bankruptcy court. An affiliate, Palm Beach Finance II, said assets and debt each ranged from $500 million to $1 billion.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!