A mechanic's lien, also known as a construction lien, is an incredibly powerful collection tool that is available to contractors and subcontractors in California. In fact, any party that provides materials or labor in an effort to help improve real property may seek a mechanic's lien against the property in the event that they are not fairly paid for their contribution. Essentially, a mechanic's lien will give a person or company a creditor's interest in that property. Of course, if the owner of the property declares bankruptcy, things can quickly become extremely complicated. If your company is dealing with a mechanic's lien and a bankruptcy filing by the party that owns the property, please contact an experienced San Jose creditors' rights lawyer for immediate legal assistance.
You've filed for bankruptcy in California. The last thing you may want to be thinking about right now is accruing more debts. However, if the court approved your petition for a Chapter 13 bankruptcy, it could take up to five years for you to complete the debt repayment plan. During that time, there's a good chance you'll discover you need some sort of credit before your repayment plan is complete.
If you have more money going out than you have coming in, you probably won't be able to sustain it for long. After a few months of you paying less than the minimum or skipping payments, your creditors will become impatient. You may begin to receive letters or phone calls warning you of what you already know - you are falling behind.
It may not feel like it's a good thing, but filing for bankruptcy seemed like your only choice when your business began to fail. You may now be wondering if you should look for a retail job or try running your own business one more time. The truth is that rebuilding a business after bankruptcy is not easy, but it is also not impossible if you are willing to do the work.
Chapter 11 bankruptcy is a beneficial reorganization tool for many financially distressed businesses. Filing Bankruptcy can help a business in many ways. You can reorganize your debt, both secured and unsecured. Bankruptcy can give you protection from your creditors while you litigate against businesses or person who have interfered with your business. Bankruptcy can also help you with your debt.
The Perishable Agricultural Commodities Act (PACA), which was passed in 1930, regulates the sale of fruits and vegetables. PACA covers a wide variety of situations, including what happens in the event that a produce buyer goes bankrupt. The Act provides sellers with powerful tools to collect payments and also has major ramifications on the creditors that lend to businesses that are within the scope of the regulations. California is one of the nation's leading producers of fruits and vegetables and it is critical that creditors within the state understand how PACA might impact their rights. If you have any questions about PACA and bankruptcy, please contact an experienced San Jose business bankruptcy attorney for immediate legal assistance.
Preference litigation refers to a lawsuit that has been filed by a debtor party, or a bankruptcy trustee, in an attempt to seek the return of payments made by the debtor company before it entered bankruptcy. Facing preference litigation is often extremely frustrating for creditors. If you are dealing with a preference claim, contact an experienced San Jose creditors' rights lawyer for immediate legal help.
Chapter 11 bankruptcy is a type of reorganization bankruptcy that is available to both individuals and business entities, although it is predominantly utilized by businesses. It is important to understand some of the ways that businesses can benefit for filing for Chapter 11 bankruptcy protections. For more information or for answers to specific questions regarding your case, call our office today to speak with a San Jose bankruptcy attorney.
According to recent reports, the average amount of student loan debt for a 2015 college graduate is $35,000. Not only has that number steadily increased in recent years, a greater percentage of students are taking out student loans to help finance their college education. Given the staggering amounts of student debt and the weak job prospects for graduates coming out of college, it comes as no surprise that we are seeing the highest rate of defaults since 1995. As a result, those borrowers may be facing a crippling amount of student debt and even considering filing bankruptcy.
Sometimes, it is very easy or tempting to ignore paying bills, such as taxes, student loans or even a court judgment entered against you. If you continue to ignore your debts for a significant period of time, creditors or debt collectors will take the next step and hit you where it hurts most-your wallet, and move to garnish your wages and/or bank account(s). However, garnishment of your wages or bank account will not occur until the court intervenes and issues a judgment requiring your employer to withhold wages or portions of your bank account(s) to pay back outstanding debts.