Sacramento Bankruptcy Attorney Blog

Located in Roseville, Sacramento and Elk Grove CA

Sacramento Housing Market – Future Gains

Apr 20

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The Sacramento housing market has suffered the worst recession since the Great Depression and will unlikely recover any time soon. This according to an article by AOL News, which paints a bleak forecast for future economic growth in the Sacramento housing market. While it is impossible to know exactly how long it will take to recover, the article suggests that Sacramento may not recover the lose of home values until 2039. This is certainly unsettling news for many homeowners.

The problem was easy access to money and low interests rates which helped cause a surge in homebuyers. Put simply, home prices appreciated to ridiculous levels. Will increased foreclosures, high unemployment and the real possibility of rising mortgage rates, the housing market continues to stay depressed.

The depressed housing market has caused many to seek legal counsel in the form of bankruptcy. Bankruptcy can offer the possibility of a fresh start helping homeowners who are struggling to make their payments. Bankruptcy does not always mean you will lose your home. Sometimes by eliminating much of your unsecured debt you can have enough income left over to pay your mortgage. Of course, your home’s value is dependent upon market conditions so bankruptcy will not turn your home into a better investment. But, the prospect of losing your home can be a scary thought and you should consider all your options.

Contact a Sacramento bankruptcy lawyer today to discuss your options.

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Loan Modification and Bankruptcy

Apr 1

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Many struggling homeowners are looking for options to save their home and wondering if bankruptcy can help them do this. It is expected that many ARM will reset this year causing many homeowners to see a dramatic increase in mortgage payments. This is a real concern for many who feel that they will not be able to afford making the higher payment. Rising unemployment along with falling home values has presented a real problem for the US economy.

So what are lenders doing to get these homeowners back on track? Certainly, there are a few government programs out there aimed at helping homeowners. However, the numbers of Americans who actually obtain real financial relief is slim compared to the vast amount of people seeking the relief. However, Bank of America has just announced a program seeking to reduce mortgage principal.

According to an article published by Housingwatch.com, Bank of America will be offering a program to reduce homeowners mortgage principle who owe more than 120 percent of their home’s value. The program offers an interest-free forbearance of principle which can be turned into forgiven principle for over five years, which could result in a reduction of principle for up to 30 percent of the loan principle balance. The program is set to launch in May 2010. Only time will tell if this program will actually result in helping homeowners stay in their home.

The issue of principle reduction was considered by Congress a while back. Legislation was introduced to allow bankruptcy judges to reduce principle reduction, known as a “cramdown,” in Chapter 13 bankruptcy cases. However, this legislation was never passed. However, Chapter 13 can help homeowners save their home from from foreclosure by allowing homeowners to get caught up with the arrearages owed. Bankruptcy may also indirectly help a homeowner by allowing them to eliminate up to 100 percent of their unsecured debt, thus freeing up the necessary monthly disposable income to make the mortgage payment.

Contact Sacramento Bankruptcy Lawyer for more information how bankruptcy effects you and your home.

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Sacramento Unemployment Concerns

Mar 10

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Long term unemployment for residents of the Sacramento is a real concern. The latest unemployment rate for the state of California is 12.5 percent. Last year California lost a staggering 900,000 jobs. However, when you factor in Californias who are unemployed, stuck working part-time, or simply given up looking for a job, the rate is around 20 percent. This concern was addressed in a Sacramento Bee article on March 7, 2010.

The recent downturn in the economy is especially hard on the older workers. Many of these individuals have been employed for some time and recently are coping with a changing work climate. Many jobs are simply being eliminated or sent overseas. The big fear is that many of these older workers will not be able to find employment opportunities in this new depressed economy. What will happen when unemployment benefits run out? That is a scary thought and one that this writer is really concerned about.

As a bankruptcy attorney, I see too many individuals displaced. It seems like every day I face individuals who do not see any job opportunities out there. Were are the government programs to help these people? While extending unemployment benefits is necessary to provide relief to unemployed individuals, I continually grow concerned that many of my clients will not have a job once those benefits run out. What then? Maybe instead of bailing out the banks with billions of dollars and allowing these executives at the banks to take huge bonuses, the government should focus on getting people back to work by providing job training to the unemployed.

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The Commercial Real Estate Crisis and the “Zombie Shopping mall”

Mar 5

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The downturn the economy has been especially tough on commercial real estate. With consumer debt at high levels, access to credit cards and credit limits tightened, consumers simply have slowed their spending. This has caused business and shopping centers to face unprecedented losses in income.

In an article from Housingwatch.com, the recession has left malls and commercial office space in disarray. If these centers and space fail, it will likely take down more small and medium sized banks. The consequence of this will be that lending will further decrease. This is particularly troubling since consumer spending in down and commercial real estate values have fallen 40 percent from their recent highs just a few years back. Sadly, there are no government programs to aid commercial property owners who owe vastly more then the value of these properties.

What will likely happen? Well, it is likely that many of these “Zombie Shopping Malls” will be torn down. The concept of the traditional mall may be a thing of the past. As more and more people choose to shop online and consumers continue to lose their jobs and spend less, malls may be a thing of the past in future years.

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Unexpected Rise in Unemployment

Feb 26

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The economy continues to see a rise in jobless claims. According to US Labor Statistics there was a rise in jobless claims of 22,000 to 496,000 for the week ending February 20, 2010. This was cited in a DailyFinance article that raises concerns about the past two months of unemployment data continues to raise worries with US investors.

Here in the Sacramento region, we are all well accustomed to the high unemployment rate. This has caused a tremendous burden on individuals and their families, many of whom are worried that they may not be able to meet their mortgage obligations, among other bills. We can only hope that things will turn around. Unfortunately, hope alone will not be enough. Most economists agree that for an economic turnaround to occur, the economy needs to stop shedding jobs and instead, start putting people back to work.

Sacramento Bankruptcy Lawyer Joshua A. Sutterfield

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Foreclosure worries on the rise

Feb 24

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This year it is likely that the US economy will continue to see a rise in home foreclosures. According to a recent article from housingwatch.com, a real estate news source, there is a “shadow inventory” of nearly 1.8 million homes that are on there way to foreclosure. Many of these homeowners are late on mortgage payments or simply stopped making the necessary mortgage payments. This is despite the governments best efforts to curb this problem with the so-called Home Affordable Modification Program.

These same concerns were echoed at a bankruptcy conference that I had attended last week in Sacramento. The statistics continue to show that the waive of foreclosures will likely continue and that the government and the banks are not doing enough to help homeowners stay in their homes. With unemployment continuing to rise, Option ARMS adjusting and mounting credit card debt, it is likely that the best option for many of these people will be to seek the services of a bankruptcy lawyer.

If you are facing these troubles, I urge you to contact Sacramento Bankruptcy Lawyer Joshua A. Sutterfield to explore your options. I may be reached at 916.760.2400.

We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.

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Elk Grove’s megamall future is in question

Feb 8

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The local economy here in Elk Grove California has certainly suffered with the downturn in the local economy. According to a December 3, 2009 article in the Sacramento Bee, the Elk Grove Promenade’s future may still be in question. The 1.1 million square foot mall was halted in October 2008.

Hello, I am attorney Joshua A. Sutterfield, and my firm, Sutterfield Law Firm, represents individuals throughout the Sacramento area including the the cities of Elk Grove, Natomas, Roseville, etc. As an Elk Grove bankruptcy attorney, I have office locations in Elk Grove, Roseville and Sacramento. Call today to to set up an appointment 916.760.2400. Ask about our fees starting as low as $800 plus filing fee.

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Sacramento bankruptcy filings soaring to new highs

Feb 5

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The downturn in the Sacramento area has precipitated a huge increase in bankruptcy filings here in the Eastern District of California according to a recent article in the Sacramento Bee. As a Sacramento Bankruptcy Lawyer I too have noticed an influx of new clients. According to the article published Friday, January 8, 2010, there had been over 45,000 filing in 2009. This should come as no surprise to many here in Northern California who have experienced job loss, job furlough days, unmanageable credit card debt and foreclosure worries.

Hello, I am attorney Joshua A. Sutterfield, and here at my Roseville, California law offices, I work with individuals who are looking to get a fresh financial start through a Chapter 7 Bankruptcy. Contact my Firm today at 916.760.2400. Ask about our fees starting as low as $800 plus filing fee. For your convenience we have office locations is Roseville, Sacramento and Elk Grove California.

We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.

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Sacramento Bankruptcy Attorney

Dec 22

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Hello, I am attorney Joshua A. Sutterfield, and my firm, Sutterfield Law Firm, helps individuals throughout the Sacramento area file for bankruptcy relief.  I am an experienced consumer bankruptcy lawyer and I personally work with my clients to help them eliminate credit card debts, medical bills, etc., so they can get a fresh financial start.  I understand that the prospect of filing for bankruptcy can be a difficult situation.  That is why I offer a free consultation so that you can understand your legal options.

Contact the Sutterfield Law Firm today at 916.760.2400.

Ask about of fees for Chapter 7 bankruptcy starting as low as $800 plus filing fee!

3017 Douglas Blvd., Suite 300
Roseville, CA 95661
Phone: 916.760.2400

We are a debt relief agency.  We help people file for Bankruptcy under the Bankruptcy Code

Serving the greater Sacramento area, including the cities of Roseville, Rocklin, Lincoln, Citrus Heights, Natomas, Elk Grove, Folsom, Antelope and surrounding areas.

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