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A San Jose bankruptcy attorney notes foreclosure in California...

California has posted the nation’s second highest foreclosure rate. Foreclosures in California are up 50% from the same time last year. California’s default notices and schedules foreclosure auctions are up 120% and 73% respectively. A recent survey shows that 7 out the top 10 metropolitan area foreclosure rates were in California. As San Jose Bankruptcy Attorneys who deal with clients facing foreclosure everyday and the devastating effects it can have with regard to adding additional stress to the bankruptcy process, we are glad to see that San Jose was thankfully not among the top ten, but its foreclosure rates are still dramatically up from last year. The hardest hit metro cities in Northern California are Vallejo-Fairfield, Modesto, Merced, Stockton, and Sacramento.

A chapter 13 bankruptcy can help consumers stop a foreclosure on their home. The 5 year (60 month) restructuring plan allows debtors to repay any arrears on their home over 60 months, so long as the homeowner is able to make their current mortgage payment in addition to the monthly arrears repayment. The benefit of this type of repayment plan is that the arrears cease accruing interest and the stress of a pending foreclosure is lifted.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.