Today's baseball news seems to be surrounding the Los Angeles Dodgers and their owner's filing of Chapter 11 bankruptcy. The goal of the Dodgers is not to fold and end as a franchise, but to buy time from what they consider to be a hostile overreaching from Major League Baseball. The Dodgers are valued at approximately $800 million, with assets estimated at $1 billion, and debts at approximately $500 million. For those that follow baseball, and are interested in the plight of the Dodgers, their largest creditor as far as baseball personnel is Manny Ramirez. Mr. Ramirez no longer plays for the Dodgers, but is still owed $21 million. Aren't the Giants fans glad that he did not choose the Bay Area....???
It sounds like it will be an interesting summer in Dodgerland. I still am hurt from the Kirk Gibson home run in 1988, so I am not too sad about their case.
As related to consumers, we run across many individuals that simply need time to figure out some issues with their debts. This may be based on a foreclosure, bank levy, car repossession, or a lawsuit. Bankruptcy's automatic stay can help those in such a need.
For more information on the automatic stay, or other bankruptcy related questions, please call the Henshaw Law Office today at (408) 533-1075.
Monday, June 27, 2011
Thursday, June 2, 2011
Decline in Bankruptcies
According to the Wall Street Journal, bankruptcies are on the decline. They state:
"The number of consumer bankruptcies filed declined by nearly 14.8% to 114,803 in May from a month earlier, the American Bankruptcy Institute and the National Bankruptcy Research Center said Thursday. Compared to the same month a year ago, filings fell almost 15.7%."
The Northern District of California has reported that bankruptcy filings here in the San Jose area continue to rise, at least as of March 2011.
The Wall Street Journal's report proclaims that "the worst is behind us." Let's hope they are correct in their proclomation.
For bankruptcy questions, contact the Henshaw Law Office at (408) 533-1075.
"The number of consumer bankruptcies filed declined by nearly 14.8% to 114,803 in May from a month earlier, the American Bankruptcy Institute and the National Bankruptcy Research Center said Thursday. Compared to the same month a year ago, filings fell almost 15.7%."
The Northern District of California has reported that bankruptcy filings here in the San Jose area continue to rise, at least as of March 2011.
The Wall Street Journal's report proclaims that "the worst is behind us." Let's hope they are correct in their proclomation.
For bankruptcy questions, contact the Henshaw Law Office at (408) 533-1075.
Chapter 13 Valuation of Vehicles
If you are considering Chapter 13 bankruptcy to strip down a vehicle loan, one issue that debtors have to consider is the value that the courts will allow. In Chapter 13 cases, the value of collateral is defined as “the replacement value of such property … without deduction for costs of sale or marketing." In the case of vehicles, this is the retail value of the vehicle. To determine this amount, debtors and their attorney can utilize a couple options, including Kelley Blue Book and the National Appraisal Guides.
The difference between values can be quite substantial. For example, the retail value of a 2005 Toyota Camry with 50,000 miles is approximately $14,500, while the same vehicle has a private party value of $12,600 (as of 6/2/2011). Over a course of a three (3) year plan, this amount is equal to approximately $60 a month. The price a person could really obtain for the vehicle may be significantly less. However, the Bankruptcy Code regulates that a debtor does not get to simply estimate the value. These values are regulated.
Should you have any questions on Chapter 13 vehicle values or other bankruptcy questions, contact the Henshaw Law Office today at (408) 533-1075.
The difference between values can be quite substantial. For example, the retail value of a 2005 Toyota Camry with 50,000 miles is approximately $14,500, while the same vehicle has a private party value of $12,600 (as of 6/2/2011). Over a course of a three (3) year plan, this amount is equal to approximately $60 a month. The price a person could really obtain for the vehicle may be significantly less. However, the Bankruptcy Code regulates that a debtor does not get to simply estimate the value. These values are regulated.
Should you have any questions on Chapter 13 vehicle values or other bankruptcy questions, contact the Henshaw Law Office today at (408) 533-1075.
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