San Francisco Bankruptcy Attorney Blog

A San Francisco bankruptcy attorney answers: Can I File Bankruptcy While Unemployed?

Do I need a job to file bankruptcy? A lot of people wonder whether you can file bankruptcy while unemployed. There is nothing in the bankruptcy code that prohibits the filing of a bankruptcy petition while unemployed. There might be certain limitations depending on which chapter you choose to file under, however, so further inquiry might be needed into your situation.

What limitations might exist? For those who want to file under chapter 13 and repay some of their debts, whether it be past due mortgage payments or a delinquent car loan payment, prior to being able to do so, the bankruptcy code requires that you have some sort of verifiable source of income. This can be from any source, however, so long as the amount is enough to cover all of the chapter 13 expenses. For those filing bankruptcy while unemployed it means that you must have some other stream of revenue generation in order to show the court you can make the planed payments.

If I want to file under chapter 7, is that ok? Yes. Those who want to file chapter 7 bankruptcy while unemployed will not have any issues regarding the lack of income. Chapter 7 looks for any potential repayment of creditors through a liquidation of all property that cannot be exempted under California law. In most cases, an individual is able to keep all of his or her personal property so there is generally no concern about losing anything in order to repay unsecured creditors.

What happens if I get a job after I file? Generally nothing. The bankruptcy court and trustee will look at the last six months of income prior to filing to make a determination about your financial situation. If you obtain employment after your bankruptcy petition is filed it usually has no affect on your bankruptcy case. Even if you obtain employment prior to filing your petition, so long as the last six months of your income does not put you over the median household income limits, there should be no issues that would disqualify you from a chapter 7 filing. If a chapter 13 plan is sought instead of chapter 7, being employed increases the chances of having a successful repayment plan confirmed by the court.

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 Jose Bankruptcy Attorney explains how a short sale or foreclosure can create an unexpected tax bite that a Chapter 7 bankruptcy can prevent.

Given the current state of the economy and the drop in housing values, may people are pursuing short sales to avoid the stigma of a foreclosure on their credit report. What many of them do not realize is that both a short sale and a foreclosure can lead to unexpected tax hits from the IRS if they used home equity loans when the value of their home is high. If the home equity loan, is forgiven in the short sale or foreclosure, you can owe taxes on the amount forgiven from the second mortgage as taxable income.

This is not the case in a Chapter 7 bankruptcy filing. In a Chapter 7 bankruptcy, the estate is liquidated, and any erased debts are not taxable by law. In a Chapter 13 bankruptcy filing, the estate is “reorganized” and the debtor is allowed to pay back some of the debts based on his or her income. Your bankruptcy attorney can help you sort through the options available to you and can explain any possible tax consequences of a Chapter 13 bankruptcy.

Bankruptcy is not the end of the world financially, nor should it be used lightly. To that end the 2005 bankruptcy reform law set guidelines on how long a filer must wait before he or she can file for bankruptcy following a Chapter 7 or Chapter 13 bankruptcy filing.

Equity loans come back with a bite, The Press Democrat, December 5, 2009

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 offers 4 tips on finding a Bankruptcy Attorney who is right for you...

On You
As with any area of the law, it is important to be precise in selecting an attorney who will respond to your personal situation. An attorney that is too busy to meet you individually and to answer all of your questions in a timely fashion may not be the one for you, especially with regard to handling your finanical future and how filing bankruptcy can benefit that.

On Referrals
Sometimes, the best way to find a trustworthy bankruptcy attorney is consider recommendations from family, friends or other members of the community, especially from an attorney or community member that you know and respect.

On Paperwork
You should carefully read retainers and other documents the attorney asks you to sign. You should not hire an attorney unless he or she agrees to represent you throughout the longevity case. Remember to ask questions with regard to expectations (yours and your bankruptcy attorney's), timelines, paperwork, and deadlines. If the bankruptcy attorney cannot answer your questions in terms that are clear and easy to understand, you may want to consider moving on.

On Price
Many of the best bankruptcy attorneys may not advertise at all, so remember that
in bankruptcy, as in all other areas of life, the person advertising the cheapest rate is not necessarily the best.

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 bankrutptcy attorney answers the question: Will Bankruptcy Remove Student Loans?

Answer: Generally, bankruptcy will not remove student loans. In order to remove student loans in bankruptcy a debtor must file an adversary proceeding and demonstrate the student loans represent an undue hardship. The burden of proof lies with the debtor and is extremely difficult to overcome. An experienced bankruptcy attorney can describe in more detail how to remove student loans through bankruptcy.

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 speaks to Local Governments and Chapter 9

The Bankruptcy Code provides relief for municipalities and local governments in addition to individuals and businesses. Municipality reorganization is found in chapter 9 of the bankruptcy code and is only available to local governments, municipalities, public agencies, and political subdivisions.

Local governments and chapter 9 filings are much less common that individual and business filings, however chapter 9 filings are not unheard of. Chapter 9 reorganization differs from individual filings in the sense that the local governments have much more control over the reorganization plan, thanks in part to the 10th Amendment of the U.S. Constitution – which protects states rights from federal government interference.

One of the biggest differences between chapter 9 bankruptcies and other chapters of the bankruptcy code is the fact that there can be no involuntary proceeding brought under chapter 9. Another big difference is the ability of the political entity to raise taxes and implement other revenue generating programs without court approval. Municipalities can also invoke broad power when dealing with public employees operating under a collective bargaining agreement.
The bankruptcy court does possess some power, however, and can dismiss petitions that were not filed in good faith or petitions which appear to be abusive or filed simply to take advantage of the bankruptcy powers. The most well known recent example of a chapter 9 bankruptcy filing was in 2009 when the City of Vallejo, CA filed in order to alleviate budget problems and reorganize its finances.

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 Creditor Harrassment...

Many debtors contemplating filing bankruptcy receive creditor harassment. Many times the creditor harassment revolves around constant and obnoxious phone calls. What many debtors may not know is that this creditor harassment may violate both federal and state law. Moreover, these calls can be stopped through the bankruptcy process. Any debtor who is contemplating bankruptcy and wants to stop creditor harassment should contact an experienced bankruptcy attorney.

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 provides a Chapter 7 FAQ

What is chapter 7?
Chapter 7 bankruptcy is known as the liquidation chapter, meaning that all of your personal property that you cannot exempt from the bankruptcy is liquidated in order to repay creditors. Generally those filing for chapter 7 can exempt all of their personal property, leaving nothing to be repaid to creditors.

Can I keep my house or car in chapter 7?
Yes. It is possible to keep your house or car when you file under chapter 7, so long as you are current on the payments (or your car is not worth more than the exemption limit if you own it outright).

Can I choose which credit cards to keep and which debts to have discharged?
In a chapter 7 bankruptcy you cannot choose which debts you wish to have discharged. All of your credit cards and other unsecured debt will be listed in the bankruptcy, and if the debt is eligible for discharge, it will be.

Can chapter 7 discharge student loans?
Generally Student loans are very difficult to have discharged. Most debtors who file chapter 7 do not have their student loans discharged, however speaking to an experienced bankruptcy attorney is imperative when dealing with discharges of this nature.

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 responds to the question: How can Bankruptcy help my debt relief?

Answer: Bankruptcy can immediately provide a debtor with debt relief. Specifically, bankruptcy can provide a means for a debtor to eliminate or discharge many debts. Moreover, filing bankruptcy can also stop wage garnishments, harassing phone calls, and foreclosures. Thus, bankruptcy provides many avenues to debt relief.

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 answers: Will Bankruptcy Remove Student Loans?

Are student loans dischargeable?
Possibly. Generally a debtor cannot remove student loans when a bankruptcy discharge is entered unless it can be shown that the student loans impose a hardship upon the debtor or dependents of the debtor. It is, however, very difficult to prove a hardship exists.

Do I have to list my student loans on my bankruptcy petition?Yes. Even though you generally will not be able to remove student loans from your list of financial obligations, they loans and holders of those loans must be listed in the bankruptcy petition.

If my student loans are the only debt I have, should I file bankruptcy?
Unless you are very confident in your ability to prove a significant hardship it is generally not the best course of action to file for bankruptcy. If you have high student loan debt coupled with other debt, then bankruptcy might be an option because discharging the other debt would allow you to focus on repayment of the student loans.

My student loans are fifteen years old - do I still have to repay them?Yes. There is no cut off period for when student loans become dischargeable. You will still be obligated to repay whatever balance is owed on them.

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 asnwers: How Can Bankruptcy Help My Debt Relief?

What types of bankruptcy are offered to individuals? For those seeking debt relief, the bankruptcy code provides for several types of bankruptcy. The most common types of cases filed are those in chapter 7 (liquidation) and chapter 13 (repayment). Chapter 11 is primarily used for business reorganization or individuals who do not meet Chapter 7 or 13 requirements, and chapter 12 is only available to farmers and fisherman.

What does bankruptcy do?
Generally, individuals seeking debt relief will file for bankruptcy, with the ultimate goal being either to have most debts discharged or to structure a repayment plan to pay back a certain amount of the debt and have the rest discharged at the end of the plan. Chapter 7 debt relief is in the form of liquidating all non-exempt assets and using the proceeds to pay back creditors. In chapter 13, the individual must have a constant source of income in order to set up a repayment plan. Often those repayment plans are for only a certain percentage of the actual amount owed to creditors. Both chapters are aimed at helping those filing with debt relief.

What does a discharge provide?
Part of the debt relief goal in bankruptcy is to have as many possible debts discharged. Discharge means that the debtor is no longer personally liable for the debts and those creditors cannot take any action against the debtor in order to seek repayment. This is important for an individual wanting debt relief because once the debts are discharged, the debtor can move forward and not have to worry about making more payments to creditors. What debts are discharged varies depending on what chapter bankruptcy is filed.

What does bankruptcy do for debt relief?
It is important for individuals to realize that once the bankruptcy proceeding is over and the debtor obtains a discharge, the debtor is no longer liable for those debts. This allows the debtor to move forward in life and begin rebuilding credit and taking active steps to manage finances. The debt relief alleviates stress and other problems associated with pre-bankruptcy worries. Whether the individual files under either chapter 7 or chapter 13, once the discharge is entered there is no longer a need to be concerned about the obligation to repay the debt.

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!