San Francisco Bankruptcy Attorney Blog

A San Francisco bankruptcy attorney address the Automatic Stay

What is an automatic stay? When you file a bankruptcy petition an automatic stay goes into effect. The purpose of the automatic stay is to immediately halt any action against the debtor. The automatic stay stops lawsuits, collection calls, wage garnishment, home foreclosures, and other adverse proceedings.

Is judicial action needed in order to make the stay official?No. The filing of the bankruptcy petition automatically brings the stay into effect. There is no additional judicial action needed.

Can a creditor apply to have relief from the automatic stay?Yes. Creditors can apply to the court for a relief from the automatic stay. This generally occurs when the debtor is behind on payments and the property is not essential to the debtor’s reorganization. If the debtor wishes to negotiate with a creditor about the future of collateral, such as a home, the debtor can allow the creditor to engage directly in discussions.

If my debts are discharged can creditors still collect from me?If you receive a discharge from the bankruptcy court all of your previous debts and liabilities will be forgiven. There is no future obligation to pay those debts and creditors cannot try and collect on them. You are free to still pay whatever debts you previously owed but there is no legal requirement that you do so and creditors have no cause of action against you to collect the old debts.

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 lets you know this: What is a bankruptcy exemption?

The bankruptcy code allows for a certain amount of personal property to be excluded from the bankruptcy proceeding. This usually means that those filing for bankruptcy can keep their car, clothes, and other necessities. The bankruptcy exemption is important for those who do not want to lose their car or other personal goods. California has opted out of the federal exemption list and developed its own set of exemptions and related exemption values.

What if I have a lot of equity in my home?
The bankruptcy code allows for a certain amount of home equity to be exempted. In California, that amount is $75,000 for an individual filing for bankruptcy and $100,000 for married couples. The homestead bankruptcy exemption allows those with equity to not worry about whether the home might be sold. If there is a lot of equity then proceeding under a chapter 13 might be the best option instead of a chapter 7 liquidation.

What happens if the bankruptcy exemption does not cover all of my property?If you own more than the exemption limit in California the bankruptcy trustee overseeing your bankruptcy case has the power to sell the property to raise cash to repay creditors. This is generally only a concern in chapter 7 proceedings. Often if the bankruptcy exemption will not cover the entire amount, and the unprotected balance is insignificant, it is safe from liquidation as there are costs associated with the sale of property and those costs are paid out from the sale.

Are there alternatives to liquidation?Yes. If you do not want to risk having your property sold at an auction you can file under chapter 13. You retain control over everything you own and, depending on your income, only pay a certain percentage of what you owe to unsecured creditors. A chapter 13 bankruptcy does not look to liquidation for repayment but rather develops a repayment plan based on future income.

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 lets you know: When Should I File Bankruptcy?

What timing considerations are important if I want to file bankruptcy?
There are a number of different things that should be considered when determining whether to file bankruptcy. Some of those issues include whether there is a pending foreclosure, whether wages are being garnished, whether someone is subject to a lawsuit, and whether debts are becoming overwhelming.

If I file bankruptcy can a creditor still sue me for what I owe?
No. Filing for bankruptcy automatically stays any sort of action that can be taken against the debtor. If a creditor wants to collect on an unpaid debt the bankruptcy code prohibits them from filing a lawsuit. The creditor is also barred from contacting the debtor directly during the bankruptcy proceeding.

I’m behind on my car payments; if I file bankruptcy will that prevent repossession?
Yes. The automatic stay prevents all action against a debtor that could otherwise be taken by a creditor. In the instance of being behind with car payments, filing for bankruptcy would prohibit repossession. Under a chapter 13 plan, if the debtor wishes to keep the vehicle, the amount owed in arrears is repaid over the life of the plan, allowing the debtor to retain possession of the vehicle.

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 addresses: How Much Does It Cost To File Bankruptcy in San Francisco?

How much does it cost to file bankruptcy in San Francisco?The cost to file bankruptcy in San Francisco depends on what chapter of bankruptcy you decide to file under. The bankruptcy filing fees do not change depending on where you file. The filing fee for a chapter 7 in San Francisco is $299 dollars; the filing fee for a chapter 13 is $274 and the filing fee for a chapter 11 is $1039.

Why does the cost vary between chapters? The costs are different depending on the chapter because of the amount of work required by the court. Filing under chapter 7 is approximately a three month process, and although the fee is higher than in a chapter 13, the extent of the courts involvement and trustee involvement is relatively minor. In a chapter 13, the upfront fee is slightly less but administrative fees are also paid through the plan. In a chapter 11 bankruptcy the court is involved in nearly every aspect of the bankruptcy, and there is a lot more work to be done, requiring the higher filing fee.

When I file bankruptcy, do I have to pay the filing fee? Yes. Although the court does allow for the fee to be paid in installments, the instances in which the waiver of filing fees are granted is very small. If the filing fee does impose a hardship you can submit to the court reasons why the fee should not be paid in full prior to filing.

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 tells Bay Area consumers whether or not

Bankruptcy will help with credit card debt...

What kind of debt is credit card debt?
Credit card debt is known as unsecured debt. That is because there is no collateral or security agreement attaching the debt. Unlike secured debt (such as a home or car loan), credit card debt limits the collection options for creditors.

Can credit card debt be discharged in bankruptcy? Yes. Credit card debt can be discharged in a chapter 7 bankruptcy. It does not matter how old the debt is or how much debt there is on a card. In a chapter 13 bankruptcy, depending on your income, the unsecured creditors would either receive no repayment or very little repayment over the life of the plan. The only issue that may arise when filing for bankruptcy is if several large purchases were made just prior to filing. ,

What happens if my credit card debt is now in collections? Filing for bankruptcy will stop the collection process. Credit card debt that has been sold to a collections agency is still a dischargeable debt. In addition, if your wages were being garnished, the filing of the bankruptcy petition would stop the garnishment and discharge the judgment amount if you filed chapter 7. In a chapter 13 bankruptcy, the collections also stop.

What happens if my credit card company calls me after I file about my credit card debt?Creditors are not allowed to contact you and harass you after you have filed your bankruptcy petition. There are laws that prohibit this type of contact. Notify your attorney and the bankruptcy trustee assigned to your case.

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 describes how Bankruptcy can help with 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 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!

A San Francisco bankruptcy lawyer tells San Francisco consumers in debt how to make the creditors stop calling...

Is there a way to make creditors stop calling? Yes. Creditor calls are annoying and non-stop. One of the most common questions individuals ask when considering bankruptcy is whether retaining an attorney and filing will make the creditors stop calling. Retaining an attorney for bankruptcy allows you to tell the creditors they can no longer contact you and to refer all future calls to your attorney.

What happens if the creditors continue to call?
If you continue to receive harassing phone calls from creditors after you told the creditors to stop calling you need to let your attorney know. There are certain laws controlling creditor behavior and continued harassment is in violation of those laws. If the violations are severe enough the creditors can be sued.

Does filing for bankruptcy make the creditors stop calling?
Yes. Filing a bankruptcy petition makes the creditors stop calling. Creditors are not supposed to contact you once you file your petition. If anything needs to be worked out between you and your creditors, your bankruptcy attorney will handle the communications.

Can the creditors still sue me prior to filing for bankruptcy? Yes. Prior to filing the bankruptcy petition, creditors are still free to sue you in court for the amount of outstanding debt. If you have just recently stopped paying your credit cards this is not an issue to be too concerned about because it takes some time to prepare the complaint and file it with the court. However, if you are several months to a year behind on your credit card payments, it is likely they will file a complaint. If you are served with a complaint, filing for bankruptcy will stay those proceedings and likely discharge the outstanding debt so you do not have to appear in 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 Francisco bankruptcy attorney explains what unsecured debt is...

Unsecured debt is a loan that is not backed by any underlying asset or collateral. Essentially, you are given money without having to provide anything in return or have any property tied to the loan. Examples include credit cards and personal lines of credit.

How is unsecured debt different than secured debt?
Secured debt is backed by collateral or property whereas unsecured debt is not. When you buy a car you usually take out a loan, and the loan is backed by the car, which can be repossessed in order to satisfy the loan amount. When you take out a personal line of credit or use a credit card, there is no guarantee of property that can be repossessed in order to repay the loan amount.

How is unsecured debt treated in bankruptcy?
Unsecured debt is given a very low priority in bankruptcy. Depending on which chapter you file under and you income, unsecured debt is either completely discharged or repaid at a very low percentage of the actual outstanding balance. For most people who file bankruptcy their unsecured debt is completely discharged.

Because no collateral is backing the loan, can I just stop paying my credit cards?
Unsecured creditors still have ways to collect on the amount owed. This generally involves filing a lawsuit against you, obtaining a judgment, and then garnishing your wages. If you have had an unsecured creditor obtain a judgment against you for an outstanding loan and your wages are either being garnished or are about to be garnished, it may be smart to file for bankruptcy. Filing for bankruptcy will stop the wage garnishment and discharge the judgment amount.

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 asks: Can You keep personal property in bankruptcy?

Yes. Debtors, regardless of which chapter they file, generally can keep their personal property. In chapter 7 there are certain exemption limits, but for the most part all personal belongings and vehicles will not be taken by the bankruptcy trustee.

What happens to my personal property in bankruptcy?
California provides its own list for what is allowed to be exempt and not included with the bankruptcy estate. When a bankruptcy petition is being prepared, all the assets that the debtor wishes to keep are listed. If the value of those assets is less than the exemption limit, the debtor can keep their personal property. If the value of the assets is greater than the exemption limit, it is up to the trustee to determine whether it is worth trying to sell them. California legislation recognizes that personal property in bankruptcy is important and wants those who receive discharge to still have the basics of life.

What if I am still making car payments?
Generally a debtor can keep their car in bankruptcy. In a chapter 7 proceeding the car payments need to be current to ensure that the car will not be repossessed. In a chapter 13 proceeding the debtor, if they are able to make the current monthly payments, can repay the arrears in the chapter 13 plan, allowing them to remain in possession of the vehicle. If there is equity in the car you can generally exempt the equity amount to avoid any possible liquidation.

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 addresses the question: What is secured debt?
Secured debt is debt which is secured by an asset. For example, your car is secured debt because the value of what you borrowed from the lender is backed up by the collateral.

How is secured debt different than unsecured debt?
Unsecured debt has no asset protecting the loan amount. Credit cards are the most common example of unsecured debt, as there is no collateral involved with the lending. Secured debt and creditors can always take back the asset for which you borrowed money to purchase, whereas unsecured creditors cannot repossess anything.

How is secured debt treated in bankruptcy?
Generally, individuals who own a home or car would like to keep them during the bankruptcy proceeding. Those filing for bankruptcy can keep their secured assets so long as payments to the creditor are still being made. Depending on the chapter of bankruptcy an individual files, the payments are made either directly to the lender or to a bankruptcy trustee who then distributes payments to the lender.

What happens if I cannot make payments on the secured debt?
If you are unable to continue to make payments on a loan secured by an asset the lender can, and usually will, repossess the asset and sell it in order to try and satisfy the outstanding loan balance. If the sale does not generate enough money to cover the loan amount some lenders will try and collect the difference, known as a deficiency. In bankruptcy, you can have a deficiency collection discharged because it is treated as unsecured 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!

A San Francisco bankruptcy lawyer addresses business and bankruptcy questions such as Can I Save My Business Through Bankruptcy?

What is Chapter 11 bankruptcy?
Business owners often want to know whether bankruptcy can “save my business.” Chapter 11 of the Bankruptcy Code is known as the “reorganization” chapter, allowing businesses and individuals with large debts to restructure operations in order to repay creditors without having to defend lawsuits or lose property.

How will Chapter 11 save my business?
Filing a chapter 11 reorganization will allow a business owner to restructure their debts and often pay a small percentage of what is owed to creditors. Filling a chapter 11 also stops collection actions, allowing some breathing room for the business owner to work on a reorganization plan.

What does a reorganization plan involve?
Those business owners who ask “can I save my business” also want to know what chapter 11 involves on their part. Generally, a business owner will list their creditors, both secured and unsecured, as well as whatever property is associated with the business. If the business employs individuals payroll records are also reviewed. A business owner who files chapter 11 will usually still remain in control of the operations, but will be required to fill out monthly reports detailing all incomes and expenses. A chapter 11 might also include the selling of unprofitable business ventures or inventory.

Can filling chapter 7 bankruptcy save my business?
No. While chapter 7 is an option available to corporations, it involves liquidation of assets to repay creditors. Chapter 7 is not set up to allow for any type of business reorganization.

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 questions related to How to Stop Foreclosure in San Francisco?

What is foreclosure?
A foreclosure is the sale of a home through auction, by a bank or other lender, when the mortgage payments are in default. The purpose of the sale is for the bank to take the proceeds to pay off the mortgage amount. Any difference between the amount owed and the amount sold is called a deficiency, which the bank can then come after the owner for.

How does a foreclosure start?
Generally, an individual who wishes to purchase a home will borrow money from a bank or other lender. A contract is made whereby the borrower agrees to make monthly payments of a certain amount for a certain number of years. The terms of the contract will also state that if the borrower fails to make payments, the lender can obtain a court order to foreclose on the home. Notice is given to the lender either to pay the amount owed or else the home will be sold at auction.

How can I stop foreclosure?
There are various ways in which an individual can stop foreclosure of his or her home. Sometimes just explaining your financial circumstances to the bank will persuade them to give you more time to catch up on payments. Other alternatives include seeking a loan modification, which is a separate contract aimed at making the monthly mortgage payments more manageable. Often, however, the only way to stop foreclosure is to file a bankruptcy petition.

How does bankruptcy stop foreclosure?
When you file a bankruptcy petition, an automatic stay goes into effect, which will stop foreclosure, wage garnishment, and other legal proceedings against you. The stay will allow you to remain in your home and the bank will not be allowed to proceed with the foreclosure. The hope is that during bankruptcy you can work out an arrangement to develop a plan to catch up on the amount you are behind on your payments. If it turns out there is no feasible way to catch up on your payments, the filing will at least stop the foreclosure long enough to allow you more time to consider your options regarding your living situation.

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: Where Do I Find Involuntary Bankruptcy Lawyer?

What is involuntary bankruptcy?
Involuntary bankruptcy arises when creditors of an individual or a corporation file a petition with the bankruptcy court in order to start bankruptcy proceedings against a debtor. It is called “involuntary” because the debtor is not making the decision on whether to file, rather the debtor’s creditors are making that decision.

Do I need an involuntary bankruptcy lawyer?
Although you are not required to be represented by an involuntary bankruptcy lawyer, having an involuntary bankruptcy lawyer represent you during your involuntary bankruptcy proceeding is a smart decision given the complexities that can arise during a bankruptcy proceeding.

What can an involuntary bankruptcy lawyer do for me?
When an involuntary bankruptcy action is instituted against you, it means that your creditors are hoping for some type of payment on the balances owed to them. An involuntary bankruptcy attorney will review your financial situation and file that information with the court. Retaining an involuntary bankruptcy attorney will allow you to protect your assets and try to keep as much of your property out of the bankruptcy proceeding as possible.

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 bankruptcy attorny in San Francisco addresses bankruptcy questions regard to solving your debt problem

Will Bankruptcy Solve My Business Debt Problem?

Can I file bankruptcy for my business?
Yes. The bankruptcy code allows for both individuals and businesses to file for bankruptcy. Businesses, however, are only allowed to file under either chapter 7 or chapter 11 to deal with business debt. If you operate as a sole proprietorship you will simply file as an individual instead of on behalf of the business.

What can filing for bankruptcy do for my business?
Business owners who are not personally liable for business debt can file in order to prevent creditors from filing lawsuits to recover business assets to repay business debt. In addition, business owners who file on behalf of their business can stop collection calls and other annoying contact from creditors. When a business files under chapter 7 it simply stops operating and goes out of business.

Does a business receive a bankruptcy discharge?
No. Businesses that file for bankruptcy to deal with business debt do not receive a discharge under the bankruptcy code. Rather, if in a chapter 7 proceeding, the corporation will simply die out and no longer exist. Whatever assets the business has are liquidated and repaid to creditors.

Should I file under chapter 7 or 11?
Although no simple answer can be given, generally those who want the business to reorganize and remain open will opt for a chapter 11 filing while those who do not care about the future of the business will file under chapter 7.

Am I personally liable for my business debts?

That depends on whether you personally guaranteed to repay the loans or subjected yourself to personal liability when obtaining credit cards. If the lines of credit, credit cards, or business loans are solely in the business’ name, then you are not personally liable for the business debt. However, if you are personally liable for the business debt, then it might make more sense to file bankruptcy individually rather than on behalf of the business.
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 answers: Where is the Bankruptcy Court in San Francisco?

Where is the best place to spark for the bankruptcy court in San Francisco?
Parking for the bankruptcy court in San Francisco gets more expensive the closer you get to the courthouse. If you do not mind walking the Sutter/Stockton garage is one of the lesser expensive garages in the area. Otherwise there are numerous garages on Pine Street. However, those garages are three to four times as expensive as the Sutter/Stockton garage.

Is there a security line to wait in?
It depends. Unlike the courthouse in San Jose or Oakland, there is no security to go through if you are going to a meeting of the creditors. If, however, you are appearing before a judge, you must go to the 19th floor and pass through security. Then you can re-enter the elevators and proceed to the level where the judge’s courtroom is located.

How early should I arrive?
If you have a meeting of the creditors it is generally best to arrive 15-20 minutes early. That way you can meet your attorney and go over any last minute questions. Generally the trustee keeps the calendar moving on time so it is important that you arrive prior to your meeting time. If you are attending court, arrive 30 minutes early to discuss with your attorney exactly what is going to happen and to prepare yourself for any questions that the judge may ask.

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 Attorney discusses organized debt...

Chapter 11 and Chapter 13 debtors generally want to arrange their financial affairs in a manner that would allow for efficient administration and an ultimate discharge from bankruptcy. Becoming an organized debtor will reduce the likelihood of the court having any issues with the bankruptcy estate. There are several ways to become and remain an organized debtor.

Keeping track of monthly income and expenses is important because it not only helps the court monitor the status of your bankruptcy, but it also teaches the habit of accounting for what income is spent where. Ultimately, upon discharge, the goal is to never have to file for bankruptcy again. Becoming an organized debtor will help achieve that goal.

Getting accustomed to spending cash instead of placing costs and expenses on a credit card is another important aspect of becoming an organized debtor. Becoming comfortable with using an account with direct cash withdrawal will help individuals be aware of what is being spent. Part of being an organized debtor is to become aware of your current financial situation.

Lastly, chapter 11 bankruptcy requires that debtors keep adequate records and notes of their financial records. Organizing yourself in a way that makes accounting of your finances simple will help a chapter 11 reorganization. Similarly, in a chapter 13 plan, you are expected to make monthly payments to the trustee, so it is important to be on top of your financial records in order to ensure there is enough money to make on-time payments.

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 bankruptcy attorney in San Francisco comments on this bankrutpcy question:

Should I See A Lawyer About Bankruptcy Loan Modification?

Loan modifications are changes in one or more of the contractual terms contained in a homeowners loan. Generally bankruptcy loan modifications result in lower monthly mortgage payments, making it easier for an individual to keep their home and still be able to pay for other necessities of life. Bankruptcy loan modification is similar to refinancing a mortgage, but instead deals specifically with the mortgage you currently have and reworks the terms of the agreement.

If you are considering a bankruptcy loan modification it is smart to contact an attorney to evaluate your options and, possible, deal with the lender directly. Often individuals will find that, throughout the loan modification process, your lenders representatives will tell you different things at different times. In addition, the loan modification process may be completed sooner if an attorney is helping you with your case because it is less likely that the lender will stall or require you to fill out additional paperwork.

Bankruptcy loan modification is generally available to those who are currently behind on their mortgage payments. While some individuals may want to be proactive and approach their lender in order to secure a lower payment prior to falling behind on their mortgage, generally the applications are not approved because, in the eyes of the lender, the payments are current and reasonable.

While it might be more difficult to be approved for a loan modification if you have recently obtained a bankruptcy discharge, thinking about a pre bankruptcy loan modification is a good step in evaluating your financial future. Many individuals planning on filing bankruptcy first wait to be approved for a loan modification and then file to deal with the rest of the debt they owe. If you are in a similar situation it would be best to discuss your situation with a 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 answers the question: When to File Chapter 11 Bankruptcy?

Both individuals and corporations often file for chapter 11 bankruptcy. Chapter 11 is commonly referred to as “reorganization” bankruptcy. Individuals will generally file chapter 11 when their debts exceed the limits in chapter 13 or they do not want to liquidate their assets, which takes place in a chapter 7 bankruptcy. Businesses generally file chapter 11 in order to continue operations while they reorganize their debts and develop a repayment plan.

As in other bankruptcy chapters, when the debtor chooses to file chapter 11 and submits the petition to the court, an automatic stay goes into effect. The stay prohibits pursuit of active claims against the debtor as well as bars any new filings of claims. If a creditor wishes to continue an action against the debtor they must file a motion with the court seeking relief from the stay.

Those who want to file chapter 11 do so in order to reorganize debts and, if a business is involved, to remain in operation. Chapter 11 bankruptcy allows the debtor to develop a repayment plan. This allows the debtor to realistically look at their finances or business and determine what makes sense and whether repayment is actually possible. If the debtor does not develop a plan, creditors can also propose reorganization plans, although generally those do not include many favorable terms with respect to the debtor.

The reorganization plans are presented to creditors, who vote whether to approve the plan. Generally it is preferred that the debtor develop a plan as opposed to creditors, who generally want to see plans calling for quicker repayment at higher interest rates. Often creditors will want businesses to liquidate assets in order to generate cash. Generally the debtors remain in control of the bankruptcy estate instead of having a trustee oversee the administration of the bankruptcy. However, it is possible to have a trustee appointed if the debtor is unable to appropriately manage the estate.

Recent examples of well known chapter 11 bankruptcy filings include General Motors, which filed in June of 2009, and Chrysler, which filed in April of 2009. Both of those automotive manufacturers filed reorganization plans allowing them to restructure and better manage their debts.


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!