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!

A San Francisco bankruptcy attorney explains credit counseling.

Federal bankruptcy law requires that anyone filing for bankruptcy must first undergo credit counseling before being approved. This is basically a personalized counseling service to provide guidance and support to anyone who have gotten in over their heads financially and those that are filing for bankruptcy. The counseling provides basic education on financial management. After successfully filing for bankruptcy, you will also have to attend a debtor education class in order to relieve your debts. The course will teach you how to better manage your finances after your bankruptcy. This course will take more time to complete, and may last from 1 to 3 hours.

Many counselors charge a fee for their services. But those who seek a credit counselor should beware of misrepresentation and fraud by avoiding any company that charges large upfront fees or make unrealistic promises. Also, legitimate credit counseling firms are affiliated with the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies.

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 what is the purpose of the US Trustee?

What does the US Trustee do?
The US Trustee oversees all bankruptcy proceedings to ensure compliance with the applicable bankruptcy code and ensure that potential debtors are not abusing the system or committing fraud. The US Trustee reviews bankruptcy petitions and in chapter 13 proceedings, ensures that the proposed plan is feasible and all claims are dealt with accordingly.

Is the US Trustee employed by a bankruptcy judge?
No. The US Trustee is independent from the bankruptcy court. The US Trustee is an office set up through the Department of Justice. US Trustees look for fraud and misrepresentations that could potentially be associated with bankruptcy and ensure that creditors are not violating harassment laws.

Will I have to meet with the US Trustee if I file?
Debtors who file will attend a meeting of the creditors, where an appointment trustee examines the debtor. The debtor will generally only deal with the appointed trustee and not have any contact with the regional US Trustee.

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 Fremont bankruptcy lawyer speaks to this popular bankruptcy question:

Can I save my business through Bankruptcy?

Everyday clients ask me, how can I save my business through bankruptcy? There are a couple of ways that bankruptcy can help “save my business:”

A business can file Chapter 7 if the business does not have significant assets but wishes to unload debt.

A business can also file Chapter 11 and attempt to restructure its debt. The Chapter 11 process, however, is expensive and requires the creditors to vote on the proposed restructuring plan.

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 discusses the necessary bankruptcy forms when filing bankruptcy in San Francisco...

Where can I find the necessary bankruptcy forms in San Francisco?

Are there bankruptcy forms?Yes there are necessary forms that must be filled out and filed when someone wants to declare bankruptcy. Because bankruptcy is federal law and filed in federal court the forms for someone filing in San Francisco are generally the same as someone who is filing in another state.

How many separate bankruptcy forms are there? That depends on what type of bankruptcy is being filed and the financial situation of the person filing. The bankruptcy court must receive the debtor’s petition and list of assets and liabilities. Other forms requiring detailed information about the debtor’s income and expenses and other financial obligations are also needed. All bankruptcy forms can be viewed by clicking here.

Does San Francisco require any additional bankruptcy forms?
The trustees in San Francisco require that all debtors who file also complete a questionnaire prior to being examined about the bankruptcy petition. The purpose of the questionnaire is to provide the trustee with certain information about the debtor’s finances and any sale or transfer of property prior to filing. While the questionnaire is not a federal bankruptcy form, it is required for those filing in San Francisco. One of the purposes of the form is to allow for a quicker examination of the debtor.

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 a pre-bankruptcy question...

What should I do before bankruptcy?

Can I prepare for bankruptcy?Yes. While most people generally do not want to think of bankruptcy as anything but a last resort, there are certain things someone can do to prepare before filing for bankruptcy.

What are some things I should do before bankruptcy?
If you are certain that you are going to file bankruptcy you should stop making payments on your credit cards. For most people, their credit card debt is going to be completely discharged so there is no need to pay on the cards anymore. For home or car payments, you need to continue making those if you wish to keep that property.

What should I do if I have lots of money in savings before bankruptcy?
If you have a significant amount of money in an account and you are worried you will not have enough exemptions to protect all of the cash, you can pre-pay your mortgage or invest in certain retirement accounts or other exempt accounts. Before bankruptcy you cannot, however, make any significant gifts of money or transfer cash to another non-filing family member.

Can I sell my home before bankruptcy?
Yes. California allows those filing bankruptcy to take advantage of any equity that may exist in the home. If someone chooses to sell their home prior to filing, they can protect a certain amount of money that was leftover from the sale, so long as the funds are invested in another homestead within six months of receiving such money. On your bankruptcy petition the funds are protected from distribution to unsecured creditors.

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 helps answer: What do I do if I receive a notice of default?

What is a notice of default?
A notice of default is a letter from the bank or other mortgage lender informing you that the monthly mortgage payments on your home have not been made and that the loan is now in default.

What does the notice of default mean?
The notice of default means that you have missed one or more prescheduled payments. Typically the notice states when the payments were due and what is needed in order to cure the default. Some lenders will require that the entire balance be paid while others will just require the amount in arrears. Often administrative fees are also included

Does a notice of default mean my home will be foreclosed on? That depends. The notice does not necessarily mean that a foreclosure is imminent. The borrower can cure the default by paying the amount requested by the lender. If the borrower is unable to pay the cure amount, filing bankruptcy will automatically stay any further action the lender can take against the borrower. Filing bankruptcy will then allow the borrower to catch up on past payments.

How can bankruptcy help someone who receives a notice of default?
As mentioned above, filing bankruptcy will automatically stop any proceeding or other action the lender is taking or plans to take against the borrower. This allows the borrower a chance to develop a repayment plan to catch up on the missed payments. While the borrower will still be responsible for the regular monthly mortgage amount, the past due amount is not due all at once and repayments can be stretched over a period of three to five years.

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 the consumer question of What are bankruptcy exemptions?

What are bankruptcy exemptions?
The bankruptcy code provides for certain exemptions that can be applied towards personal property or equity values in a home or car. The purpose of an exemption is to allow an individual filing to protect the value of an item and retain possession of it during and after the bankruptcy.

Do the bankruptcy exemptions apply under both chapters 7 and 13? Yes. In a chapter 7 bankruptcy all nonexempt property is liquidated and repaid to unsecured creditors. In a chapter 13 bankruptcy the exemptions are used to protect the value of items so the debtor will not have to repay that additional amount. One purpose of the bankruptcy code is to allow the debtor to retain certain property so they are able to emerge with certain necessities.

If I still owe on my home but also have equity, can I protect it?
Yes. California has opted-out of the federal bankruptcy exemptions, meaning that California law provides for certain amount of equity that can be protected during bankruptcy. Individuals can exempt up to $75,000 and couples can exempt up to $100,000 in home equity. That generally means that those filing bankruptcy do not have to worry about their home being sold to repay creditors.

What happens if I own more than what I can exempt?It depends. Sometimes the trustee will not want to put in the effort to sell a certain item if you can only exempt a portion of it. For example, if you have a $10,000 car and only have an $8,000 exemption, it might not be worth the trustee’s time to go through the process of selling it to realize $2,000.

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 is asked: What can I do to remove debt?

What are the different kinds of debt?Debt is generally classified as either secured or unsecured. Secured debt is protected by the lenders interest in collateral (car, home, etc.) so in the event of a default the lender can repossess the property. Unsecured debt has no underlying security interest. The most common type of unsecured debt is credit card debt.

What is a deficiency?
A deficiency results when the holder of a secured interests takes back the property securing the loan and then sells that property (usually for less than the loan amount), which results in a difference between what was loaned and what was actually recovered. That difference is known as a deficiency and borrowers can sometimes still be responsible for paying that difference back to the lender.

How can I remove debt?
There are several different ways to remove debt. If you are overwhelmed by payments on a secured loan you can always try to work out an arrangement with the lender to return the secured property and no longer be responsible for the outstanding balance. For unsecured debt it might be possible to work out arrangements with the lenders to forgive a certain amount. However, the easiest option is generally filing for bankruptcy.

How will bankruptcy remove debt?
Bankruptcy will remove debt and relieve payment obligations in several different ways. If the individual does not want to keep their secured property, they can surrender that property and if there is a deficiency amount, it is generally discharged. Depending on the chapter of bankruptcy, often most, if not all of an individual’s unsecured debt is discharged. In certain circumstances, depending on the financial situation of the borrower, a percentage may have to be repaid to unsecured lenders, but most bankruptcies involve the discharge of all 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 attorney explains who the bankruptcy judge for San Francisco is...

How many bankruptcy judges does San Francisco have?
There are two bankruptcy judges in San Francisco. The judges’ names are Judge Montali and Judge Carlson.

Is a bankruptcy judge the same as a state court judge? No. The bankruptcy code is federal law so the bankruptcy judges are federal judges. However, the bankruptcy court is a court of specific jurisdiction, meaning that you cannot file any other claim in bankruptcy court except for matters related to bankruptcy.

How long have the San Francisco judges been on the bench?
Judge Carlson was appointed to the bankruptcy court in 1985. Judge Montali was appointed in 1993. Both judges, prior to being appointed, had extensive experience in bankruptcy.

Will I have to appear in front of a bankruptcy judge in San Francisco?
That depends on what chapter of bankruptcy you file and whether you decide to keep certain personal property that you do not own outright. Generally those who file chapter 7 bankruptcy do not ever appear in front of a bankruptcy judge unless they are asking to re-assume liability for a certain debt. Those who file other chapters of bankruptcy usually will have to appear in front of a bankruptcy judge.

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!