San Francisco Bankruptcy Attorney Blog

A San Francisco bankruptcy attorney discusses debtors and involuntary bankruptcy.

We live in extremely pressing economic times and most people consider bankruptcy only as a last resort. You may not realize it, but if you are in considerable debt with several creditors, you could be forced into involuntary bankruptcy by them. This can happen when you miss a lot of payments on a consistent basis. It can also occur when you do not regularly make your more sizable payments that you are committed to.

Debtors an involuntary bankruptcy is a rarity on the part of creditors for various reasons. It is hard for creditors to enforce a voluntary bankruptcy. Creditors know that the court could award fees and monetary damages to the debtor and this would leave the creditor out even more than the original debt.

Only two types of bankruptcy, chapter 7 or chapter 11, can be allowed by creditors to pursue debtors and involuntary bankruptcy. Neither of these options are a sure bet for creditors. Chapter 11 allows a debtor to reorganize their assets and then creditors are given money from the cash flow of the business. If there isn't a significant amount of cash flow after chapter 11 is in place, the creditor may still not be gaining satisfactory payments. Chapter 7 involves having a debtor liquidate their assets. With the liquidation of assets, the creditor may also not gain entire compensation of all the debt requirements.

We can answer all your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment,asset protection, discharging a debt, etc. If you need help regarding a bankruptcy in San Francisco, call us at (415) 946-8882 or (1800) 941-6730 and we will be more than happy to offer you a free consultation over the phone. You can also fill out a free online evaluation at our website, www.sagarialaw.com, or request a free face to face appointment at a Sagaria Law office location close to you. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution needs.

A San Francisco bankruptcy attorney answers some frequently asked questions about Chapter 11 bankruptcy.

When a person selects a Chapter 11 attorney, he should ask the attorney questions to determine the case. Some of these questions are the same that they would ask any lawyer, and some are specific to the bankruptcy process itself. The information given here is not meant to be a comprehensive list of questions a person should ask his attorney.

What General Experience Questions Should I Ask?
Before consulting any attorney, a person should ask where he went to law school, what type of law he practices, and how much experience he has in a particular field. Generally, it is better to deal with a specialist in a given field of law.

What Other Questions Should I Ask A Chapter 11 Lawyer?
A debtor probably has done some research on bankruptcy law before he consults an attorney. The next set of questions should be about what is expected of him, how the trials usually go, the consequences of filing bankruptcy, and whether he should consider Chapter 11 or Chapter 7.

What About the Fees?
Lawyers often do not work for free. Debtors who consider bankruptcy obviously want to avoid incurring new debts that they cannot afford. The cost of hiring legal help is an important concern for most people.

At Sagaria Law, we offer an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting San Francisco. If you need help regarding bankruptcy in San Francisco, contact us at (415) 946-8882 or (1800) 941-6730 for a free consultation or visit us online at www.sagarialaw.com to request a free in person appointment at a Sagaria Law office location nearest you. We can answer your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation to quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco!

A San Francisco bankruptcy attorney writes about IRS tax debt.

People facing financial insolvency may or may not have IRS tax debts. The government does not follow the same rules as other debtors. While the government provides people with a chance to start over with private creators, it does not make it so easy to discharge government debts.

Can I Get Debt Relief From The IRS?
A person can get tax debt forgiven, but a certain number of years must have passed since the debt was incurred. Debts from the current year cannot be forgiven. The amount owed to the IRS must be at least three years old before a person who filed for bankruptcy can be forgiven any amount he owes on taxes.

Is the Process Difficult?
Nothing about filing for bankruptcy is easy, but it is not any more difficult to get an IRS tax debt discharged than it is to get other types of relief from debt. In general, the only type of money owed that must be paid back occurs in fraud cases. Debtors do not need to engage a service designed to negotiate with the Internal Revenue Service in most circumstances. When filing for bankruptcy, the goal is to not incur new debts.

If you have a question regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 or (1800) 941-6730 for a free consultation or visit 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 ankruptcy 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 describes the Loan Modification law.

In the United States, there is a law that govern loan modifications for all 50 states. As a matter of fact, back in 2009 the United States Loan Modifications Law was passed swiftly through the House of Representatives and the Senate. This law was developed due to the sub-prime mortgage crisis which had a hand in causing the financial crisis in the country.

Basically what the Loan Modification Law states is that a lender must give the borrower all the chances that they need in order to pay back their debts. If loan modification is needed, all avenues must be taken to ensure that it can be done. If comes to house foreclosure, a house cannot be foreclosed if a loan modification is being processed. The only time that the house can be foreclosed on is if the loan modification has been turned down and the appeal has been turned down.

Loan modification law also puts responsibility on the lender in making sure that they are held accountable for the mortgages that they establish. It also allows for safeguards for consumers when it comes to high cost mortgages.

If you would like more information on this topic or other bankruptcy topics, please contact our San Francisco office at (415) 946-8882 or (1800) 941-6730. We at Sagaria Law can connect you with one our our experienced San Francisco bankruptcy attorneys. We have bankruptcy attorneys located throughout California and Oregon to assist you with your bankruptcy questions. If you need assistance regarding a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! Please contact us to receive a free consultation or visit our website at www.sagarialaw.com to request an in-person consultation with an experienced bankruptcy attorney. We have an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting San Francisco.

A San Francisco bankruptcy attorney comments on business formation after bankruptcy.

Declaring bankruptcy for a business is something that they absolutely want to avoid, however it is not necessarily the end of the business itself. This is the perception that many people have of business bankruptcy, however it is simply not in the case in most instances. Most businesses file a type of bankruptcy that allows them to reorganize so that they can repay their creditors and remain in business.

Based on the fact that so many businesses choose this route, there are a number of questions about business formation following bankruptcy. Business owners want to know how they should structure (or restructure) their business following the case of bankruptcy. If the business has gone bankrupt then there may be significant structural errors in the company. It is important to get business formation following bankruptcy correct so that the same mistakes are not made again.

As a business owner you want to make sure that you lead your business to greater profitability, not another bankruptcy. Make sure that you take a real and critical look at how the structure of your business is operating. If there is something that you believe may be dragging the business down, then it is your job to eliminate or correct it.

Please do not hesitate to contact us at our San Francisco office by calling (415) 946-8882 or (1800) 941-6730 for your debt resolution needs. You can receive a free consultation over the phone, or request a free in person appointment at a Sagaria Law office nearest you. Please visit our website at www.sagarialaw.com and fill out a free online evaluation form to determine if you are a qualified candidate for bankruptcy. Sagaria Law's team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff at San Francisco can assist you with all aspects of your bankruptcy case. We at Sagaria Law can assist you regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. and we are happy to help! Our bankruptcy attorneys located throughout California and Oregon can assist you with your bankruptcy questions.

A San Francisco bankruptcy attorney explains foreclosures in California.

There are millions of homes in foreclosure across the nation, and millions of mortgages in default. California is listed in the top 10 of foreclosure states and the California foreclosure rate alone accounted for 20% of the national total. The nation foreclosure statistics are changing day-by-day, especially the California foreclosure rate. Despite what the federal government is stating; the loan modification program was not only ineffective, but it is prolonging the foreclosure process.

Understanding the foreclosure process is the first step to not losing your home. A foreclosure proceeding begins only after a homeowner falls behind on mortgage payments. The legal process involves numerous steps, commencing with the notification of the owner. On a positive note, this process does take time and losing your home will not happen overnight.

The foreclosure timeline varies from state to state and this is a very significant period that the homeowner has to save his home--the pre-foreclosure period is the time to prepare and plan. Second, the home owner must have a viable plan that coincides with the state foreclosure rules. California foreclosure rules affirms- that lenders can take only one action against the homeowner, and this action depends on whether a foreclosure is either a judicial or a non-judicial foreclosure.

We can answer all your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment,asset protection, discharging a debt, etc. If you need help regarding a bankruptcy in San Francisco, call us at (415) 946-8882 or (1800) 941-6730 and we will be more than happy to offer you a free consultation over the phone. You can also fill out a free online evaluation at our website, www.sagarialaw.com, or request a free face to face appointment at a Sagaria Law office location close to you. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution needs.

A San Francisco bankruptcy attorney discusses tax debt forgiveness.

If you are searching for tax debt forgiveness by filing bankruptcy, you may be disappointed. Any debt that is owed to the government in the form of taxes or student loans is not qualified to be forgiven in bankruptcy court. There are programs that you may apply for through the Internal Revenue Service or your state tax department that may reduce your tax obligation or allow you to make repayment plans, but there is no real way to obtain tax debt forgiveness.

The IRS does have ways to allow you to reduce your debt; you must work with an IRS agent and prove why you cannot fully repay the debt. If the application is approved, they will base your debt on your current financial situation. Many people seek legal aide in these cases due to the complexity of the program. Bankruptcy court cannot forgive tax debts in any manner, an may force the sale of personal property to cover this debt. Since all debt must be included in the bankruptcy, whether it is dismissible or not, the U.S. trustee may force a sale of personal property to pay the debt in full.

At Sagaria Law, we offer an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting San Francisco. If you need help regarding bankruptcy in San Francisco, contact us at (415) 946-8882 or (1800) 941-6730 for a free consultation or visit us online at www.sagarialaw.com to request a free in person appointment at a Sagaria Law office location nearest you. We can answer your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation to quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco!

A San Francisco bankruptcy attorney blogs about bankruptcy and consumer debt counseling.

Consumer debt counseling is a 3rd party company that helps you find a resolution to your money problems. If they can't offer a solution, then bankruptcy is a consideration. If you are behind in paying your bills and you cannot catch up, you need debt counseling. If you do not react to your debt problem, late fees and penalties will begin to add up. Then, your credit score starts to suffer. At this point, it becomes even harder to dig out of the hole.

How does consumer debt counseling work?
You will give all required information to your agent. They will run it through a program to see where you stand financially. The results will give them options on which to offer you a few different solutions. Once you agree on a solution, the counselor will start to contact your lenders. When all parties agree, you will be entered into the debt relief program. It usually lasts 3-5 years with a set payment plan, which you give you the consumer debt agency. They will disburse payments to the proper parties.

A consumer debt counseling company takes the stress out of negotiations. Just remember to keep copies of everything for your protection and to avoid any misunderstandings.

If you have a question regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 or (1800) 941-6730 for a free consultation or visit 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 ankruptcy 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 some frequently asked questions about Chapter 13 bankruptcy.

Who is eligible to claim Chapter 13 bankruptcy, and how do I file?
A person must show proof of their income and ability to repay their debts. If a person's unsecured debt is over $336,900 and/or their secured debt is higher than $1,010,650, they will be denied. There are several forms that must be filed. You can choose to contact a bankruptcy attorney and have them file for you. Or, you can obtain the forms and file them yourself, and locate your local bankruptcy court.

How much does it cost to file?
Currently, the filing fee is $274.

What happens once I file bankruptcy?
Once a person files bankruptcy, their eligibility is determined. A bankruptcy trustee will be assigned to the case. The trustee will set up a repayment plan and ensure the debtor's compliance.

How long does a Chapter 13 bankruptcy stay on a person's credit report/
A Chapter 13 bankruptcy will be reported for seven years if successfully completed. It will be reported for 10 years if it is dismissed.

What happens once the repayment plan is fulfilled?
Once all payments have been fulfilled, any leftover debts that are eligible for discharge will be erased.

If you would like more information on this topic or other bankruptcy topics, please contact our San Francisco office at (415) 946-8882 or (1800) 941-6730. We at Sagaria Law can connect you with one our our experienced San Francisco bankruptcy attorneys. We have bankruptcy attorneys located throughout California and Oregon to assist you with your bankruptcy questions. If you need assistance regarding a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, a cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! Please contact us to receive a free consultation or visit our website at www.sagarialaw.com to request an in-person consultation with an experienced bankruptcy attorney. We have an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting San Francisco.