San Francisco Bankruptcy Attorney Blog

If used properly bankruptcy can be of great assistance to an individual that finds themselves in a negative financial situation. This type of protection is defined as an inability of individuals to pay his or her creditors, or the hindrance of the ability of an individual to pay his or her creditors. Individuals who seek this type of remedy, may not be able to fully pay the creditors for a number of reasons, which does not mean that they didn't have the full intention of paying the creditors, before unforeseen events prevented them from being able to do so.

Involuntary bankruptcy, is an action where creditors initiate this action, and can only be used against business entities or corporations. It is important that individuals only seek bankruptcy remedies when all other methods of repaying creditors have been exhausted, due to the fact that this type of action does not give a favorable light to your credit rating. An important asset of this type of protection, sf the fact that your tangible and liquid assets will be protected from creditors, which will provide you with the time necessary to rebuild your financial base, and to hopefully be able to repay debts.

If you have a question regarding Bankruptcy in San Francisco please contact us at 1800.941.6730 and we can connect you with one of our experienced California Bankruptcy Attorneys . Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

The poor economy in recent years has led many people to have to consider filing for personal bankruptcy. While it is quite common, many people still view it as a horrible financial decision. This is partially to blame because of two myths of filing for bankruptcy.

The first myth of filing for bankruptcy is that your credit will be ruined an you will never qualify for a low interest loan again. When you file for bankruptcy, your credit score will be hurt for up to 10 years, but in the long run most people actually will see their credit scores increase because of filing for personal bankruptcy. Those people who choose to not file for bankruptcy will likely spend years getting out of debt and it may take more than 10 years for them to see their credit fully repaired.

The second myth of filing for bankruptcy is that you will lose all of your assets. When you file for bankruptcy, creditors will attempt to liquidate many of your assets to repay your debt. However, when you file many of your assets will be completely protected including your primary residence and any savings that you have in retirement accounts.

If you have a question regarding Bankruptcy in San Francisco please contact us at 1800.941.6730 and we can connect you with one of our experienced California Bankruptcy Attorneys . Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

Bankruptcy is an option that should only be used when all other avenues have been explored. If there is no way to get out of debt then it can possibly help. If you can no longer pay minimum payments and have defaulted on some bills, exploring bankruptcy might not be a bad idea. There are two main types for individuals that can be utilized.

Chapter 7 filing is used by persons who cannot pay off their debts. Unsecured debt is completely done away with. With your secured debts, such as credit cards, assets are sold or a payment plan is come up with. If this fails, these debts are eliminated as well.

A Chapter 13 filing is a little bit different. The court looks at what you earn and the bills you pay each month. Whatever is left over is used to pay off debt based on a period of time, usually three to five years. If you cannot pay all the debt in this time period, this debt is eliminated.

Bankruptcy will affect your credit, but it can also give you a fresh start. If you believe these options can help you out, contact an attorney today.

If you have a question regarding Bankruptcy in San Francisco please contact us at 1800.941.6730 and we can connect you with one of our experienced California Bankruptcy Attorneys . Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

A San Francisco bankruptcy attorney explains the bankruptcy means test.

A bankruptcy means test was added as a requirement for filing bankruptcy in 1995,and modified in 2005. The means test is used by courts to determine whether the filer is eligible for bankruptcy protection, and which form of bankruptcy the filer is eligible to use.

The first portion of the means test is to compare the filer's salary with the median salary for the state. If the filer's salary is lower than the state median, than the filer can file for Chapter 7 bankruptcy without a further bankruptcy means test. On the other hand, should the salary exceed the median, than more calculations are needed. Income and expenses are painstakingly documented and used to determine if the filer has the ability to pay off the debt. Should income exceed expenses, the court can deny Chapter 7 bankruptcy and force the filer to use Chapter 13 bankruptcy instead. The main difference, in Chapter 13 bankruptcy, the filer is expected to repay most of the debt over the next five years.

The bankruptcy means test is primarily used to prevent fraudulent filings. A good lawyer is invaluable in determining which form of bankruptcy is available, and how to best go about the process.

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 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 lists the six different bankruptcy law chapters.

There are six different bankruptcy law chapters. Generally someone would file for bankruptcy when they need to be freed from a debt they can no longer pay. The bankruptcy law chapters one would file would depend on the situation and person involved.

Chapter 7 is the bankruptcy law chapter that is the easiest to file and the quickest. This chapter is used for personal or business and is a basic liquidation.
Chapter 9 is used for municipalities to gain protection from their creditors if the municipal becomes unable to financially meet their obligations.
Chapter 11 otherwise known as corporate bankruptcy, it is used for corporate reorganization, allowing the business to function while they work out a repayment plan.
Chapter 12 is for fishermen and farmers to re-adjust their financial situation.
Chapter 13 allows individuals to work out a repayment play to pay back their debt. This is used when the individual has a regular source of income.
Chapter 15 is used on cross- border cases helping foreign debtors remove debts.

These six bankruptcy law chapters are put into place to help debtors get relief from debts they can no longer pay due to financial difficulty.

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 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!