San Francisco Bankruptcy Attorney Blog

A San Francisco bankruptcy attorney on: What is chapter 13 bankruptcy?

Who can file for chapter 13? Chapter 13 bankruptcy is a type of bankruptcy where some or all of an individuals outstanding debts are repaid over the course of three to five years. Most people choose chapter 13 if they either make more than is allowed under chapter 7 or want to repay arrears on secured property. Chapter 13 also allows debtors to repay taxes and other debts owed to government agencies.

How is chapter 13 different than chapter 7? Chapter 7 bankruptcy is known as liquidation bankruptcy, where all of the debtors property they are not able to exempt is sold and repaid to creditors. The entire process is about three months and the debtor does not develop any type of repayment plan. Chapter 13 is different in the sense that the debtor can generally keep all of their property and instead uses income or other constant source of money to repay creditors. A monthly payment is made each month and at the end of the plan the debtor receives a discharge.

Why would someone want to file under chapter 13? Chapter 13s are beneficial to those who owe a lot of tax debt or are behind on their secured mortgage payments and just need time to catch up. An ideal chapter 13 debtor is someone with a constant income who will be able to not only make the regular monthly payments on their secured property, but also a little bit more to account for the past due amount and administrative fees associated with chapter 13 administration. It is generally not suggested that someone file chapter 13 if they cannot keep current on their secured property and afford to pay the administration costs.

Are unsecured creditors repaid in chapter 13? It depends. Often debtors make too much money to file under chapter 7 and so there is repayment to unsecured creditors over the course of the plan. Most chapter 13 cases result in only a percentage repayment, although some individuals make enough to fully repay all debts. Chapter 13 can still be a good option even if there is 100 percent repayment because the interest rates are lower and the debts are paid off in 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 or (1800) 941-6730 for a free consultation or visit www.sagarialaw.com and request a free face to face appointment in a Sagaria Law office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Client 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 provides an Overview of Bankruptcy Exit Plans

Overview of Bankruptcy Exit Plans

The goal of bankruptcy is to allow the person (or business) filing to either discharge as much debt as possible or restructure the debt to allow for either partial or full repayment. This bankruptcy exit plan is important, regardless of which chapter the petition is filed under.

In chapter 7 the bankruptcy exit plan is simply to discharge as much debt as possible and emerge only with what property you intend to keep. The bankruptcy exit plan is usually to discharge credit card debt and obligations on personal loans, while continuing to make payments on secured debt (usually on a house or car).

In chapter 13, the bankruptcy exit plan is usually to allow time for the debtor to catch up on mortgage arrears and other missed payments on secured debts. Generally there is little to no payout to unsecured creditors. However, it is often advantageous to file under chapter 13 even if the repayment to unsecured creditors will be in full because there is a very low interest rate and the plan is only for five years.

A chapter 13 bankruptcy exit plan can also allow for past due taxes and domestic support obligations to be paid through the plan. This allows debtors to not have to worry about those debts surviving chapter 7 and allow them to structure their expenses accordingly.

Whatever the bankruptcy exit plan, it is important to first understand what type of debt you want discharged and what your intentions are with the secured property you hold.

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 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 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 San Francisco Bankruptcy Attorney discusses how filing bankruptcy will create debt relief...

What types of bankruptcy are offered to individuals?
For individuals seeking debt relief, the bankruptcy code provides for several different methods for filing, depending on the individual’s financial situation. 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.

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.

Is it possible to discharge taxes?
Yes, although there are certain qualifications that must be met prior to having taxes discharged in bankruptcy. The general rule in a chapter 7 case is that taxes are only able to be discharged if they are over three years old or if it has been three years since the debtor’s last tax audit or assessment. For example, if a debtor owed taxes for the years 2005, 2006, and 2009, only those debts from 2005 and 2006 would be subject to discharge. In chapter 13 cases, however, taxes are considered a priority claim and are repaid first during the repayment plan.

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 discusses Chapter 13 of the Bankruptcy Code

Chapter 13 allows a debtor to keep property and repay the debts over a period of time through an approved payment plan. The chapter 13 bankruptcy code gives the debtor either a three or five year option for repayment. A chapter 13 bankruptcy code plan is also known as the “wage earner’s plan” as it is appropriate for individuals who have a steady stream of income. The chapter 13 bankruptcy code plan offers several advantages over a Chapter 7 liquidation. Chapter 13 bankruptcy code allows individuals to reschedule secured debts and extend repayment over the life of the plan. The chapter 13 bankruptcy code also allows for debtors to treat the repayment like a loan consolidation, where all the payments for the debts are made to the chapter 13 bankruptcy code trustee.

In order to be eligible for a chapter 13 bankruptcy code plan, the debtor must not have unsecured debts in excess of $360,475 and secured debts in excess of $1,081,400 (these limits are re-evaluated periodically). In addition, the debtor is required to have a steady stream of income, either from a profession or other constant source. Plans under a chapter 13 bankruptcy code petition must not rely on speculative income as a means to repay the plan.

After the debtor files the chapter 13 bankruptcy code petition, a repayment plan must be submitted to the court for approval. The plan is generally either submitted when the chapter 13 bankruptcy code petition is filed or within 15 days after the petition filing. The plan must identify how the debtor will repay the priority claims (taxes, bankruptcy costs, etc); secured claims (those items secured by collateral), and any unsecured claims.

If the debtor wishes to retain the property, payment to the secured creditors must at least equal the value of the collateral. Additionally, the chapter 13 bankruptcy code states that vehicles purchased within 910 days of filing are required to be paid off for the loan amount, not the value of the vehicle. Unsecured claims do not need to be paid in full so long as the plan provides that the debtor will pay all projected disposable income over the life of the plan. Unsecured creditors under the chapter 13 bankruptcy code must receive at least as much as they would have under a chapter 7 liquidation.

The debtor receives discharge the chapter 13 bankruptcy code upon completion of all payments. Creditors provided for under the chapter 13 bankruptcy code plan may not initiate action against the debtor to collect on discharged obligations. Non-dischargeable debts, such as alimony, certain taxes, and educational loans), are still the responsibility of the debtor after a chapter 13 bankruptcy code discharge.

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 Fracisco bankruptcy attorney addresses a question regarding a Bankruptcy Trustee

Question: Who is a bankruptcy trustee?
Answer: A bankruptcy trustee is a third party appointed by the bankruptcy court assigned to a bankruptcy case. It is the role of the bankruptcy trustee to be impartial and carry out any and all duties associated with the trust. Part of the duties of the bankruptcy trustee is to hold and manage the assets of the debtor for his or her creditors. When a bankruptcy is filed, either by an individual (as in a Chapter 7 bankruptcy) or by a company (as in a Chapter 13 bankruptcy filing) all of their property and/or assets become property of the bankruptcy estate. This bankruptcy estate is then managed by the bankruptcy trustee.

In the Chapter 7 bankruptcy filing scenario, a bankruptcy trustee is selected from a panel of trustees and is therefore sometimes referred to as a panel trustee. Whereas, in a Chapter 13 bankruptcy filing there is a permanent or standing trustee that is automatically assigned to manage the assets of the bankruptcy case.

In a bankruptcy filed under Chapter 11 of the United States Bankruptcy Code, a bankruptcy trustee is not used, rather the debtor manages the property of the bankruptcy case and the bankruptcy is therefore termed a “debtor in possession.”

As an aside, the bankruptcy trustee is not to be confused with a United States Trustee, an officer of the Department of Justice, who is in chage of the appointment of the bankruptcy trustees and other types of trustees.

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 marvels at GM's loan payback after bankruptcy reorganization (aka filing Chapter 13 bankrutpcy)

After filing Chapter 13 bankruptcy Getting a 5 year jump on their payback deadline, GM announced today through sevearl news sources that they are returning the 8.1 billion to the government ahead of schedule. The speedy turnaround is said to be much due to labor cutbacks within their Chapter 13 bankruptcy reorganization last year.

GM took good advantage of the Chapter 13 bankrutpcy option and ran with it.

White House econmic advisor Larry Summers said, "This turnaround wasn't an accident of history. It was the result of considered and politically difficult decisions made by President Obama to provide GM and Chrysler -- and indeed the auto industry -- a lifeline, if they could demonstrate the will to reshape their businesses."

Bay Area consumers have the same lifelines available to them with bankruptcy options through Sagaria Law.

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 takes note of potential new disclosure rules with regard to distressed investors' participation in bankrutpcy cases...

New disclosures that may be set forth in bankruptcy cases with regard to implementing a demand for broader disclosure for investors that would shed more light on their various activities, including trading, have recently gotten the bankruptcy news spotlight. Specific to bankruptcy cases, these new rules being set forth are possibly a bone of contention for said investors, who typically wish to fly low on the disclosure radar, so to speak. Looks like most judges advocate in favor of the disclosure rather than the distressed-debt investors, encouraging the backing of the disclosure proposal despite investors’ wishes to guard their goings on when involved in a bankruptcy case.

An article in the Wall Street Journal quotes Kevin Carey, Delaware bankruptcy court’s chief judge as stating, “If you want to come into bankruptcy court, you tell us who you are,” and further, “The judge can’t be kept totally in the dark.”

Carey spoke at a recent forum held in New York, the Turnaround Management Association’s spring conference, and amongst hot button bankruptcy topics was the ever-growing aggressiveness of creditor groups rallying for larger recoveries.

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 discusses a Rise in Bankruptcy Filings

I couldn't help but ponder, from my San Francisco bankruptcy firm that, throughout the decades, America has experienced a growth spurt unlike any the world has seen since the early Rome. That growth has been spurred by entrepreneurs and thinking outside the box. A substantial factor in Americans ‘boldness’ to expand is the security and comfort of knowing they are backed and supported by a system of government and laws that promotes such risk taking. In response to Americans placing their livelihood on the line for business, the government created an ‘escape hatch’ for those whose ideas failed, bankruptcy. Bankruptcy is a backbone for the American dreamer who places his life on the line and risks it all for his dream. What would the Silicon Valley be if Steve Jobs was too afraid to take his garage-based computer company public?

Bankruptcy was established to assist those whose ideas never caught on. But is that protection being abused? Some think so, based purely on the spike in recent bankruptcy filings. In 2005, the laws surrounding bankruptcy filings tightened and it made it more difficult for the average American entrepreneur to file for bankruptcy in an attempt to filter out the fraudulent filings. Back in 2005, almost 2.1 million petitions were filed across the country, approximately 5,750 filings per day. In 2006 following the enactment of new laws, the bankruptcy filing rate plummeted to approximately 1,000 per day.

The bankruptcy rate has steadily risen since 2006 and in 2009, the rate increased almost 24% from 2008 filings. More and more Americans are being laid off, losing their homes, and being forced to file for bankruptcy protection. More and more people are reaching out to their government to help them get back on their feet and re-stimulate the economy. It is projected that as the hard economic times continue, the bankruptcy filing rate will continue to rise. At what point does bankruptcy become a norm?

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 discusses filing bankrutpcy to alleviate tax debt...

Bankruptcy is well known to have been used by people that cannot pay their debts to commercial organizations. What a lot of people don't realize is that bankruptcy can also be used against government organizations. The major revenue department of the U.S. government is the IRS and there are a lot tax payers that find it hard to cover their tax liabilities. One possible option is to file for bankruptcy on your tax debt.

There are two chapters that maybe used for bankruptcy, Chapter 13 and Chapter 7. Chapter 13 is called a reorganization bankruptcy which basically allows you a period of 3 to 5 years to get your financial affairs in order, whilst paying back a reduced amount of outstanding tax during this period. Usually any outstanding tax will incur interest payment penalties. The tax payments will not be reduced if the IRS has already issued a tax lien prior to your bankruptcy. This is because a tax lien becomes a secured debt. Chapter 7 is called a liquidation bankruptcy and can be used for debt that is over 3 years old. Filing a chapter 7 will remove your tax debt if the IRS has not issued a tax lien on you prior to you filing chapter 7. If the IRS have issued a tax lien to you, then the tax debt is held until you have removed yourself from chapter 7, when it will then become payable. You must plan out your financial obligations post chapter 7, before removing yourself from 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 remarks on claiming personal debt in bankruptcy

In our San Jose bankruptcy law firm, we often get the question of whether or not debt paid for by a family member’s credit card can be claimed as personal debt by the bankruptcy filer? In other words, in an effort to consolidate debt, some consumers in debt try to do so by merging credit cards into one debt, then getting assistance and putting the total amount of credit card debt onto a family member’s credit card, then opting to pay them instead of the credit card company. Once they decide to file bankruptcy, it is a common inquiry as to what status this type of debt falls under.

In this case, the debtor would list the amount owed to the family member as a personal loan. If you owe the family member money, even though they paid your bills on their credit card, it would still be considered as a personal loan owed to them by you.

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 on Student Debt and Bankruptcy

Most assume that student loans are not dischargeable in Bankruptcy. There are, however, exceptional circumstances where student loan debt may be discharged. Consequently, while difficult, bankruptcy can be an avenue to eliminate student loan debt!

Specifically, federal bankruptcy courts have established a three part test. A debtor must show: 1) based on current income and expenses the debtor cannot maintain a minimal standard of living for the debtor and debtor’s dependent(s) if forced to repay the loan; and 2) additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period; and 3) the debtor has made a good faith effort to repay the student loan.

Do you fall into this category? Do you have exceptional circumstances? Than you may possibly qualify to discharge your student loan 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 comments on Credit Cards Interest Rates

For many, filing bankruptcy remains a fearful endeavor because it negatively impacts one’s credit score. While true, this fear must be placed in perspective. To begin, after filing bankruptcy it’s possible to have good credit within a year or two. You will not, however, be receiving any low interest rate offers, and your local Sears associate will not approve you for a new Sears card (so you can save 10 percent on your purchase that day)…big loss. Still, this last point leads into my latest revelation. LISTEN UP!

Have you noticed you don’t receive nearly as many credit card offers in the mail? Believe me, it’s not your imagination. Credit card companies are tightening their standards, and interest rates have risen! Today, the average rate is now 15.39 percent! So while filing bankruptcy will negatively impact your credit score…rest soundly because the Jones’s are not getting a great interest rate either!

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 relays information on Ex Spouse and Credit

Listen up Oakland. Is your ex spouse using joint credit cards purchased during your marriage? Are you aware that you may still be responsible in the eyes of credit reporting agencies for those debts if they are not paid off? Didn’t know that? Better listen.

The Federal Trade commission warns that simply because a divorce decree states that one spouse shall be responsible for paying off certain credit cards, does not absolve the other spouse of responsibility in the eyes of the credit reporting agencies. Consequently, the safest bet is to cancel all credit cards post divorce and begin anew.

If you’ve recently found yourself in this predicament don’t fret. Bankruptcy and legal debt settlement both present viable options to getting out from this kind of 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 speaks to the 341 Meeting of Creditors

For those facing bankruptcy the phrase, “meeting of creditors,” has ominous overtones. No doubt, some may picture a room full of ornery old men in dark suits pointing fingers and casting judgment. Thankfully, this depiction couldn’t be further from the truth.

In reality, the meeting of creditors for the vast majority of debtors constitutes a five minute inconvenience. You will sit at a very plain table. If you are represented by counsel they will be present along with the trustee who has been assigned your petition. You will be sworn in, asked a few questions, and then dismissed. Moreover, in most chapter 7 and 13 bankruptcy cases, no creditors are actually present.

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 lawyer talks about Chapter 7 Liquidation and your home

Many fear they will lose their home and all their possessions if they file Chapter 7 bankruptcy. In reality this probably will not occur. To begin, simply filing chapter 7 bankruptcy doesn’t mean you will automatically lose your home. There are several options that a debtor may take to ensure they keep their home.

For those with equity in their homes, California allows a 50,000.00 homestead exemption. Consequently, as long as a debtor has $50,000.00 or less in equity in their home the Trustee many not liquidate. Still, it should be noted that a debtor must remain current on their payments or face foreclosure. While Bankruptcy technically eliminates the promissory note, it does not eliminate the lender’s lien on the residence. Thus, a lender still has the right of foreclosure in case of default.

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 translates

Certain transactions made before filing bankruptcy may carry a presumption of fraud. Consequently, these transactions will not be discharged. Anyone considering filing for bankruptcy should therefore consider not only whether to file, but when to file.

For example, if a debtor charges $500 or more in luxury goods or services on a particular credit card within 90 days of filing bankruptcy, such a transaction will carry a presumption of fraud. The debt will not be discharged and the debtor will remain personally liable for the debt. These traps, however, are easily avoidable by consulting a knowledgeable 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 attorney comments on transferring property

Those who are considering filing for bankruptcy should consider whether or not they’ve transferred property within the last two years. If a debtor has given property away or sold property for less than its market value, a trustee has the power to void the transaction, sell the property, and distribute the proceeds to creditors.

If you’ve made such a transaction in the past two years, and are also considering filing bankruptcy, you may want to wait if possible for the two years to pass before filing. If you cannot wait, you must decide whether or not to notify the new property owners. An experienced bankruptcy attorney can provide valuable guidance in such circumstances.

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 says no pennies for Lincoln

Ironically, while Abraham Lincoln’s face now appears on the penny, at one point Lincoln didn’t have a penny to spare. In fact Lincoln actually declared bankruptcy after he became liable for $1,000.00 in back payments owed by his business partner.

In addition to Lincoln, several other former Presidents have filed bankruptcy. Ulysses S. Grant, Thomas Jefferson (several times), and William McKinely all filed bankruptcy; but who cares? In short, you should! Realize that while many consider bankruptcy a negative thing, history teaches that bankruptcy may constitute a stepping stone to great success!

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 on Americans and Bankruptcy
This year, we as Americans are on pace to file 1.5 million bankruptcies. To put that number into perspective, that’s 6,000 bankruptcies every day. There are a number of reasons for these staggering figures. According to the Bureau of Labor Statistics, as of October 1st unemployment is at 9.8%, which is double what it was at the beginning of the recession. Combine this with the shrinking of credit that has come with the recession, and it becomes clear why so many people would turn to bankruptcy.
These facts should make it clear that people filing bankruptcy are not alone. They should also offer some relief to those who are concerned that they are being unfair to their creditors. Unemployment and shrinking credit have swept through our economy, and are beyond our control. Through Chapter 7 or Chapter 13 bankruptcy, however, many people are getting back on their feet and taking control of their lives.

In order to determine if bankruptcy is right for you, it is best to contact an attorney in your area. If you are in the area of one of our offices, feel free to give us a call in order to schedule a free consultation with one of our bankruptcy attorneys.

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 chats about discharging medical bills during bankruptcy...

Medical emergencies and major illnesses happen when we least expect them. Between emergency room visits, surgery, and ongoing treatments, medical bills can easily be thousands, and for some people they can be hundreds of thousands or more. In addition to this, the emergency or illness can often result in losing time at your job or losing your job all together. Even those with health insurance often face large medical debts. Because of this, those with medical bills are often in a position where they may want to consider bankruptcy. In fact, a recent study at Harvard Medical School suggests that 62.1 percent of bankruptcy cases are medically related.
Bankruptcy is a clear choice for these people for many reasons. Chapter 7 and Chapter 13 bankruptcies can both discharge all of your medical bills and give you a fresh start. To put these debts on a credit card or a home equity line can cause enormous financial strain that can last for many years, far longer than even a bankruptcy lasts. Not only can the balances become so large it takes many years to pay off, but the interest can also pile up very quickly, especially with the high interest rates on credit cards.
In order to find out the best way to eliminate your medical bills through bankruptcy, you should contact an attorney in your area. If you are in the area of one of our offices, feel free to contact us and schedule a free consultation with one of our bankruptcy attorneys.

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 discusses the automatic stay...

The automatic stay alone motivates many people to file bankruptcy. When you file bankruptcy, the automatic stay immediately stops those trying to collect from you dead in their tracks. There are some exceptions, which we will go over below, along with the collections efforts you can stop with bankruptcy.
Eviction, foreclosure, and wage garnishment are some of the most important efforts that can be stopped. Preventing or ending wage garnishment can be crucial for those who are facing losing 25%-50% or more of their wages. If you are facing a foreclosure you may also want to consider a chapter 13, and you should speak with an attorney in your area to determine the best way to save your home. Eviction can be delayed with the automatic stay, though your landlord may still be able to evict you, depending on the circumstances.
Child support, proceedings related to taxes and criminal charges, and pension loans are all exceptions to the automatic stay. There may be other circumstances where the automatic stay does not help as well, so it is best to consult with an attorney to ensure this is used correctly.
To determine how you can use the automatic stay in your bankruptcy, you should contact an attorney in your area. If you are in the area of one of our offices feel free to contact us for a free consultation with one of our bankruptcy attorneys.

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 explains lien stripping...

Under certain circumstances, in California, junior liens or deeds of trust can be removed from your home in a Chapter 13 bankruptcy case. This is known as “lien stripping.” The way it works is: If the fair market value of your home is less than the amount owed on your first mortgage, you can lien strip (remove) the junior liens on the property. This is also known as avoiding the lien in bankruptcy, but the term “avoid” is usually used in connection with judgment liens (involuntary liens) against your property, which can also be removed, but under different circumstances.

If successful, this means that the debt you owe on any such junior liens will be discharged if you complete your Chapter 13 payment plan, which lasts for 36-60 months. How much your plan payments would be depends on a number of factors, primarily your disposable monthly income. Lien stripping requires the filing of a Motion with the bankruptcy court (known locally as a LAM Motion) during the Chapter 13 case. It may also, depending on the judge in the case, require an additional “adversary proceeding” to remove the lien.

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 comments on filing bankruptcy while married...

There are times when, as a San Francisco Bankruptcy Attorney, I have seen circumstances where one spouse will want to file for bankruptcy, but the other spouse will not to preserve their credit. In this scenario, even though only one spouse is filing, the income of both spouses must be taken for the means test to determine which bankruptcy (Chapter 7 bankruptcy, Chapter 13 bankruptcy or Chapter 11 bankruptcy) the debtor will qualify for. Sometimes, even though the debtor that wants to file for bankruptcy would be able to file a Chapter 7 bankruptcy based on his income, that debtor may be prevented because the family income is too high.

One scenario where this might happen is where one spouse has certain debts which are only in that spouse’s name and may have even been incurred entirely prior to the marriage. He wants to file a bankruptcy to deal with those debts without involving their spouse. Congress stated specifically that unless the spouses are legally separated or living apart or have a valid prenuptial agreement, then the non-filing spouse’s income must be included in the means test. The reason for this in community property states is that every spouse has a community property interest in the income earned by their spouse. These requirements have absolutely nothing to do with which spouse owes the debt, whose name is on the debts/accounts, or which spouse is filing the bankruptcy case. This also does NOT mean that the non-filing spouse will be “affected” by filing the bankruptcy case. It merely means that their income must be factored into the eligibility analysis and may result in a Chapter 13 repayment plan needing to be filed instead of just a straight Chapter 7 liquidation 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 Attorney talks about the Reaffirmation Agreement...

Most of the time, in a Chapter 7 bankruptcy, according to most San Francisco Bankruptcy Attorneys, if the debtor has a vehicle that is current on its payments, the debtor will be able to keep that vehicle. The debtor, however, needs to make a declaration or contract to the court stating that they can continue to make the payments on the vehicle despite filing for bankruptcy and being unable to pay the rest of his debts. In other words, it creates an obligation to repay that debt after the bankruptcy case is completed. This declaration is called a reaffirmation agreement.

Typically, only secured debts (usually homes) are reaffirmed in order to allow the debtor to retain the collateral. Under the amendments to the Bankruptcy Code, which took effect in 2005, secured creditors can treat the filing of the bankruptcy as a default and use that as a basis to repossess their collateral, like a car, after the bankruptcy case is over, if applicable state law allows it. As a result, the only sure way to keep a secured motor vehicle or other personal property is to enter into a reaffirmation agreement. As long as the debtor can continue to make the payments on the vehicle, the debtor will be able to keep the vehicle even though they are filing bankruptcy. This debt will continue and will not be discharged in the 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 tells debtors whether they will do time or not...

I just consulted with someone in our San Francisco Bankruptcy office, where the client feared that because he did not pay his debts that the state or federal government would be able to send him to jail. If there is anyone else wondering this, let me put your mind at ease and tell you that people who do not pay their debts can no longer be sent to jail. Yay! Federal law now prevents people from being imprisoned because they have not paid their debts off. This means that you can file for bankruptcy and this will not make you a criminal.

The new bankruptcy laws that were enacted in October 2005 have nothing to do with making bankruptcy, whether it is a Chapter 7 bankruptcy, Chapter 13 or Chapter 11 bankruptcy, criminal Debtor’s prisons were abolished 176 years ago. However, creditors can undertake collection activities allowed under applicable state law, such as garnishing wages, seizing bank accounts, placing liens against real estate and other property, etc. One can file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy case and get rid of most debts in return for giving up any non-exempt assets they have in Chapter 7 or paying out the equivalent value of said assets over time in a Chapter 13. Every state, including California, has exemptions which protect the value in various assets, so one is always allowed to retain some.

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 comments on navigating the bankruptcy petition...

As a San Francisco Bankruptcy Attorney, I realize the the Bankruptcy Petition can be very difficult to navigate. There are times when the debtor may overlook a creditor when drafting the Petition. Most of the time, the debtor does not have to worry if they unintentionally just forgot or overlooked to include a specific creditor in their bankruptcy.

In the 9th Circuit (which includes California, Oregon, Arizona, Washington and Nevada, Idaho, Alaska, Hawaii and Guam) and this is a Chapter 7 bankruptcy, and there are no assets were liquidated and sold by the Trustee, and you have already received your discharge, then there is no consequence for unintentionally failing to list a creditor. This means that if you get your discharge, you are discharged from ALL dischargeable debts regardless of whether they were listed or received notice of the bankruptcy. The two main cases on this are In re Neilsen, 383 F.2d 922 (9th Cir. 2004) and In re Beezley, 994 F.2d 1433 (9th Cir. 1993). If the creditor in question has grounds to object to the discharge of the debt, like if the debt was incurred through fraudulent means, then they can still move to reopen the Chapter 7 bankruptcy case and litigate their non-dischargeability claim if they received no notice of the original bankruptcy.

In a Chapter 13 bankruptcy, or Chapter 11 bankruptcy case where assets are being distributed by the Trustee, the failure to list a creditor is more serious and can result in that debt not being discharged.

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 creditor judgements as it pertains to bankruptcy filings...

As a San Francisco Bankruptcy Attorney, I know the reality is that creditors have been getting judgments against debtors who have not paid their debts off. For these debtors, one of the major questions is if that judgment is discharged in bankruptcy. A judgment lien is not automatically dischargeable. The creditor must obtain a judgment from the court. Then, to create a lien, it must be perfected under applicable non-bankruptcy law (usually the State or county in which the asset is located). For real estate, this usually involves obtaining a certified abstract of the judgment from the court that issued it, and recording it with the county recorder’s office wherever the property is located that the creditor wants the lien to attach.

If certain requirements are met, then the judgment lien can be discharged. The bankruptcy code section that states this is 11 U.S.C. 522(f), which allows a lien to be removed to the extent that it impairs an exemption to which the debtor would have been entitled in the absence of the lien. This is basically a mathematical calculation, and depends of course on the value of the asset, the amount of any senior liens, and the amount of the available exemptions (usually governed by the laws of the State where the bankruptcy case is filed, but not always.

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 this important bankruptcy question...

As a San Francisco Bankruptcy Attorney, I know that many people are worried that filing bankruptcy will cause them to lose their homes. Many times, that is not the case unless it is a Chapter 7 bankruptcy and there is equity in the home. People make this mistake because a Chapter 7 bankruptcy involves liquidating most of a debtor’s assets to pay creditors, including the home. But in reality, homeowners who end up filing often don’t have enough equity in their home to benefit creditors. They do not have enough equity because they’ve taken out a second mortgage or the home’s value has fallen or both. In these types of cases, the trustee handling the bankruptcy can decide not to liquidate the home, in which case the debtor gets to keep it. This is usually the case because the trustee will not take an asset that does not have money in it.

The home can also be saved via the Homestead exemption. In most cases, the Homestead exemption will allow you to keep your primary residence if your equity in it is below a certain threshold. It can vary widely from state to state: from $30,000 for a married couple filing Chapter 7 bankruptcy in Illinois, for example, to $75,000 for the same in California. So, the government has to pay you for the exemption before they will consider taking the home to pay the 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 attorney relates an update on bankruptcy filings...

Recently, the government released new bankruptcy data showing what bankruptcy filings looked like for the past two years and trends for the future. I took note of course, being a San Francisco Bankruptcy Attorney.

The figures released last week by the United States Bankruptcy Court for the Northern District of California look at overall Northern California bankruptcies over a 24 month period (October 2007 through September 2009) and also break them down by bankruptcy type.

Northern California bankruptcy filings in September were up 46.8% overall compared to September 2008. Specifically, Northern California Chapter 7 bankruptcy filings increased by 45%, Northern California Chapter 13 bankruptcy filings were up 46% and Northern California Chapter 11 bankruptcy filings more than doubled (from 23 cases to 50 – Chapter 11 filings represent by far the smallest number of cases across the two year data period).

A year-to-year comparison (October 2008 - September 2009 vs October 2007 - September 2008) is even more sobering. This indicates a 62% jump in Northern California Chapter 7 Bankruptcy filings, 66% for Northern California Chapter 13 bankruptcy filings and 63% overall. Northern California Chapter 11 bankruptcy filings increased by 72.8%.

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!