San Francisco Bankruptcy Attorney Blog

A San Francisco bankruptcy attorney blogs about involuntary bankruptcy and the necessity for credit counseling.

The first six months of 2010 has illustrated an increase of consumer bankruptcy to 14% in comparison to the 2009 numbers at about the same period. A forecast from the American Bankruptcy Institute has warned that at the very least, 1.6 million bankruptcy filings will be filed before the end of the year. If these numbers hold fast, the chances are good that someone you know, even yourself- will be in need of involuntary bankruptcy and credit counseling.

Filing for bankruptcy is certainly not an easy decision to make. But when you are placed in bankruptcy by creditors through involuntary bankruptcy laws- you only have a limited time to respond- sometimes as little as 20-22 days. This is when involuntary bankruptcy and credit counseling becomes exceedingly significant to you as a consumer.

Under chapter seven, which is the basic liquidation for individuals and businesses- is the shortest and simplest of the six bankruptcies offered to you as a consumer or business owner. Almost 65% of all American consumer bankruptcy filings are filed under Chapter seven. Involuntary bankruptcy and credit counseling will help the consumer pay-off or completely discharge your debts. As a business owner you can also declare bankruptcy while protecting your personal credit.

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

A San Francisco bankruptcy attorney explains some things you should know about Chapter 7 bankruptcies.

What exactly is Chapter 7 Bankruptcy? This is when debtors are offered a way out from their overwhelming debt problems. Once they file for Chapter 7, the debtor will receive a discharge. What this does is prevent any of the creditors from taking action later on to collect the debt. Majority of debts can be included in a Chapter 7. They include such debts like credit card charges, most judgments, and hospital bills. At the same time, there are some debts that cannot be put in, and those include child support, student loans, and any fines that need to be paid if you get in trouble with the law. In order to file for Chapter 7, you need to bring in all your financial papers pertaining to the creditors and amounts you owe.

When filing for Chapter 7 Bankruptcy, there are some properties that can be kept. They may include the personal property, house, motor vehicles, and child support they may be receiving. Spouses and ex spouses of the person filing Chapter 7, can also be affected by Chapter 7 if any of the debts were jointly linked between the debtor and their spouse or ex spouse.

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 explains how filing Chapter 7 can affect your unsecured debts.

Many people have this idea that a Chapter 7 bankruptcy in California, means that all their unsecured debts are wiped out. While unsecured debts, that is debts that are not tied to some sort of collateral, are cleared out, there are still some that are not. Some of those unsecured debts that will not be cleared out with a Chapter7 bankruptcy in California is a child support debt. If you owe child support, you will still continue to owe it, even after you have filed for a Chapter 7 bankruptcy in California.

Other unsecured debts that are not cleared are federal student loans and or debts that were acquired on the basis of fraud. These type of fraud debts include writing hot checks, that is making a check for an amount that you knew you did not have in your bank account. Another type of fraud debt is acquiring a credit card by lying on your credit card application. Debt owed on taxes is not cleared by filing for Chapter 7 either. Other than that, yes, filing for Chapter 7 bankruptcy will help clear out any unsecured debts you may have, which are those debts that are not tied to collateral.

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

A San Francisco bankruptcy attorney addresses: Can My Business File Bankruptcy?

Can a business file bankruptcy?

Yes. The bankruptcy code provides relief not just for individuals and couples but also for businesses. Business can file under either chapter 7 or chapter 11, depending on what the goals of the business are. Filing under chapter 7 generally means that the business wants to liquidate whatever assets it has and close its doors, while filing under chapter 11 allows the business to remain open and continue its operations.

Which chapter is better?

That generally depends on what the goals of the business are. Often individuals who own businesses want to cease operations and have bankruptcy end all outstanding obligations. In that case a chapter 7 filing would be best suited to achieve those goals. It is important to understand that sometimes a personal bankruptcy is needed in order to extinguish all liability, as many smaller business loans and lines of credit are personally guaranteed and the only way to completely remove all obligation to pay is to file personally and include all business debts. If the business would like to remain open and simply reorganize its economic structure, then a chapter 11 filing is better tailored to meet those goals.

Does a business filing under chapter 7 receive a discharge?
No. A business does not receive a discharge in bankruptcy. Instead, its debts are written off and the business ceases doing business in the state. If the debts are not personally tied to anyone then the outstanding loans die with the business.

What about sole proprietorships?

A sole proprietorship is essentially an extension of the individual who started the business, therefore making all debts of the business debts of the individual. In those cases it is best for the individual to file a personal bankruptcy in order to be relieved of any obligation to pay the debts.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

A San Francisco bankruptcy lawyer provides a Chapter 7 FAQ

What is chapter 7?
Chapter 7 bankruptcy is known as the liquidation chapter, meaning that all of your personal property that you cannot exempt from the bankruptcy is liquidated in order to repay creditors. Generally those filing for chapter 7 can exempt all of their personal property, leaving nothing to be repaid to creditors.

Can I keep my house or car in chapter 7?
Yes. It is possible to keep your house or car when you file under chapter 7, so long as you are current on the payments (or your car is not worth more than the exemption limit if you own it outright).

Can I choose which credit cards to keep and which debts to have discharged?
In a chapter 7 bankruptcy you cannot choose which debts you wish to have discharged. All of your credit cards and other unsecured debt will be listed in the bankruptcy, and if the debt is eligible for discharge, it will be.

Can chapter 7 discharge student loans?
Generally Student loans are very difficult to have discharged. Most debtors who file chapter 7 do not have their student loans discharged, however speaking to an experienced bankruptcy attorney is imperative when dealing with discharges of this nature.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

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

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

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

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

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

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

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

Will Bankruptcy Solve My Business Debt Problem?

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

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

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

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

Am I personally liable for my business debts?

That depends on whether you personally guaranteed to repay the loans or subjected yourself to personal liability when obtaining credit cards. If the lines of credit, credit cards, or business loans are solely in the business’ name, then you are not personally liable for the business debt. However, if you are personally liable for the business debt, then it might make more sense to file bankruptcy individually rather than on behalf of the business.
If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

A San Francisco Bankruptcy Attorney 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 7 bankruptcy

What is Chapter 7 law?

Chapter 7 bankruptcy, also known as the “fresh start” bankruptcy, is designed to discharge certain unsecured debts. Chapter 7 law allows for those who make under a certain amount to file bankruptcy. Chapter 7 law is applicable to individuals, partnerships, corporations, or other business entity. Like other areas of the bankruptcy code, chapter 7 law does not allow for the discharge of certain debts (such as some taxes and educational loans). If an individual makes more than the state median income, chapter 7 law provides for a “means test” to determine whether the individual is still able to file.

Where is Chapter 7 law found?

Chapter 7 law is found in chapter 7 of the United States Bankruptcy Code. The Bankruptcy Code is in Title 11 of the U.S. Code.

What is involved with filing under Chapter 7 law?

Briefly, an individual who wants to file under chapter 7 law must first fill out a petition and submit it to the bankruptcy court. The petition much state where the debtor lives, what real and personal property they own, what their income is, what taxes have been paid, mortgage amounts, and other information dealing with the debtor’s financial situation. Once the petition is filed a meeting is held with a bankruptcy trustee. Chapter 7 law states any creditors of the debtor are allowed to appear at the meeting and examine the creditor. Under chapter 7 law the bankruptcy trustee also ensures that the debtor did not engage in any fraudulent activity with the bankruptcy filing. After that meeting, assuming nothing in the petition needs to be amended, the bankruptcy is generally discharged six to eight weeks later.

Does Chapter 7 law set income limits for filing?

Yes. In 2005 the Bankruptcy Code was amended with the intention of limiting the number of abusive filings. One of the amendments dealt with the imposition of income ceilings. Chapter 7 law states that individuals who earn more than the state median amount must satisfy a “means test.” Chapter 7 law has a presumption that if the debtor makes more than the state median and does not pass the “means test” the chapter 7 filing is presumed to be abusive. The median income in CA for an individual is $47,979 (this amount is adjusted periodically). If an individual does not meet the requirements for a chapter 7 filing, the filing will likely be either a chapter 13 or chapter 11.
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 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 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 mentions credit card debt...

One of the most common triggers for today’s bankruptcy filings results from people having significant credit card debt that they are barely able to make the minimum payments on.

Everything goes along fine for months, maybe years, until suddenly–and frequently unexpectedly–the interest rates on their credit card(s) jumps from a very low (or zero) interest rate to over 22%! The main reason this happens is when the cardholder defaults on the cardholder agreement. This could be as simple as missing or being late on a payment, or more unexpectedly because you simply have too much overall debt.

A good warning sign is: If you are barely able to make just the MINIMUM payments on your credit cards, you should already be considering bankruptcy as an option because even if you continue making only the minimum payments, you will never pay off those debts because nothing (or only a negligible amount) goes towards the principal.

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!

San Francisco Bankruptcy Attorney discusses $525k mortgage wiped out by court:

As a San Francisco bankruptcy attorney, I can see both sides of this story that scores one for the consumer. Suffolk Judge Jeffrey Spinner made Long Island Couple Diane Yano-Horoski and Greg Horoski quite happy, having wiped away their $525,000 Mortgage. The judge was outraged by the behavior of OneWest, the bank holding the mortgage, and sought to punish them with this ruling.

The plaintiff in the court case spouted that they had sent a forbearance agreement to the defendant, but eventually conceded that it had not been sent until too late. They also refused to consider a loan modification or any of the other solutions offered by the defendant and the court.

In the judgment, Judge Spinner wrote that “[The Plantiff’s] affirmative statements made it abundantly clear that no form of mediation, resolution or settlement would be acceptable to Plaintiff.” He went on to say that “Regrettably, the Court has been unable to find even so much as a scintilla of good faith on the part of Plaintiff. Plaintiff comes before this Court with unclean hands yet has the insufferable temerity to demand equitable relief against Defendant.”

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 attoorney describes the 341 meeting when filing a Chapter 7 bankruptcy...

When filing chapter 7 bankruptcy, most people only have to go to court once. This is for the 341 meeting of creditors. This meeting is short, and despite its name creditors generally do not attend. There is no judge present either. Rather, the meeting is presided over by a trustee, who is a court appointed official. The meeting is held primarily for the purpose of collecting and verifying information. It takes place 20-40 days after the date of filing.
The trustee can file a motion or an adversary in the bankruptcy court for the judge’s consideration if in the meeting any new information comes out that they feel needs to be addressed. If you have hired a bankruptcy attorney to handle your case, they will attend the 341 meeting with you. Before the meeting they will go over what will happen at the meeting and prepare you so you know what to say.

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 filing bankruptcy without your spouse...

Many people look into bankruptcy protection as a means to alleviate debts that can no longer be managed. It is often the best option for those looking for a fresh start. We all know bankruptcy impacts your credit, and you may want to protect your spouse from this impact. This is especially true if you accumulated your debts prior to your marriage, and don’t want your spouse to suffer for something that wasn’t their fault.

Thankfully, you file bankruptcy individually and keep your spouse out of it. Your spouse is not liable for your debts just because you are married. If you and your spouse have any joint debts, then your spouse will still be liable for the debt after you file bankruptcy, so in this case you may consider a joint filing. Also, if you and your spouse own any joint property, it can be included as part of your assets. In a community property state such as California, both halves of the property are included in the assets.

In order to determine whether you should file individually or jointly, it is best to consult with 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 as well.

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 clarifies Chapter 7 bankruptcy

It is a common belief that when you file Chapter 7 bankruptcy the court will take and sell everything you own. This is not true. When you file for a Chapter 7 bankruptcy, you can keep more of your property than you’d think, though it varies from state to state. You may even be able to keep the equity in your home!
A homestead exemption is where you can exempt a certain amount of equity in your home. This amount varies from state to state. You can also usually keep a vehicle, along with furnishings, clothing, appliances, and household goods. Plus if you own tools involved with your profession, you can probably keep those too. Other property not mentioned here can often be kept as well.

To determine how to best protect your property in a bankruptcy filing, it is best to contact a lawyer in your area. If you are in the area of one of our offices, feel free to give us a call to schedule your 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 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 Attorney comments on bankruptcy with regard to not being a US citizen...

Some debtors are not US citizens but they have debts in the US, and some even live in different countries. The question now is whether or not they are eligible to file bankruptcy in the US. 11 U.S.C. 109 allows any person to file bankruptcy in the US if they reside, have a domicile, place of business OR property in the US. What constitutes sufficient “property”? That depends on the court, but for most, even a simple bank account will suffice. Sometimes merely depositing funds into an attorney’s trust account meets the requirement. In other words, in most cases almost any asset here in the US will make a person eligible to be a debtor in bankruptcy. For practical purposes, you also must have a mailing address in the US where you regularly receive mail. This is not a legal requirement, but is practically necessary.
The next question becomes wherein the USA you can file bankruptcy. Typically, federal venue laws require that your case be filed in the district where you have resided (or domiciled or have your principal assets or business) for the greater part of the 180 day period prior to filing your bankruptcy case. But what happens if you’ve lived outside the US for more than 180 days? There is no definite answer to this, but in this situation you can file your bankruptcy case anywhere in the United States. Ultimately, the need to appear for the 341a meeting and the costs associated therewith, may outweigh the benefits to filing the bankruptcy. In some cases, depending on the reasons why, the US Trustee’s office or the court may excuse physical appearance at the meeting, but this usually requires a showing of medical necessity or military obligations.

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!