San Francisco Bankruptcy Attorney Blog

A San Francisco bankruptcy attorney provides an Overview of Bankruptcy Exit Plans

Overview of Bankruptcy Exit Plans

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

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

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

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

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

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

A San Francisco bankrutpcy attorney blogs on Who Can Exit Bankruptcy?

What does bankruptcy do?

Most people file in order to obtain a discharge of all debts that they owe to creditors. The discharge is what allows you to move forward and not have to repay any creditor for previous balances and other financial obligations. That is the main goal when people want to exit bankruptcy.

Who can receive a discharge?

All individuals and couples who file for bankruptcy will receive a discharge and exit bankruptcy not owing anything, assuming that there is nothing fraudulent about the filing or the case is not dismissed prior to obtaining a discharge. There are also certain debts that are not automatically discharged, such as student loans and domestic support obligations. In addition, some people file simply to catch up on past due mortgage and have no other debt that they wish to have discharged, so they will exit bankruptcy without receiving a discharge.

How long does the process take?

That depends on what chapter bankruptcy you file. If you file under chapter 7, the process generally takes about 90 days, depending on whether there are any creditor objections or if any creditor disputes the discharge of a debt. Under chapter 13 it takes between 3-5 years to exit bankruptcy with a discharge, depending on the length of the repayment plant.

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 Creditor Harassment and Bankruptcy

Almost everyone who is behind on credit card payments knows how annoying the calls from creditors demanding payments can be. However, not everyone knows that it is possible to make these calls stop, and in certain circumstances, actually sue the creditor for violating the law if the contact continues. Creditor harassment is annoying and difficult to deal with. The following tips will help an individual deal with harassing creditors and hopefully find some peace and quiet, especially during the stressful time prior to filing bankruptcy.

If you have retained a bankruptcy attorney but have not yet filed a petition, it is possible to stop creditor harassment. Creditor harassment and bankruptcy are common in the sense that creditors want to know when they will be paid while the individual is preparing for bankruptcy and has likely stopped all card payments. It is important to inform the creditors that you have retained an attorney and they are no longer allowed to contact you.

It is important to realize, however, that simply informing a creditor that you have retained an attorney will not put a stop to the debt collection effort, as the creditor can file a lawsuit against you in court to try and collect the outstanding debt. When dealing with creditor harassment and bankruptcy options, it is important to monitor any civil suits against you in order to make sure no judgments are entered.

If creditors are still harassing you after you inform them you have retained an attorney it is important to let your attorney know so the appropriate steps can be taken to penalize the creditor. If the creditor harassment continues even after you have filed your bankruptcy petition, it is also advised that you inform the trustee assigned to your case, as they too can use certain methods to ensure contacts stops.

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 difficulty of bankruptcy law

Where is the bankruptcy code found?
The Bankruptcy Code is Federal law and is found in title 11 of the United States code. Within the title are all the various chapters of bankruptcy in addition to the general provisions and definitions governing application of the code.

Is bankruptcy law complicated? Generally, yes. While it varies chapter by chapter, an individual or businesses filing for bankruptcy will need to know the proper procedure for submitting a petition to the court and how to list and notice all potential creditors. In addition, individuals must know the proper section of the code to cite with respect to exempting personal property, otherwise there is a risk such property could be sold.

Aside from exempting property, what else is complicated?
While it varies case by case, bankruptcy law is complicated in the sense that there are various motions that must be filed with the court in order to either have something done or prevent something from being done. In addition, creditors often file motions with the court in order to have the automatic stay lifted. Knowledge of those laws and procedures is necessary in order to defend against such motions.

Can I represent myself in filing bankruptcy?Yes. There is no requirement that you must be represented by a lawyer, however, most individuals are not aware of all the various aspects of bankruptcy law. In addition, a failure to property list assets and debts may result in certain debts not being discharged. In a chapter 13 repayment plan there is the risk that the plan will not be confirmed based on the lack of understanding of what is required by the court.

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

A San Francisco bankruptcy attorney asks:

Can filing for bankruptcy stop a foreclosure?
Yes. Filing a bankruptcy petition stops foreclosure proceedings and any other adverse action against the individual who files. This means if you have a foreclosure day set on your home you can stop the sale by filing for bankruptcy.

Is my home protected so long as I am in bankruptcy?
That depends. It is still possible for a foreclosure after bankruptcy to occur if the mortgage holder applies for a relief from the automatic stay that went into effect upon the filing of the petition. The lender will generally apply from relief if mortgage payments are delinquent or if there is no intention in keeping the property post-bankruptcy.

If I want to keep my home, what can I do to avoid a foreclosure after bankruptcy?
Generally it is encouraged that an individual who files be current on all monthly payments for property which they intend to keep – such as a home or car. If an individual is filing bankruptcy to stop a foreclosure and wants an opportunity to repay the delinquent amount, post-petition payments of the mortgage amount are needed to indicate to the lender you intend on keeping the property. Otherwise, a foreclosure after bankruptcy is possible.

In a chapter 13 plan, if I miss a few monthly mortgage payments, what can happen?
If you miss your regular mortgage payments the bank can apply for a relief from the automatic stay and explain to the court that normal payments have not been made and they wish to foreclose on the home. In that circumstance a foreclosure after bankruptcy is possible because the required payments to prevent foreclosure have not been made and the lender wants to protect its interest in the property.

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

A San Francisco bankruptcy attorney offers 4 tips on finding a Bankruptcy Attorney who is right for you...

On You
As with any area of the law, it is important to be precise in selecting an attorney who will respond to your personal situation. An attorney that is too busy to meet you individually and to answer all of your questions in a timely fashion may not be the one for you, especially with regard to handling your finanical future and how filing bankruptcy can benefit that.

On Referrals
Sometimes, the best way to find a trustworthy bankruptcy attorney is consider recommendations from family, friends or other members of the community, especially from an attorney or community member that you know and respect.

On Paperwork
You should carefully read retainers and other documents the attorney asks you to sign. You should not hire an attorney unless he or she agrees to represent you throughout the longevity case. Remember to ask questions with regard to expectations (yours and your bankruptcy attorney's), timelines, paperwork, and deadlines. If the bankruptcy attorney cannot answer your questions in terms that are clear and easy to understand, you may want to consider moving on.

On Price
Many of the best bankruptcy attorneys may not advertise at all, so remember that
in bankruptcy, as in all other areas of life, the person advertising the cheapest rate is not necessarily the best.

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

A San Francisco bankruptcy attorney responds to the question: How can Bankruptcy help my debt relief?

Answer: Bankruptcy can immediately provide a debtor with debt relief. Specifically, bankruptcy can provide a means for a debtor to eliminate or discharge many debts. Moreover, filing bankruptcy can also stop wage garnishments, harassing phone calls, and foreclosures. Thus, bankruptcy provides many avenues to debt relief.

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

A San Francisco bankruptcy attorney asnwers: How Can Bankruptcy Help My Debt Relief?

What types of bankruptcy are offered to individuals? For those seeking debt relief, the bankruptcy code provides for several types of bankruptcy. The most common types of cases filed are those in chapter 7 (liquidation) and chapter 13 (repayment). Chapter 11 is primarily used for business reorganization or individuals who do not meet Chapter 7 or 13 requirements, and chapter 12 is only available to farmers and fisherman.

What does bankruptcy do?
Generally, individuals seeking debt relief will file for bankruptcy, with the ultimate goal being either to have most debts discharged or to structure a repayment plan to pay back a certain amount of the debt and have the rest discharged at the end of the plan. Chapter 7 debt relief is in the form of liquidating all non-exempt assets and using the proceeds to pay back creditors. In chapter 13, the individual must have a constant source of income in order to set up a repayment plan. Often those repayment plans are for only a certain percentage of the actual amount owed to creditors. Both chapters are aimed at helping those filing with debt relief.

What does a discharge provide?
Part of the debt relief goal in bankruptcy is to have as many possible debts discharged. Discharge means that the debtor is no longer personally liable for the debts and those creditors cannot take any action against the debtor in order to seek repayment. This is important for an individual wanting debt relief because once the debts are discharged, the debtor can move forward and not have to worry about making more payments to creditors. What debts are discharged varies depending on what chapter bankruptcy is filed.

What does bankruptcy do for debt relief?
It is important for individuals to realize that once the bankruptcy proceeding is over and the debtor obtains a discharge, the debtor is no longer liable for those debts. This allows the debtor to move forward in life and begin rebuilding credit and taking active steps to manage finances. The debt relief alleviates stress and other problems associated with pre-bankruptcy worries. Whether the individual files under either chapter 7 or chapter 13, once the discharge is entered there is no longer a need to be concerned about the obligation to repay the debt.

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

A San Francisco bankruptcy attorney explains credit counseling.

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

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

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

A San Francisco bankruptcy attorney addresses a pre-bankruptcy question...

What should I do before bankruptcy?

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

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

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

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

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