San Francisco Bankruptcy Attorney Blog

A San Francisco bankruptcy attorney addresses: What happens at the meeting of creditors?

What is the meeting of creditors?
Section 341 of the Bankruptcy Code allows for the individual filing for bankruptcy to be asked questions by the trustee and creditors. The meeting gives interested parties an opportunity to question the debtor about the circumstances that led to the filing of bankruptcy and any specific questions related to outstanding balances the debtor is seeking to have discharged.

Is my appearance necessary? Yes. It is required that the debtor appear at the 341 hearing and be examined by the trustee and any creditors. Although it is possible to have the meeting postponed, it needs to be conducted in order for a debtor to receive a discharge.

How long is the meeting?
For most debtors the trustee only asks a few questions relating to the information contained in the petition. Creditors rarely show up so most debtors will not have to worry about being confronted and questioned about certain debts. In chapter 13 cases the trustee will inquire as to whether the planned monthly payments are going to pose a hardship.

What happens when the meeting is concluded?After the trustee has completed the examination they will file a report with the court indicating what happened. In a chapter 7 case, if there are no assets available to sell, the trustee enters a no asset report. In chapter 13 cases the trustee will conclude the meeting and make a determination as to whether to recommend the chapter 13 plan for confirmation or if more work is needed in order to develop a feasible plan.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 or (1800) 941-6730 for a free consultation or visit www.sagarialaw.com and request a free face to face appointment in a Sagaria Law office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Client Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

A San Francisco bankruptcy attorney speaks on Bankruptcy and Credit Card Debt

Those pondering whether to file bankruptcy generally want to know what happens to credit card debt if bankruptcy is filed and upon discharge of a successful bankruptcy petition. Credit card debt is unsecured, meaning there is no collateral or other asset securing the loan amount. Depending on the type of bankruptcy filed, one of several things can happen – the entire debt is discharged, partial repayment is made, or full repayment is made but at 0% interest.

In chapter 7 bankruptcy, the unsecured credit card debt is eliminated upon discharge. The trustee overseeing the chapter 7 bankruptcy will collect all nonexempt assets, if available, to sell on behalf of the creditors. Whatever money is collected, less the trustee fee, is distributed to the unsecured creditors. A majority of the chapter 7 cases filed are no-asset cases, meaning nothing is sold by the trustee and unsecured creditors receive no repayment.

In a chapter 13 bankruptcy case, the amount the creditors are repaid generally depends on the financial situation of the debtor. Often a chapter 13 case is filed in order to allow a debtor to catch up on missed mortgage or car payments and there is not enough leftover income to repay any unsecured debt. At the end of the repayment plan the unsecured debt is discharged.

Post-discharge can be a difficult time for many debtors when it comes to trying to obtain credit. There are several steps that can be taken in order to boost credit scores and have a more positive credit history. The easiest thing to do is obtain a secured credit card. Although you pay the balance ahead of time, the secured credit card does help establish your post-discharge credit history and will help increase your credit score. It also demonstrates to lenders that you are financially responsible and a good candidate for loans and other types of credit.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 or (1800) 941-6730 for a free consultation or visit www.sagarialaw.com and request a free face to face appointment in a Sagaria Law office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Client Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

A San Francisco bankruptcy attorney on Bankruptcy Fraud

Lying on your bankruptcy petition or incurring debt with the intention of filing bankruptcy can often lead to certain debts being excepted from discharge. While this is not a concern for most people who file for bankruptcy, bankruptcy fraud is actively investigated by the F.B.I. so it is important to be completely honest when submitting information to your bankruptcy attorney and to ensure that the information contained in your petition is true and accurate.

Filing for bankruptcy and not disclosing significant assets can lead to the trustee (as well as creditors) objecting to the discharge of all debts listed in your petition. The purpose of your bankruptcy petition is not only to give notice to all of your creditors, but is also to represent an accurate portrayal of your financial situation (by way of real and personal property that you own).

Aside from omitting assets, other behavior can also inhibit obtaining a discharge. Transferring funds to a friend or relative can also lead to the trustee avoiding those transactions and asking for the money back. In addition, transferring title of property out of your name is generally not allowed. There are, however, certain transfers that are acceptable. For example, putting money into your retirement account or prepaying a mortgage obligation are acceptable ways of preparing for bankruptcy.

The most important thing for debtors to remember is that the more honest you are about your assets and financial situation, the more problem free the bankruptcy process will be.

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 Bankruptcy, Creditors, and Debt

One reason why people turn to bankruptcy to ease financial difficulties is because bankruptcy deals with creditors and debt effectively. Unlike debt consolidation or debt settlement, which is not guaranteed to get rid of any debt, bankruptcy provides for methods of either completely discharging all debts or restructuring finances in order to allow for more effective repayment.

When looking at creditors and debt it is important to determine what kind of debt you have and what your plan is with your property – mainly your home or car. Certain debts, such as tax debts, are more difficult to discharge. However, repayment options are available which limit the amount of penalties and interest assessed. With respect to your secured debt, if you want to keep it, make sure you are current on the payments (if doing a chapter 7) or are able to become current while also repaying the arrears (under a chapter 13).

When it comes to unsecured debt, bankruptcy provides relief in the sense that all chapter 7s and most chapter 13s provide for debt discharge. And even those who earn enough to repay all of their unsecured debt under a chapter 13 will do so without having to pay any interest rates. When a discharge is obtained, you are no longer responsible for any unpaid amount and creditors cannot harass you for repayment.

Whatever type of debt you have, and whatever your financial situation, pursuing bankruptcy might provide you with the best option in order to emerge from your current obligations in good shape and not be continually stressed with minimum monthly payments or threats of foreclosure.

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 Creditor Harrassment...

Many debtors contemplating filing bankruptcy receive creditor harassment. Many times the creditor harassment revolves around constant and obnoxious phone calls. What many debtors may not know is that this creditor harassment may violate both federal and state law. Moreover, these calls can be stopped through the bankruptcy process. Any debtor who is contemplating bankruptcy and wants to stop creditor harassment should contact an experienced 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 lawyer is asked: What can I do to remove debt?

What are the different kinds of debt?Debt is generally classified as either secured or unsecured. Secured debt is protected by the lenders interest in collateral (car, home, etc.) so in the event of a default the lender can repossess the property. Unsecured debt has no underlying security interest. The most common type of unsecured debt is credit card debt.

What is a deficiency?
A deficiency results when the holder of a secured interests takes back the property securing the loan and then sells that property (usually for less than the loan amount), which results in a difference between what was loaned and what was actually recovered. That difference is known as a deficiency and borrowers can sometimes still be responsible for paying that difference back to the lender.

How can I remove debt?
There are several different ways to remove debt. If you are overwhelmed by payments on a secured loan you can always try to work out an arrangement with the lender to return the secured property and no longer be responsible for the outstanding balance. For unsecured debt it might be possible to work out arrangements with the lenders to forgive a certain amount. However, the easiest option is generally filing for bankruptcy.

How will bankruptcy remove debt?
Bankruptcy will remove debt and relieve payment obligations in several different ways. If the individual does not want to keep their secured property, they can surrender that property and if there is a deficiency amount, it is generally discharged. Depending on the chapter of bankruptcy, often most, if not all of an individual’s unsecured debt is discharged. In certain circumstances, depending on the financial situation of the borrower, a percentage may have to be repaid to unsecured lenders, but most bankruptcies involve the discharge of all unsecured 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 address the Automatic Stay

What is an automatic stay? When you file a bankruptcy petition an automatic stay goes into effect. The purpose of the automatic stay is to immediately halt any action against the debtor. The automatic stay stops lawsuits, collection calls, wage garnishment, home foreclosures, and other adverse proceedings.

Is judicial action needed in order to make the stay official?No. The filing of the bankruptcy petition automatically brings the stay into effect. There is no additional judicial action needed.

Can a creditor apply to have relief from the automatic stay?Yes. Creditors can apply to the court for a relief from the automatic stay. This generally occurs when the debtor is behind on payments and the property is not essential to the debtor’s reorganization. If the debtor wishes to negotiate with a creditor about the future of collateral, such as a home, the debtor can allow the creditor to engage directly in discussions.

If my debts are discharged can creditors still collect from me?If you receive a discharge from the bankruptcy court all of your previous debts and liabilities will be forgiven. There is no future obligation to pay those debts and creditors cannot try and collect on them. You are free to still pay whatever debts you previously owed but there is no legal requirement that you do so and creditors have no cause of action against you to collect the old 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 attorney lets you know this: What is a bankruptcy exemption?

The bankruptcy code allows for a certain amount of personal property to be excluded from the bankruptcy proceeding. This usually means that those filing for bankruptcy can keep their car, clothes, and other necessities. The bankruptcy exemption is important for those who do not want to lose their car or other personal goods. California has opted out of the federal exemption list and developed its own set of exemptions and related exemption values.

What if I have a lot of equity in my home?
The bankruptcy code allows for a certain amount of home equity to be exempted. In California, that amount is $75,000 for an individual filing for bankruptcy and $100,000 for married couples. The homestead bankruptcy exemption allows those with equity to not worry about whether the home might be sold. If there is a lot of equity then proceeding under a chapter 13 might be the best option instead of a chapter 7 liquidation.

What happens if the bankruptcy exemption does not cover all of my property?If you own more than the exemption limit in California the bankruptcy trustee overseeing your bankruptcy case has the power to sell the property to raise cash to repay creditors. This is generally only a concern in chapter 7 proceedings. Often if the bankruptcy exemption will not cover the entire amount, and the unprotected balance is insignificant, it is safe from liquidation as there are costs associated with the sale of property and those costs are paid out from the sale.

Are there alternatives to liquidation?Yes. If you do not want to risk having your property sold at an auction you can file under chapter 13. You retain control over everything you own and, depending on your income, only pay a certain percentage of what you owe to unsecured creditors. A chapter 13 bankruptcy does not look to liquidation for repayment but rather develops a repayment plan based on future income.

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

A San Francisco bankruptcy attorney lets you know: When Should I File Bankruptcy?

What timing considerations are important if I want to file bankruptcy?
There are a number of different things that should be considered when determining whether to file bankruptcy. Some of those issues include whether there is a pending foreclosure, whether wages are being garnished, whether someone is subject to a lawsuit, and whether debts are becoming overwhelming.

If I file bankruptcy can a creditor still sue me for what I owe?
No. Filing for bankruptcy automatically stays any sort of action that can be taken against the debtor. If a creditor wants to collect on an unpaid debt the bankruptcy code prohibits them from filing a lawsuit. The creditor is also barred from contacting the debtor directly during the bankruptcy proceeding.

I’m behind on my car payments; if I file bankruptcy will that prevent repossession?
Yes. The automatic stay prevents all action against a debtor that could otherwise be taken by a creditor. In the instance of being behind with car payments, filing for bankruptcy would prohibit repossession. Under a chapter 13 plan, if the debtor wishes to keep the vehicle, the amount owed in arrears is repaid over the life of the plan, allowing the debtor to retain possession of the vehicle.

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: How Much Does It Cost To File Bankruptcy in San Francisco?

How much does it cost to file bankruptcy in San Francisco?The cost to file bankruptcy in San Francisco depends on what chapter of bankruptcy you decide to file under. The bankruptcy filing fees do not change depending on where you file. The filing fee for a chapter 7 in San Francisco is $299 dollars; the filing fee for a chapter 13 is $274 and the filing fee for a chapter 11 is $1039.

Why does the cost vary between chapters? The costs are different depending on the chapter because of the amount of work required by the court. Filing under chapter 7 is approximately a three month process, and although the fee is higher than in a chapter 13, the extent of the courts involvement and trustee involvement is relatively minor. In a chapter 13, the upfront fee is slightly less but administrative fees are also paid through the plan. In a chapter 11 bankruptcy the court is involved in nearly every aspect of the bankruptcy, and there is a lot more work to be done, requiring the higher filing fee.

When I file bankruptcy, do I have to pay the filing fee? Yes. Although the court does allow for the fee to be paid in installments, the instances in which the waiver of filing fees are granted is very small. If the filing fee does impose a hardship you can submit to the court reasons why the fee should not be paid in full prior to filing.

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 describes how Bankruptcy can help with 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 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 lawyer tells San Francisco consumers in debt how to make the creditors stop calling...

Is there a way to make creditors stop calling? Yes. Creditor calls are annoying and non-stop. One of the most common questions individuals ask when considering bankruptcy is whether retaining an attorney and filing will make the creditors stop calling. Retaining an attorney for bankruptcy allows you to tell the creditors they can no longer contact you and to refer all future calls to your attorney.

What happens if the creditors continue to call?
If you continue to receive harassing phone calls from creditors after you told the creditors to stop calling you need to let your attorney know. There are certain laws controlling creditor behavior and continued harassment is in violation of those laws. If the violations are severe enough the creditors can be sued.

Does filing for bankruptcy make the creditors stop calling?
Yes. Filing a bankruptcy petition makes the creditors stop calling. Creditors are not supposed to contact you once you file your petition. If anything needs to be worked out between you and your creditors, your bankruptcy attorney will handle the communications.

Can the creditors still sue me prior to filing for bankruptcy? Yes. Prior to filing the bankruptcy petition, creditors are still free to sue you in court for the amount of outstanding debt. If you have just recently stopped paying your credit cards this is not an issue to be too concerned about because it takes some time to prepare the complaint and file it with the court. However, if you are several months to a year behind on your credit card payments, it is likely they will file a complaint. If you are served with a complaint, filing for bankruptcy will stay those proceedings and likely discharge the outstanding debt so you do not have to appear in 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 lawyer asks: Can You keep personal property in bankruptcy?

Yes. Debtors, regardless of which chapter they file, generally can keep their personal property. In chapter 7 there are certain exemption limits, but for the most part all personal belongings and vehicles will not be taken by the bankruptcy trustee.

What happens to my personal property in bankruptcy?
California provides its own list for what is allowed to be exempt and not included with the bankruptcy estate. When a bankruptcy petition is being prepared, all the assets that the debtor wishes to keep are listed. If the value of those assets is less than the exemption limit, the debtor can keep their personal property. If the value of the assets is greater than the exemption limit, it is up to the trustee to determine whether it is worth trying to sell them. California legislation recognizes that personal property in bankruptcy is important and wants those who receive discharge to still have the basics of life.

What if I am still making car payments?
Generally a debtor can keep their car in bankruptcy. In a chapter 7 proceeding the car payments need to be current to ensure that the car will not be repossessed. In a chapter 13 proceeding the debtor, if they are able to make the current monthly payments, can repay the arrears in the chapter 13 plan, allowing them to remain in possession of the vehicle. If there is equity in the car you can generally exempt the equity amount to avoid any possible liquidation.

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 Attorney discusses organized debt...

Chapter 11 and Chapter 13 debtors generally want to arrange their financial affairs in a manner that would allow for efficient administration and an ultimate discharge from bankruptcy. Becoming an organized debtor will reduce the likelihood of the court having any issues with the bankruptcy estate. There are several ways to become and remain an organized debtor.

Keeping track of monthly income and expenses is important because it not only helps the court monitor the status of your bankruptcy, but it also teaches the habit of accounting for what income is spent where. Ultimately, upon discharge, the goal is to never have to file for bankruptcy again. Becoming an organized debtor will help achieve that goal.

Getting accustomed to spending cash instead of placing costs and expenses on a credit card is another important aspect of becoming an organized debtor. Becoming comfortable with using an account with direct cash withdrawal will help individuals be aware of what is being spent. Part of being an organized debtor is to become aware of your current financial situation.

Lastly, chapter 11 bankruptcy requires that debtors keep adequate records and notes of their financial records. Organizing yourself in a way that makes accounting of your finances simple will help a chapter 11 reorganization. Similarly, in a chapter 13 plan, you are expected to make monthly payments to the trustee, so it is important to be on top of your financial records in order to ensure there is enough money to make on-time payments.

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

A San Francisco bankruptcy attorney addresses how to handle harassing creditors

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. Harassing creditors are annoying and difficult to deal with. The following tips will help an individual deal with harassing creditors and hopefully find some peace and quiet.

When you are first contacted by a collector try to get as much information about the debt as possible. Often mistakes are made about who actually owes a debt so you want to make sure the debt is yours. If you cannot work out a resolution regarding the debt and wish for the debt collector to stop making contact with you, send them a letter stating you wish all contact regarding the debt to stop. Make a copy of the letter and sent it certified mail with a return receipt to have proof the letter was sent and received. Upon receipt of the letter the harassing creditor is not allowed to contact you anymore.

While sending the letter does require that the harassing creditor stop contacting you, it does not mean that the debt is extinguished. The collector may still file a lawsuit and collect on any judgment entered against you. Debt collectors are also not allowed to use threats of violence or arrest to try and coerce you into making payments. Harassing creditors are also not allowed to make false statements or threaten legal action without actually intending to carry out with the statement.

If harassing creditors are still contacting you after sending a letter requesting them to stop, or they are making threats or otherwise violating the law, it is possible to sue the creditor and receive money damages. Have a lawyer review your case in order to determine whether a lawsuit can be filed. In addition, harassing creditors should be reported to the Federal Trade Commission.

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 Bankruptcy and Credit Card Debt

Those pondering whether to file bankruptcy generally want to know what happens to credit card debt if bankruptcy is filed and upon discharge of a successful bankruptcy petition. Credit card debt is unsecured, meaning there is no collateral or other asset securing the loan amount. Depending on the type of bankruptcy filed, the credit card debt will either be eliminated entirely or repaid at a severely discounted rate. Often individuals who have stopped making payments on their credit card debt will be served with notice of a lawsuit filed on behalf of the respective credit card companies, seeking a judgment for the unpaid amount. Filing a bankruptcy petition will automatically stay those collection proceedings.

In chapter 7 bankruptcy, the unsecured credit card debt is eliminated upon discharge. The trustee overseeing the chapter 7 bankruptcy will collect all nonexempt assets, if available, to sell. Whatever proceeds result from the sale of those nonexempt assets are used to pay back down the credit card debt. It is important to note that even if the debts are not repaid at all, a bankruptcy discharge eliminates the debtor from any future liability regarding the listed credit card debt.

In a chapter 13 bankruptcy case, the amount the creditors are repaid generally depends on the financial situation of the debtor. Chapter 13 requires that the debtor has a source of income. If there is any “disposable income” available after monthly expenses and other deductions are taken into account (mortgage, child care, health costs, etc), those amounts are paid to the unsecured creditors. Generally the amounts repaid over the life of the Chapter 13 plan are a fraction of the actual amount owed, although it is possible for an individual who makes enough money to have enough disposable income to repay the unsecured creditors 100 percent. Bankruptcy can still be advantageous for that debtor, however, because the debts are generally repaid within three or five years (depending on the length of the repayment plan).

For those worried about obtaining credit after a bankruptcy discharge, lenders generally are willing to extend credit between 18 and 24 months after a discharge. In addition, those who want to start rebuilding their credit earlier can always apply for a secured credit card. Secured credit cards generally require a cash deposit before credit is extended up to that limit. This is advantageous for those who need to provide a credit card for car rentals or where cash is not accepted. Secured credit cards are also a reminder that even after bankruptcy it is possible to engage in regular transactions involving credit.

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 discusses the potential bankrutpcy of Major League Baseball's Texas Rangers.

According to a Bloomberg report, the Texas Rangers may be headed for bankruptcy as a result of stumbling blocks with their sale initiated by controller and billionaire Thomas Hicks, of Hicks Sports Group, LLC. It is said that either the sale’s terms need to be determined or another buyer found.

Monarch Alternative Capital, which is said to be captaining the group of creditors owed money by Hicks Sports Group, LLC may take action to block the sale due to a $525 million default in debt from last year. A move like this would potential force the team into bankruptcy.

Although the debt discussions are private, it is said that the group of creditors is seeking $30 million additional funds from the sale of the Texas Rangers.

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 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 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 comments on Boston Blackie’s bankruptcy filing:

Since it's St. Patty's Day, I could not resist discussing something green, or rather the lack thereof - even though by all means it is no laughing matter. The fact that it involves actual "pattys," well that's just dumb luck. Boston Blackie’s, the Chicago-based hamburger chain, recently filed chapter 11 bankruptcy. The company reported that they have over $6 million in debt, compared to only $17,000 in assets. There are currently eight Boston Blackie’s locations in the greater Chicago area. Their largest debt is $5.9 million owed to General Electric Capital Corp. Their other debts included $84k owed to the IRS, $200k owed to Charter One, and $95k owed to Peerless Building Partnership.

The company has faced financial hardship after they decided to take on rapid growth. They had two locations that were successful for about 20 years, at which point they decided it was time to expand. Apparently the six extra locations they opened up were more than they could handle, as they found their cash flow running out. Some employees even had paychecks bounce, but fortunately they will be paid soon and the restaurants will continue to operate normally.

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 Attorneys discusses American Express credit card policy change regarding late payment...

This San Francisco bankruptcy attorney couldn't help but notice the 2010 American Express announcement on their new policy for certain co-branded rewards cards. When you are late for a payment on an American Express card, you will now not only have to pay a late fee, you will now also lose rewards points unless you pay an extra $29 to get them back. The cards affected by this policy are Delta Air Lines, JetBlue, Hilton Hotels and Starwood Hotels.

Americans are already facing trouble keeping up with their credit cards more and more with the current economic crisis. When a person is as little as a day late on a credit card, they are affected not only by the late fee but by an increase in interest.

It is not uncommon for someone to have a 0% promotional interest rate on a high-balance card, and then have their interest rate jump to 29% and their minimum payment increase dramatically. This then often happens over a few cards at once for someone who has recently become unemployed or faced a hardship, and facing all of these increased payments at once can become a real struggle.

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 discusses the bankruptcy of AmTrust Financial Corporation...

Recently, AmTrust Financial Corporation filed for bankruptcy. Amtrust has stated that the reason they are filing bankruptcy is because they had invested in home loans that had lost value during the recession. AmTrust Financial Corp is the parent company of AmTrust Bank, however the bank will not be included in the bankruptcy.

Peter Goldberg, CEO of AmTrust, pointed to the economic downturn, mortgage availability, and devalued homes as some of the main factors involved in the need to file bankruptcy. The company is filing for Chapter 11 reorganization, and listed over $169.5 million in debt. Altogether the company has about $11 billion in assets and roughly 1,700 employees.

AmTrust listed debts in the millions of dollars to companies such as Bank of NY Mellon, Allstate Life Insurance, Midland National Life Insurance Co., US Bank, and Phoenix Life Insurance Co. Many private stockholders were also listed.

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 Palm Beach Finance Partners LP's bankruptcy filing...

From my San Francisco bankruptcy law office, I read that Palm Beach Finance Partners LP has recently filed for bankruptcy due to the ponzi scheme lead by Thomas Petters. Petters is currently on trial for running a ponzi scheme where he received money from investors for non-existent deals, and kept a large amount of the money for himself and his business partners.

The scam is estimated to have cost investors more than $3.5 billion. Palm Beach Finance Partners LP said that they lost over $1 billion to the operation themselves, and that this loss is the reason for filing bankruptcy.

Petters blamed his business partners who are also defendants in the case, claiming that he had no idea that they were committing fraud. The other defendants testified against Petters, while he claims they were lying in the hopes of being let off a little easier.

Palm Beach Finance Partners LP claimed assets up to $500 million and debts up to $50 million in Chapter 11 papers filed yesterday in bankruptcy court. An affiliate, Palm Beach Finance II, said assets and debt each ranged from $500 million to $1 billion.

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 lawyer explains lien stripping...

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

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

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

A San Francisco Bankruptcy Attorney comments on 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 speaks to charge offs in bankruptcy...

If you ask a reputable San Francisco bankruptcy attorney, they may tell you that A Chapter 7 bankruptcy will discharge any unsecured debts, such as credit cards, if the debtor passes the means test. However, debtors have asked if the credit card debt is still a debt if has been “charged off.” It is a misconception to believe that if a credit card company or other creditor “charges off” the debt, that it means they no longer owe the money, or they will no longer try to collect on that debt. This is not true. A charge-off is basically just a bookkeeping entry. It has nothing to do with the legal status of the debt.

Usually, creditors will sell the accounts on which they are owed money to a third party collection company, who then owns all the rights to pursue the debt, just as the original creditor did. What ends up happening is that a debt you thought was long gone suddenly resurfaces after several years, when the new owner of the debt commences a lawsuit to collect on it. This can have an impact on your credit report, because if that creditor gets a judgment, then the judgment will be on your record for at least another 7 years. Therefore, a “charged off” debt is still a debt that is owed to be included in your bankruptcy since the debt has not gone away.

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 comments on creditor levies....

San Francisco bankruptcy attorneys and debtors alike will notice that there will be times when their bank accounts have been levied by the creditor or their wages have been garnished because they did not pay their debts off in time. In the past couple of years, a couple of banks have started freezing the debtor’s funds in their deposit accounts when they file a Chapter 7 bankruptcy case. The two more prevalent banks that do this seem to be Wells Fargo Bank and Union Bank. They do this regardless of whether they are owed money by the debtors. This has resulted in a great deal of confusion among clients, as well as unsuspecting bankruptcy attorneys who fail to advise their clients of this possibility.

The reason why a bank can do this is that when a Chapter 7 bankruptcy case is filed, everything the debtor owns or has an interest in becomes property of the Chapter 7 trustee and the trust estate. That includes everything from your house to personal assets to money in your bank accounts. All these assets in a Chapter 7 bankruptcy is investigated by the Trustee to determine if any of it can be liquidated to pay off the creditors, unless there is a valid exemption for the asset. Therefore, if there are more funds in the deposit account than the exemption value, then the Trustee may be able to freeze the account and liquidate those funds to pay off 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 comments on dedecutions when filing for bankruptcy...

There are many questions that arise for San Francisco bankruptcy attorneys regarding what can be a valid deduction to be taken for the means test. Some of the bigger deductions that are usually taken are home mortgages and car payments. People often will borrow from their 401K and wonder if they are on the cusp of qualifying for a Chapter 7 bankruptcy if they can use this 401K deduction to pass the means test. Unfortunately, loan repayments to a 401k plan cannot be used as a budget expense on the means test for a Chapter 7 bankruptcy. In addition, a loan repayment to the 401K cannot be discharged either since this is essentially a loan to yourself. So any penalties for taking the 401K out early would still be paid back.

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!