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Bankruptcy
Bankruptcy
What is bankruptcy
Bankruptcy is the legal process by which a debtor obtains a “discharge” of his or her debts. It is a federal process. A discharge is an order of court stating that you no longer owe any money to your creditors. However, there are exceptions, as outlined in the United States Bankruptcy Code.
In order to initiate the bankruptcy, a bankruptcy petition (along with other papers) must be filed in bankruptcy court. Therefore, you file a bankruptcy. The bankruptcy filing can be on an emergency basis.
There are primarily three types of bankruptcy for individuals and small businesses, Chapter 7, Chapter 13, and Chapter 11. In addition, a Chapter 9 bankruptcy is for a city seeking to restructure and consolidate debt. Chapter 12 is for farmers seeking debt relief. Learn more about the types of bankruptcy….Usually, an individual consumer debtor, who owes credit cards, will choose between Chapter 7 or Chapter 13.
What happens when I file bankruptcy?
When you file bankruptcy (Chapter 7, Chapter 11, or Chapter 13), you are immediately given the benefit of the “automatic stay.” The automatic stay is a court order issued “automatically” staying or stopping your creditors from attempting to collect their debts against you.
Each creditor must stop collections immediately. If they file a lawsuit, the lawsuit must be stopped. If they schedule a foreclosure sale, the foreclosure sale is stopped. The same for wage garnishments, bank seizures, car repossessions, and other collection methods.
Therefore, the bankruptcy may be filed on an emergency basis to stop creditor collections.
Should You File Bankruptcy Now?
Here are the signs that you should file for bankruptcy right now. The answer will depend on if you have been sued for the debt. Or it may depend on if your home is about to be foreclosed.
If foreclosure has been initiated against your home, or if you are substantially delinquent on your mortgage payments, it is time to consider and file bankruptcy. You should file bankruptcy even if you have started or completed an application for a mortgage modification. Bankruptcy will stop foreclosure of your home and allow you a plan to repay your mortgage delinquency. Consult an attorney for bankruptcy about your rights in this situation.
If your accounts have been transferred to collection agencies or you have been sued, this is a good time to file bankruptcy. By filing bankruptcy, you may prevent a creditor from obtaining a judgment lien on your home, from garnishing your wages or seizing your bank accounts in order to get paid. Therefore, bankruptcy stops all collection activity. A bankruptcy attorney can expedite the filing of your bankruptcy in an emergency. Learn more...
Do I Need An Attorney For Bankruptcy?
An individual, non-business debtor such as yourself can proceed without a San Francisco attorney for bankruptcy. But should you? You should consult an attorney first about filing for bankruptcy and then consider hiring an attorney to represent you in that bankruptcy case. A bankruptcy attorney can determine your eligibility and qualifications for Chapter 7, Chapter 11, or Chapter 13 bankruptcy. An attorney for bankruptcy can provide emergency bankruptcy services and will reduce delays in your case. Having no knowledge of the bankruptcy paperwork or process, you may make mistakes on your own when completing the required bankruptcy petition or Chapter 13 or Chapter 11 Plans. Learn More…
You may visit Upsolve.org and learn more about filing bankruptcy on your own.
CHAPTER 7
In Chapter 7, a business or individual debtor obtains a discharge of all debts. In other words, all debts are wiped out including payday loans,credit cards, and medical bills.
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CHAPTER 13
In Chapter 13, make a payment plan to repay your mortgage delinquency and car loan over three to five years. The plan provides opportunities to pay off mortgage delinquency and car loans over 3 to 5 years. You can prevent foreclosure of your home and repossession of your car.
Learn More
CHAPTER 11
Chapter 11 allows a business to propose a plan of repayment for part or all debts owed to its creditors over an extended period of time.
Learn More
We can help you
Bankruptcy Attorney Near You – Chapter 7 | Chapter 11 | Chapter 13
Keith F. Carr is an bankruptcy attorney in San Francisco, Palo Alto, Sunnyvale, and San Jose. For 30 years, Attorney Carr has helped individuals and small businesses file Chapter 7, 11, and 13. We offer affordable fees for bankruptcy.
It is important to seek competent legal advice from an attorney first. Whether you should file Chapter 7, Chapter 11, or Chapter 13 will depend on the unique circumstances of your situation. We encourage you to read the bankruptcy information on this website. Schedule your telephone consultation for your confidential bankruptcy evaluation.
The Law Offices of Keith F. Carr can file any type of bankruptcy on an emergency basis. This will avoid real estate foreclosures, car repossessions, wage garnishments, lawsuits, and other collection procedures.
Frequently Asked Questions
Bankruptcy is the legal process by which a debtor obtains a “discharge” of his or her debts. It is a federal process. A discharge is an order of court stating that you no longer owe any money to your creditors. However, there are exceptions, as outlined in the United States Bankruptcy Code.
In order to initiate the bankruptcy, a bankruptcy petition (along with other papers) must be filed in bankruptcy court. Therefore, you file a bankruptcy. The bankruptcy filing can be on an emergency basis.
When you file bankruptcy (Chapter 7, Chapter 11, or Chapter 13), you are immediately given the benefit of the “automatic stay.” The automatic stay is a court order issued “automatically” staying or stopping your creditors from attempting to collect their debts against you.
Each creditor must stop collections immediately. If they file a lawsuit, the lawsuit must be stopped. If they schedule a foreclosure sale, the foreclosure sale is stopped. The same for wage garnishments, bank seizures, car repossessions, and other collection methods.
In general, your personal property and car will not be taken so long as they are exempt under California law. Therefore, you will have what is called a “no asset” case. If you are still making payments on the car, you will have to maintain your payments with your finance company. If you own the car outright, the value of your vehicle cannot exceed your applicable exemption amount, which is determined by California law.
Yes. Medical bills are general debt and may be discharged in bankruptcy.
About Author
Keith F. Carr is an attorney practicing Divorce, Estate Planning, and Bankruptcy. Attorney Keith F. Carr has over 35 years experience. Founder of Law Offices of Keith F. Carr, located in San Francisco, San Jose, and Palo Alto, Ca.
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