San Francisco Bankruptcy Lawyers

Bay Area Bankruptcies Rise Along with Gas Prices

California is the most expensive state in the country to purchase fuel—up 50 cents a gallon in the past month.  Many Bay Area residents are throwing in the towel, deciding that they can no longer afford to pay their bills.  It is estimated that 1.4 million consumer bankruptcies will be filed in the U.S. in 2009, triggered by the foreclosure crisis and economic downturn.  If you’re considering bankruptcy, know the facts to avoid costly mistakes.

San Francisco Bankruptcy Legal Advice

The Federal Bankruptcy Law involves processes, procedures and evaluations which can be complex and confusing, including major revisions made in 2005.  Seek the advice of a San Francisco law firm with specific long-term experience in San Francisco bankruptcy matters.  A competent San Francisco attorney will help you weigh your different options, make informed decisions, help you protect the security of your family and reduce your stress, while facing the realities of the situation.  

Alternatives to San Francisco Bankruptcy

Contact your creditors to try to work out payment arrangements that you can manage.  Contact the non-profit Consumer Credit Counseling service to get help with a manageable repayment plan.  Sell as many assets as you can and pay down your debt to a manageable level.  Debt consolidation may be considered, but approach this option with caution to make sure it actually helps your situation.

The Most Common Consumer Bankruptcy Choice in San Francisco

Chapter 7 is the “fresh start” chapter of the Bankruptcy Code and most commonly used.  This filing results in a fair distribution of your available nonexempt property to creditors.  Unsecured debts are generally discharged.  Included in this process is a “means test”, used to determine your ability to pay your creditors, verifying whether Chapter 7 is appropriate or indicating that you should be filing Chapter 13.  Median Family Income by Family Size and current poverty guidelines are factors evaluated when determining appropriate filing status for a given situation.

Certain Debts May Not Be Discharged in Your San Francisco Bankruptcy:

·         Taxes owed to government agencies, such as the I.R.S., State, County, etc.

·         Student loans (unless undue hardship can be proved),

·         Debts incurred after the bankruptcy is filed

·         Debts owed to a spouse for divorce-related obligatory expenses

·          Debts not listed or scheduled or which the debtor waived discharge

·         Debts for willful and malicious injury by the debtor to another person or property owned by another 

Take Appropriate Steps Now If You are Considering Filing for Bankruptcy in San Francisco

San Francisco residents continue to suffer, as the State’s economy struggles to recover.  Decisions you make and actions you take now can have a positive or negative effect on the outcome of your bankruptcy proceedings.  The U.S. Bankruptcy Court cautions that“Bankruptcy has long-term financial and legal consequences -- hiring a competent attorney is strongly recommended.”Click here to fid San Francisco attorney resources in your area. 

• If you are at risk of filing for bankruptcy or already in the process, Submit Your Case for a Free Review from a Bankruptcy Attorney in San Francisco, CA.