Law Offices of Gary Brenner

Get The Bankruptcy Information You're Looking For With These Resources

Though filing for bankruptcy can seem like a daunting process, it can also be the first step to getting you back on your feet. Discover more information about bankruptcy in the links below.

• Learn more about Chapter 7 bankruptcy, how it works, and if you might qualify from USCourts.gov.
• A struggling business may eventually need to file for Chapter 11 bankruptcy. Find out how Chapter 11 works and what it means for your business at HowStuffWorks.com.
• Read this USA Today article to learn what steps you should take before you file for bankruptcy.
• Bankruptcy has many consequences for you, your family, and your business. Explore this resource from the California Courts to learn more about filing for bankruptcy in California.
• Consulting with a bankruptcy lawyer can help you decide if you should file for bankruptcy. Read this USNews.com article to learn what you should consider before you file.

When you need to talk with an expert, contact the Law Offices of Gary Brenner at (650) 348-2044. Our experienced legal team has been helping people like you with bankruptcy issues since 1983.

An Overview of Bankruptcy for Small Businesses

In today’s tough economic times, many small business owners are facing difficult financial situations. A decline in business means a decline in profits, and many business owners must think about the possibility of filing for bankruptcy. If you are a small business owner in financial distress, consider retaining an experienced bankruptcy attorney to help you understand your options.

Chapter 7

Small business owners who are the sole proprietors of their operation may qualify for Chapter 7 bankruptcy. Chapter 7 forgives your personal and business debts with certain exceptions, and can give you a way to keep your business open if you file as an individual. However, if you file for business Chapter 7 bankruptcy, your business will not continue and your assets will be sold off to your creditors. A bankruptcy lawyer can help you understand if Chapter 7 is a good option for you and your business goals.

Chapter 13

Businesses may only file for Chapter 13 bankruptcy if they are owned by a single person. Partnerships, corporations, and LLCs cannot use this option. While Chapter 7 bankruptcy liquidates your debts, Chapter 13 bankruptcy involves a repayment process so that you can get out of debt over the course of a few years. One advantage of Chapter 13 is that you may continue operating your business while you are in the process of bankruptcy, which could decrease the time it takes to repay your creditors.

Chapter 11

If more than one person owns your business and you wish to continue your operations, you must file for Chapter 11 bankruptcy. Chapter 11 is complicated, and it is a wise idea to have a bankruptcy lawyer on your side to help you with the details. A Chapter 11 bankruptcy is similar to Chapter 13 in that the business can restructure its debts and pay them off over a certain period of time.

How to Build Credit After Bankruptcy

Bankruptcy is often seen as a last resort for individuals or companies facing dire financial circumstances. However, it does not spell the end of your financial life, as you can build credit even after you file for bankruptcy. Watch this short video to learn more about how to build your credit.

Whether you file for bankruptcy as an individual or a business, you will need to rebuild your credit. You can do so almost immediately after you file. The first step to building your credit is to obtain a credit card with a cash deposit against it. As you pay off this credit card, your credit score will eventually recover until you are no longer seen as a risk and you may be given your own line of credit.

Which Bankruptcy Option Is Right for You?

It's not pleasant facing the possibility of filing bankruptcy, but with the help of a good bankruptcy lawyer, your life could actually improve. Filing for bankruptcy is a situation that arises for many hard-working Americans and it is important to understand your options before you file. Enlisting the services of a bankruptcy attorney will make the process go more smoothly so that you can go on with your life. Keep reading to learn more about personal bankruptcy options and which one might be right for you.

Should I File for Chapter 7 Bankruptcy?

Your bankruptcy lawyer can help you understand which option is appropriate for your financial situation. Chapter 7 bankruptcy is an option for individuals who have very few or no assets to lose, such as a house, car, or other expensive items. To file for Chapter 7, you must be able to show that you have no money left over each month after paying your basic expenses. Though Chapter 7 gives you a fresh start in some ways, remember that it will remain on your credit history for ten years. If you do qualify for Chapter 7 bankruptcy, you will not have to repay forgivable debts. Certain financial obligations such as alimony, child support, and taxes are never eliminated.

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a less extreme option for individuals who have found themselves in temporary but difficult situations. Unlike Chapter 7 bankruptcy, Chapter 13 requires that debtors pay back their expenses over time. If you have lost your job or have had another life event that has put you in dire financial circumstances, Chapter 13 can give you a temporary reprieve from your debt. A payment plan will be set up for you so that you can get back on your feet as circumstances allow.

Thinking About Bankruptcy? Read Through These Articles For Expert Advice

The thought of filing for bankruptcy can seem intimidating, but with some understanding of the process and a knowledgeable bankruptcy attorney at your side, the process is much easier. 

• Investopedia provides this helpful overview of bankruptcy that begins to explain what bankruptcy law can and cannot do for you and your family.
• Before you decide to file for bankruptcy, talk to a bankruptcy attorney and follow the steps suggested in this article from USA Today.
• This helpful step-by-step document provides information on how you can determine if filing for bankruptcy is right for you.
• Learn about the entire process of bankruptcy and what it will achieve by reading this helpful article from the U.S. Courts website.
• This helpful U.S. News & World Report article offers advice on whether you should consider filing for bankruptcy.

The friendly, professional bankruptcy lawyers at the Law Offices of Gary Brenner have been helping clients through this difficult time for nearly 30 years. Call (650) 348-2044 for a free consultation.