Law Offices of Gary Brenner

3 Signs That Bankruptcy May Be the Best Choice for You

Most people look at bankruptcy as a last resort and try many other options before turning to bankruptcy law as a solution. However, waiting too long to file for bankruptcy doesn’t benefit anyone—you, your family, or your lenders. Although it’s important to consider your other options first, there are a few clear signs that it’s time to hire a bankruptcy lawyer.

You’re Facing Foreclosure or Repossession: If your bills have already piled up and you can’t catch up on your car or home payments, you can stop the process of foreclosure or repossession by filing for bankruptcy. Losing these two valuable assets can be detrimental to your family, so bankruptcy may be the only way to regain control of your debt. If you hope to keep these assets, you can talk to your bankruptcy attorney about filing for Chapter 13 bankruptcy.

Your Credit Score Is Already Too Low: The main reason people avoid filing for bankruptcy is the impact it will make on their credit scores, but often their credit scores are already far too low due to unpaid bills and debts. In this case, it’s easier to eliminate your credit card debt and get a fresh start on rebuilding your credit from the ground up.

You Have Tried Other Options: Before filing for bankruptcy, you can undergo credit counseling classes, debt settlement programs, loan modifications, and negotiations with lenders. Talking to a bankruptcy attorney during a helpful free initial consultation is also a great way to get a better understanding of your situation. If you’ve tried some or all of these avenues and are still facing harassment and increasing debt, it’s time to consider hiring a bankruptcy attorney.

If your financial situation might benefit from bankruptcy, visit a bankruptcy law firm to learn about your options. At the Law Offices of Gary Brenner, we offer free consultations with our professional staff, who have been building bankruptcy law experience since we opened our doors in 1983. Call (650) 348-2044 for more information.

Bankruptcy Law 101: How It Works

The decision to file for bankruptcy is significant, but if you understand the basics of bankruptcy, it will seem far less overwhelming. Just like any other legal process, bankruptcy follows a set process from start to finish.

Watch this video to learn more about the basic process of bankruptcy. It explains what you should expect from your creditors and what steps you need to take to file for bankruptcy successfully.

What Bankruptcy Can and Cannot Do for You

Before you make the decision to file for bankruptcy, it’s very important that you understand bankruptcy law. This will give you a better idea of what debts you can and can’t eliminate throughout the process. Spend time reading about the two main types of bankruptcy and talk to your bankruptcy attorney about the types of debt filing that would be best for you.

What Bankruptcy Can Do

Eliminate Credit Card and Other Unsecured Debt: Unsecured debt is the type of debt that you owe to creditors if they do not possess collateral. This usually covers credit card debt, bills for your home’s utilities, and wage garnishment.

Stop Harassing Phone Calls: When you file a petition for bankruptcy, a stay goes into effect that prevents creditors from harassing you with threats of repossession, foreclosure, and other harassments. It will also stop phone calls and letters from credit card companies and other lenders. If these don’t stop immediately, let your bankruptcy lawyer know.

What Bankruptcy Can’t Do

Eliminate Child Support, Alimony, Student Loan, or Tax Debts: These four types of debts, along with a few other, less common debts, cannot by eliminated through bankruptcy. However, you can talk to your bankruptcy lawyer about creating a feasible payment plan for these debts by filing for Chapter 13 bankruptcy.

Prevent Repossession and Foreclosure: If you file for Chapter 7 bankruptcy, any property you acquired through secured debt will go back to your lenders automatically. Chapter 13 bankruptcy allows you to create a three- to five-year payment plan based on your income, which may allow you to retain possession of some or all of your assets.

If you’re facing repossession, foreclosure, or piling credit card debt, it may be time to consider what bankruptcy can do for you. Talk to a knowledgeable bankruptcy attorney at the Law Offices of Gary Brenner to get a better understanding of whether bankruptcy can benefit you and your family. For a free initial consultation, call (650) 348-2044.

Take A Look At These Links For Helpful Information About Bankruptcy

Deciding to file bankruptcy is not easy, but it is often the best way to get on the road to financial freedom. If you're curious for more information surrounding Chapter 7 and 13 bankruptcy, check out the following resources:

• Does your annual income qualify you for Chapter 7 bankruptcy? Find out by looking through this Department of Justice chart, updated for 2012.
• Congress codified all relevant federal exemptions to bankruptcy in Title 11 of the U.S. Code. Click through for a detailed look at the law.
• The American Bar Association published a handy chart to show the differences between Chapter 7 and Chapter 13 bankruptcy. 
• California residents that want to take state-specific bankruptcy exemptions can look to Section 703 and 704 of the California Code of Civil Procedure.
• Want to learn more about Chapter 7 bankruptcy? The U.S. Courts website features a robust explanation about each step of the process.

If you are having trouble making ends meet or are receiving endless calls from creditors, bankruptcy may be the best solution for getting rid of your debt. The San Mateo-based Law Offices of Gary Brenner has decades of experience helping California households through this challenging time. Call our skilled staff today at (650) 348-2044 for a free case evaluation.

A Guide to Bankruptcy Exemptions

With an uptick in overall U.S. bankruptcy filings, more households are learning to speak the language of the Bankruptcy Code. Certain property can be protected from trustee sales and other creditor demands. These items are known as exceptions, and are governed by state and federal law. Only an experienced attorney can advise you on the correct exemptions to take in your specific financial situation. Here is an overview of Chapter 7 and Chapter 13 bankruptcy exemptions:

Chapter 7 Exemptions

During a bankruptcy, a trustee will take control of many of your possessions and sell them off to satisfy your creditors; subsequently wiping out the remainder of the unpaid debt. Depending on your specific financial situation, you can prevent certain items from being taken over by the trustee through exemptions. You have two options when it comes to choosing a group of protected items during your bankruptcy preceding: state or federal exemptions. California residents have the option of two groups of property: outlined in Sections 703 or 704 of the California Code of Civil Procedure. These both outline different combinations of housing, vehicles, and personal property.

Chapter 13 Exceptions

Like Chapter 7 exemptions, Chapter 13-specific rules control what you can and cannot keep. Since Chapter 13 focuses more on secured loans, a trustee may still force you to pay off remainders of you unsecured loans that are not bound up inside the trustee estate. The reasoning behind this policy is that the Bankruptcy Court does not want creditors to be worse off if they file Chapter 13 than if they had filed Chapter 7.

Deciding to file bankruptcy is a major decision for many households. California residents in the Bay Area should consult the skilled team at the Law Offices of Gary Brenner for specific advice on their financial situation. We can help advocate for your family’s best financial interests before, during, and after the bankruptcy proceeding, so call our San Mateo office at (650) 348-2044 today.