Redwood City Bankruptcy Attorney

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Bankruptcy is a legal process whereby a person or organization unable to pay its creditors seeks relief for some or all of the debts. As intimidating as bankruptcy sounds, it is actually a chance for families/businesses to start afresh. There are several types of bankruptcies (known as Chapters) that can be filed by the debtor depending on his individual circumstances. However, the two most common types of bankruptcies filed in the country are Chapter 7 and Chapter 13. EH Law Group is the premier Redwood City bankruptcy attorney specializing in Chapters 7 and 13 bankruptcy and servicing customers in Redwood City and surrounding areas.

CHAPTER 7 BANKRUPTCY

Chapter 7 is typically filed by individuals when they feel there is no way they can pay back their outstanding debts. Chapter 7 bankruptcy can discharge most of the debts owed. What can’t be discharged is paid through the liquidation of all non-exempt assets of the debtor. Some of the key features of Chapter 7 are:

The most important rule of Chapter 7 bankruptcy is the order in which the debt is paid: Unsecured priority debt such as child support or tax debts are paid first; secured debt is the next one to be addressed, and finally, the nonpriority, unsecured debts are paid with the leftover funds from the liquidated assets.
To be eligible to file for a Chapter 7 bankruptcy, you must pass a means test, which checks whether or not your disposable income is lower than the median income of that State.
The typical steps involved in the process of filing Chapter 7 bankruptcy include the following:
- credit counseling within the 6 months prior to filing for bankruptcy
- completion of several forms, including a petition to the court
- appointment of a trustee by the court to oversee the entire bankruptcy process
- meeting of the trustee with creditors and deciding on which assets to liquidate
- debt repayment done by the trustee

When these steps are completed the remaining debts are all discharged. This can typically happen around two months after the meeting with the creditors.

Chapter 7 bankruptcy stays on the debtor’s records for 10 years, seriously hampering his ability to get loans.

CHAPTER 13 BANKRUPTCY

The steps in Chapter 7 bankruptcy are clear and well documented. Here, we list the typical steps to expect in a Chapter 7 bankruptcy:

Filing of the petition and other required documents such as a record of your assets and liabilities, your income and expenses, a statement of your financial affairs, and details of executorial documents and unexpired leases. After filing of the petition, it automatically stays most collection actions against the debtor.
Case trustee appointed: An impartial case trustee is appointed by the court to manage the case and the liquidation of assets of the debtor. The trustee takes action to liquidate the non-exempt assets of the debtor so that the debtor can get maximum returns.
Meeting of creditors convened: The trustee will gather all the creditors and the debtor will be placed under oath and questioned.
Financial management course completed by the debtor.
Bankruptcy discharge issued by the court, which ends the automatic stay on debt collection and lists the debts that have survived the bankruptcy claim, such as alimony payments and child support.

The bankruptcy case will be closed by the court unless the trustee hasn’t yet disposed of all non-exempt assets

CHAPTER 13 BANKRUPTCY

Chapter 13 bankruptcy can be filed by individuals and couples even if they are self-employed or are running an unincorporated business. Chapter 13 bankruptcy is filed when a debtor is looking to reorganize his finances under the strict supervision of the court so as to pay back his creditors, usually within a period of three to five years.

Some of the key features of Chapter 13 bankruptcy are:

Typically, the payment plan will be one that gives considerable payback to creditors or at least as much as they would receive under other forms of bankruptcy. Also, if needed, it must use up the entire disposable income of the debtor for repayment.

Also known as wage-earner’s plan, Chapter 13 bankruptcy involves making agreed-upon monthly payments to the court-appointed trustee, who then distributes the payments among the various creditors.

To be eligible to file for Chapter 13 bankruptcy, your debt needs to be below certain levels: You need to have less than $419,275 of unsecured debt and less than $1,257,850 of secured debt. Also, you need to stipulate that you have not had a bankruptcy petition dismissed in the 180 days leading into this petition due to unwillingness to appear in court.
The typical steps involved in the process of filing for a Chapter 13 bankruptcy include:

- credit counseling within 6 months prior to filing for Chapter 13 bankruptcy
- preparation and provision of all the relevant documents to make a successful petition
- following the filing of bankruptcy, a payment plan is submitted
- following a judge’s approval of the plan, the debtor will be making his monthly payments to a court-appointed trustee, who will distribute the funds among the creditors.

Once the debts have been paid within the 3 to 5 year period, the case is closed.

A Chapter 13 bankruptcy can stay on your credit report for up to 7 years, depending on if some of the debts paid were delinquent from before.

Why Hire A Lawyer For The Job

If you think you need to file for bankruptcy, there are several reasons why hiring a professional is the right way to go:

A lawyer can help you file for the bankruptcy Chapter right for you, ensuring you get the most out of a bad situation.
Form completion, accumulation, and submission will be a smooth, well-planned affair, giving you the best chance of making a successful petition.
As straightforward as the steps of the process may sound, there are many unexpected challenges that can spring up and a lawyer will know exactly how to handle them in a way that preserves your interests.
With a professional following up every step of the way, the chances of a successful petition are higher and the hassle and stress of the process is completely removed from you, allowing you to deal with all the rest of the fallout from your bankruptcy situation.

Why Choose Us As Your Redwood City Bankruptcy Attorney

If you are considering a Redwood City bankruptcy attorney and think the time has come for you to file for bankruptcy, then we are the business to contact. Here’s why:

Experienced Professionals: We have been operating in the Bay Area for 10 years. Our wealth of local experience makes us well-versed in the knowledge of all the state laws and regulation around bankruptcy. This helps us to give you an accurate picture of exactly what to expect and equips us to do our job as competently as possible. Our team is professionally qualified to handle Chapter 7 and Chapter 13 petitions regardless of how complex or daunting they seem.

Hassle-free Service: We make it our business to provide you with a hassle-free service. Whether it is preparation of documents, filing of petition, or following up on various unexpected matters, we make sure to stay on top of it all so you don’t have to worry about it. We know how stressful and difficult this time can be for you and make every effort possible to make this stage of your life as manageable as possible.

Positive Customer Reviews: You don’t need to take our word for the quality of service and level of customer satisfaction we deliver. You can look up our online customer reviews and you will see that we truly do deliver what we promise.

Call us today for a free consultation. We will be more than happy to answer any questions you have and dispel any lingering doubts you might have about us. And once you are satisfied, we can help you take your first step in your attempt to make a fresh start in your life.

FULL SERVICE BANKRUPTCY

You deserve a fresh start!

We help you get it by being there from the start all the way to the end.