The perception of filing for bankruptcy often offers negative perspectives because society sees it as a personal failure.
The reality of bankruptcy, no matter which chapter you choose, is that you're creating a new opportunity for yourself. Depending upon your situation, bankruptcy law may be able to stop collections and may even be able to halt foreclosure proceedings.
It is more than a chance to be free from your debt. It is an opportunity to end your stress. Learn more about your bankruptcy options by reaching out to our firm, Law Office of David Butler, Jr., in San Bruno, California, today. We serve the needs of individuals in San Francisco, Oakland, and San Jose.
If you are filing for personal bankruptcy, then your two options are a Chapter 7 process or a Chapter 13 process.
To qualify for a Chapter 7 bankruptcy that eliminates most, if not all, of your unsecured debt, you must be able to pass a "means test." Your income must be low enough to prove that you are unable to repay at least a portion of your debt.
If you do not qualify for a Chapter 7, then you still have the option of a Chapter 13 bankruptcy. Under this bankruptcy chapter, you're creating a new plan to repay part (or all) of your debt over 3 to 5 years. During this time, creditors are unable to start or continue their collection efforts.
For businesses, a Chapter 11 bankruptcy provides businesses with benefits that are similar to the Chapter 13 bankruptcy filing.
Discover which chapter of bankruptcy is right for your specific financial situation by scheduling a free 20-minute consultation with us in San Bruno, California. Our legal counsel represents clients in the surrounding areas of San Francisco, Oakland, and San Jose. Start pursuing a stronger future today.