San Francisco Tax Attorney: Bankruptcy Services

Bankruptcy is the legal means of getting you out of debt. It is your constitutional right.

Our firm assists clients in both individual and business bankruptcies. We can also assist in stopping the collection activities such as creditor phone calls, foreclosures and repossessions.

Individual Bankruptcy

At GoldPoint Law Group, we practice Chapter 7 and Chapter 13 bankruptcy laws and debt settlement.

What is Chapter 7?

Chapter 7 is called the "straight bankruptcy" or liquidation. Chapter 7 is one of the quickest routes out of debt. From the date of filing to discharge (forgiveness of debt), the entire process usually takes 3-4 months.

Chapter 7 bankruptcy discharges you from most of your secure and unsecure debt. Secure debt is debt such as a car loan or a home equity line of credit. Unsecure debt is debt such as credit cards or medical bills. In certain cases, you may be discharged from debts owed for older taxes.

Certain debt is not discharged in Chapter 7, such as student loans or child and alimony payments.

What to expect?

Once you file Chapter 7, an automatic stay is triggered. This stay temporarily stops foreclosure. It also stops wage garnishments and lawsuits. Creditors cannot contact you.

Your assets are placed into a bankruptcy estate. A bankruptcy trustee appointed by the court will supervise your property until the case is closed. In certain circumstances, you may be able to keep you car and home by keeping the payments current and by ensuring that the equity does not exceed the exemptions.

GoldPoint Law Group can usually "exempt" most of your assets. Meaning, we will do everything we can to help you keep your property even as you get rid of your debts.

What is Chapter 13?

Chapter 13 is a repayment plan. You consolidate your debts and make one payment over a 3 - 5 year period. It's important to note that Chapter 13 does not require 100% repayment of all debt. The repayment plan is based on what you can afford over the next 3 -5 years. At the end of your payments, your remaining unsecured debts are discharged. You then continue to make payments on your mortgage and car and other secured debts.

You must have a steady source of income to file for Chapter 13.

Business Bankruptcy

Due to the current economic environment, many businesses are struggling to pay their debts. This financial distress is exacerbated by an inability to secure financing and/or increased competition and/or tax related problems.

We assist our clients in finding viable solutions, such as debt consolidation, settlement negotiation with creditors and assets sales. Only when these approaches fail do we resort to filing for bankruptcy in order to obtain debt relief.

 

Chapter 11

Chapter 11 is used by businesses (although it's open to individuals) to reorganize debt. Chapter 11 allows for a certain amount of flexibility, such as letting the business stay in operation even after filing for bankruptcy protection.

If you or your business is experiencing economic hardship, don't feel hopeless or alone. Your San Francisco tax attorney at GoldPoint Law Group is here to help you regain your peace of mind. Contact us today for a free, no obligation consultation.

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Disclaimer:

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

Please note that the attorneys of this office are licensed to practice law in the State of California only. We cannot give advice about legal matters in any other state but would be happy to assist you in locating suitable local counsel with whom we may have a referral relationship.