San Francisco Legal Helpers

San Francisco, California is famous for a lot of things.  Of course it was the home of the Summer of 69, the city currently is a hot spot for the best restaurants and cultural events, and perched above the sea, it is a gorgeous place to live or visit.  Most people, including residents wouldn’t think much other than good thoughts when it comes to San Francisco.  Unfortunately the financial problems hitting much of the U.S. hasn’t left this city alone.  More and more people are having to decide how to survive in this economic climate and many are deciding bankruptcy is the only way they see clear.

The bankruptcy laws and policies were put in place to help people who simply can’t pay off debt due to all kinds of reasons.  Unlike the common misconception, bankruptcy isn’t intended to be a charity case, it is actually meant to be used as a helping tool.  If you feel like bankruptcy may be what you need to better form your future, here is a brief look at a couple of the different types of bankruptcy chapters for personal use.

• Chapter 7 bankruptcy is the most common type of bankruptcy.  This is also the form most people think about when they imagine bankruptcy.  This kind of bankruptcy is a liquidation of the debtor’s assets.  In other words, the court orders your home, car, and other non essential items or assets to be sold.  The proceeds are used to repay your debts.  This form of bankruptcy gets you out of hot water quickly, but it also leaves you to start from scratch, financially speaking.
• Another type of bankruptcy many people are using to give themselves a new start is chapter 13.  Unlike the chapter 7 option, this one is a reorganization of debt.  The applicant may lose some assets in the bankruptcy, but by no means all of them.  As a matter of fact, this bankruptcy option often leaves the debtor with their home in place.  It will take longer to repay the debt, but you don’t have to lose all of your assets.

For more information and guidance on making the decision if bankruptcy is the right choice for you, contact the Legal Helpers.  These people are there to help you make an informed choice about your bankruptcy options and how to approach the process.  You don’t want to face this procedure alone.