San Lorenzo, one of the Nation’s first planned communities, is a lovely little town full of homes, schools, and parks. San Lorenzo is part of the San Francisco Bay area and located within Alameda County. San Lorenzo is full of responsible citizens who work hard to provide for their families each and every day.
It is not uncommon in San Lorenzo for a resident or business to have to deal with a bankruptcy. Around the state of California people are seeking the protections that bankruptcy can afford them while they attempt to organize their finances and conscientiously pay back their debts.
The Law Offices of Melanie Tavare is located easily accessible to all the citizens of San Lorenzo. This skilled legal team focuses only on the handling of bankruptcy cases and helping the residents of the San Francisco Bay area find a fresh financial start.
Bankruptcy can be a stressful process. Although it is time consuming, an experienced and professional bankruptcy advocate can elevate from you much of the tension that can sometimes come along with this experience.
For those San Lorenzo citizens and business that decide that filing for bankruptcy is the right decision for them they will have two options in regards to how they file their bankruptcy petition with the court.
The first option is to file for a Chapter 7 bankruptcy. Chapter 7 bankruptcy is really a liquidation, or sale, process. The bankruptcy trustee assigned to your case will sell all your non-exempt assets in order to at least partially pay back your creditors.
Maybe people are concerned with the liquidation option because they fear that all of their personal belongs will be sold and they will be left with nothing. Fortunately, the state of California has provided quite an extensive list of personal assets that are exempt from sale and that the debtor is entitled to keep.
A Chapter 7 bankruptcy can be completed and discharged within three to six months of the debtor’s initial filing.
The second option is to file for Chapter 13 bankruptcy. Chapter 13 bankruptcy is often referred to as a “reorganization” of the debtor’s finances. There is no sale of the debtor’s assets – instead, the debtor agrees to a court-approved repayment plan.
Under this plan, the debtor agrees to pay back his or her creditors over a period of three to five years. The debtor must submit monthly payments to the bankruptcy trustee and are based on the debtor’s current income. The trustee will then hand the payment over to the creditor.
We work directly with our clients to make sure their bankruptcy experience goes as smoothly as possible. If you are ready to take the first steps toward a fresh financial future, contact the Law Office of Melanie Tavare now. You can reach us by phone at 510-255-4646 or online.
San Lorenzo, California Bankruptcy Attorney