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About Bankruptcy Law in San Mateo, United States

Bankruptcy law in San Mateo, California, is part of the federal bankruptcy system of the United States, but there are local rules and procedures to consider as well. Bankruptcy is a legal process that allows individuals or businesses who cannot pay their debts to seek relief from some or all of their obligations. The main types of bankruptcy that individuals typically file are Chapter 7 (liquidation) and Chapter 13 (repayment plan). Filing for bankruptcy can provide a fresh financial start, but it is essential to understand the process, eligibility, and potential consequences before making a decision.

Why You May Need a Lawyer

Seeking legal assistance for bankruptcy is highly recommended due to the complexities of both federal and local laws. Common situations where legal help is valuable include facing lawsuits from creditors, wage garnishments, foreclosure proceedings, mounting unsecured debts, or relentless collection calls. An attorney can help you evaluate your eligibility for different bankruptcy chapters, protect your assets where possible, negotiate with creditors, file the correct paperwork, and guide you through mandatory court requirements. Mistakes in the filing process can lead to case dismissals or loss of property, so having expert guidance can make a significant difference.

Local Laws Overview

While bankruptcy is primarily governed by federal law, specific local rules and procedures will apply in San Mateo, which is within the jurisdiction of the United States Bankruptcy Court for the Northern District of California. Some key aspects relevant to San Mateo residents include:

• Cases are filed at the Bankruptcy Court in San Francisco, Oakland, San Jose, or Santa Rosa, with San Mateo cases usually going to the San Francisco or San Jose divisions.
• California law, rather than federal law, provides the exemptions that determine which assets you can keep in bankruptcy. California offers two sets of exemptions, and you must choose the one that best fits your situation.
• Mandatory credit counseling must be completed with an agency approved for the Northern District of California before filing.
• There are local forms and specific procedural requirements, which a local attorney can help you navigate.

Frequently Asked Questions

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 is often called liquidation bankruptcy. The court may sell certain non-exempt assets to pay creditors, but most unsecured debts are discharged. Chapter 13 is a repayment plan lasting three to five years, allowing you to catch up on debts while keeping your property.

Will I lose my home or car if I file for bankruptcy in San Mateo?

Not necessarily. California exemptions may allow you to keep your home and car up to certain value limits. An attorney can help you assess whether your assets are protected under state law.

How long does the bankruptcy process take?

A typical Chapter 7 case in San Mateo lasts four to six months. Chapter 13 cases last three to five years due to repayment plan requirements.

How does bankruptcy affect my credit score?

Bankruptcy will impact your credit score and remains on your credit report for 7 to 10 years. However, many individuals see gradual credit improvement after discharge if they maintain good financial habits.

Can bankruptcy stop foreclosure or repossession?

Yes. Filing for bankruptcy triggers an automatic stay, which temporarily stops most collection actions, including foreclosure or repossession. Chapter 13 may provide additional opportunities to catch up on missed payments and keep your property.

Can I discharge all debts through bankruptcy?

Not all debts can be discharged. Debts like child support, most taxes, student loans (except in rare situations), and some court judgments typically cannot be eliminated through bankruptcy.

Do I need to attend court in person?

You will need to attend a meeting of creditors, called a 341 meeting. This is usually a short proceeding where the trustee and creditors may ask questions about your finances. Most cases do not require a formal court appearance.

What fees are associated with filing for bankruptcy?

There are court filing fees, which vary depending on the chapter filed, as well as attorney's fees if you hire legal counsel. Fee waivers or installment options may be available for those who qualify.

Can I file for bankruptcy more than once?

Yes, but there are restrictions on how soon you can file again after a previous case. The waiting period depends on the type of bankruptcy previously filed and which type you seek to file now.

How do I know if bankruptcy is right for me?

Bankruptcy is a serious decision with long-term effects. Consulting with a bankruptcy attorney in San Mateo can help you review alternatives, assess eligibility, and choose the best path for your financial future.

Additional Resources

The following resources can be helpful for anyone considering bankruptcy in San Mateo:

• United States Bankruptcy Court for the Northern District of California
• Legal Aid Society of San Mateo County
• California Courts Self-Help Center
• San Mateo County Law Library
• Local certified credit counseling agencies
• Consumer Financial Protection Bureau for educational materials

Next Steps

If you are considering filing for bankruptcy in San Mateo, gather all relevant financial documents including income statements, lists of debts, and records of assets and liabilities. Next, schedule a consultation with a qualified bankruptcy attorney familiar with local court procedures and California exemption laws. Complete your required credit counseling from an approved provider and discuss which chapter of bankruptcy suits your situation. An attorney can guide you through document preparation, filing, and court proceedings to help you reach the best possible outcome.