Find a Bankruptcy Lawyer in Foster City, California

Foster City Bankruptcy Lawyers, CA

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In Foster City, California, bankruptcy is a court procedure in which a person or business has some or all of their debts cleared (or "discharged"), theoretically allowing them to begin with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). Remember, though, that bankruptcy should not be viewed as a proper way to get out of debt that you don't feel like paying back. It is meant to serve as an option of last resort for people and businesses faced with debt that they will probably never be able to pay back. The decision to file for bankruptcy can result in negative consequences, such as damaged credit ratings, which must be seriously weighed against the possible benefits.

Accordingly, you should speak with a good Foster City, California bankruptcy lawyer. Your Foster City bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional advice as to whether or not it's a good option, given your individual circumstances.

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Types of Bankruptcy in Foster City, California

In Foster City, California, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a creation of federal law, the procedures governing bankruptcy in Foster City, California will be similar anywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the proceeds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the qualifying property is sold, and the proceeds given to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will normally be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

Under Chapter 13 bankruptcy in Foster City, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a prolonged period of time, thus theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.

During the Chapter 11 process, a business can normally continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Foster City Bankruptcy Lawyer Help?

The need to consider all the options and consider the costs and benefits of filing for bankruptcy in Foster City cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Foster City bankruptcy attorney beforehand.

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Life in Foster City

Foster City, California is a master-planned city situated in San Mateo County.  It has a population of about 31,000 and is sometimes held to be part of Silicon Valley due to its local industry.  Foster City is considered an affluent community and has been featured several times in Forbes Magazine as well as Money Magazine.

As a master-planned city, Foster City offers many advantages and amenities, such as an efficient distribution of stores, restaurants, and resources.  Master planning helps developers avoid "haphazard" construction and city layout.  This has contributed to much of Foster's City's clean and pristine appearance.  Foster City is also home to a number of attractions, including a boardwalk, a 9-hole golf course, an extensive $4 million Teen Activities Center, and a public amphitheater.  Windsurfing is extremely popular within city limits.

Foster City, California is also known for being an important center for many high-tech companies as well as financial organizations.  The city is headquarters to many nationally recognized businesses such as Adchemy, Gilead Sciences, Life Technologies, Live365, Philips, Sony Computer Entertainment America, and many others.  One can access several points in the Bay Area from Foster City due to its location near the San Mateo Bridge.

Lawyers in Foster City, California often represent their clients at the Superior Court of California, County of San Mateo.  The court house has integrated much new technology including an electronic document camera.  Foster City attorneys are available for assistance in many different fields of law.

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