After you meet with a San Francisco Bankruptcy Attorney, you will begin to gather the necessary information so the attorney can begin to prepare your petition.  You must list all of your debts, (including claims against you which you dispute, personals loans, etc.) assets and other information in the petition.  You must list all your debts, (including claims against you which you dispute, personal loans, etc.), assets and other information in the bankruptcy petition.  About three to four weeks after the bankruptcy petition is filed, a hearing, known as a 341 Creditors Meeting, is held to give your creditors an opportunity to question you and to determine if the Bankruptcy Petition is in order.  A trustee is assigned to your case, and he/she will ask whether you are familiar with the bankruptcy petition, whether you have listed all your debts and assets.

About three weeks after the creditors' meeting, a Hearing will be held to confirm your plan. If the plan meets the Court's approval, you will pay the trustee a sum of money every month. This money will, in turn, be distributed to your creditors.

If you have real property, you must continue to make your regular monthly mortgage payments directly to your mortgage company.

If you are considering bankruptcy, we encourage you to seek the advice and assistance of an experienced San Francisco Bay Area bankruptcy attorney who practices California bankruptcy law before you decide to file.  At The Chernev Firm, we will provide you with a free bankruptcy consultation where you can talk to a bankruptcy lawyer about your options.