If you find yourself in a situation where you are thinking about filing for bankruptcy, it may be some consolation that you are not alone. With a flat economy, people are still struggling to keep up with expenses. A job loss or medical issue typically knocks a person off the balance beam.
If you have fallen behind with credit cards and debts, it is probably time to call a bankruptcy attorney. If you are looking for a bankruptcy lawyer in San Diego, we can help. Our experienced bankruptcy attorney in Los Angeles will discuss your situation without charge, to help you decide if it makes sense to file bankruptcy and wipe the slate clean.
When Should I File for Bankruptcy
Considering bankruptcy can be a scary and embarrassing fate, but it does have its benefits. If you recently lost your job, have a huge medical debt or have fallen behind in bill payments, contacting a debt relief agency may be right for you.
Some other situations that might lead you down the road of bankruptcy are if you are going through a divorce, creditors are suing for payments or you have been considering tapping into your 401(k) to pay off debt.
Types of Bankruptcy
There are four types of bankruptcy, however, our bankruptcy attorney for San Diego focus on two:
- Chapter 7 Bankruptcy is a good option for those who have a limited income. This type of bankruptcy is like a fresh start. When you fo this route, you need to be on board with the fact that the trustee may take and liquidate some of your assets to pay back the debt. However, you have the option to exempt property that is protected under state law.
- Chapter 13 Bankruptcy is the route to go for higher income individuals. The most appealing aspect of Chapter 13 is that you have a chance to keep your home. However, you must be able to pay off your mortgage in three to five years. This is a less extreme option when you are considering to file for bankruptcy.
With the right legal advice, filing for bankruptcy isn’t so scary. It provides you with a solution giving those with substantial debt the opportunity to get out from underneath it.
The Benefit of Filing Bankruptcy
The first and most immediate benefit of filing bankruptcy is an immediate end to the collection calls and letters. Upon receiving and accepting your bankruptcy petition, the court orders that the creditors listed on the petition to cease any debt collection efforts against you. This means that the demanding phone calls and threatening letters must stop.
Another advantage of filing for bankruptcy is that you can start to get on track to improve your credit score. Those who file, under the bankruptcy law, are required to get credit counseling. This helps the debtors declaring personal bankruptcy to become educated and learn how to rebuild their credit.
Our San Diego Bankruptcy lawyer knows the rules and the judges very well, and we make sure that you are protected from creditors as soon as you hire our firm.
What Does the Discharge of Debts Mean
Whether you are filing for a chapter 7 or chapter 13 bankruptcy, a successful case will wipe out any remaining debts.
If you meet all of the requirements given by the court, you may be able to have your debt discharged. A discharge is an order granted by the court that will legally get rid of your debts. The discharge is the fresh beginning in your financial life that bankruptcy offers. This means the debtor is no longer liable for the debt and the lender is no longer allowed to make attempts to collect the debt.
A good San Diego bankruptcy attorney will make sure that you are eligible for filing and that your debt will be eliminated and your assets will be protected. This is our goal; before you hire our firm we look at your situation and we advise you whether bankruptcy makes sense for you or not.
Saving My Property and Assets
Each bankruptcy case is unique. Most people think that if they file for bankruptcy protection, they will lose the home, automobiles, and other treasured belongings. This is not true at all. There are bankruptcy rules that allow you to retain your possessions and get rid of your debt.
To qualify for saving your property and assets, you need to file for Chapter 13 bankruptcy. Many debtors go this route when they have the means to arrange a repayment plan that will help them catch up on past due payments and avoid repossession or foreclosure of their home and automobile.
Our bankruptcy and debt attorney will make sure to examine your case thoroughly to give you the best legal options and make sure your assets are safe.
Call Us to Eliminate Debts and Protect Your Assets
If you are having financial troubles caused by credit card debt, Medical bills, IRS debt, and personal loans bankruptcy may be a great option for you. When choosing a San Diego Bankruptcy Attorney remember to weigh the options and make sure your assets are protected. Our law firm offers free case evaluations to consumers who want to file for bankruptcy.
We represent clients throughout California, no matter where you live in, we can help! Contact us today at (818) 254-8413 to get back on the right financial path.