Declaring bankruptcy is one of the most important financial decisions to make. This process can resolve many financial problems especially when eligible to file for chapter 7. Chapter 13 can also help consumers to make a new start. If you have questions, then it helps to talk to a Bankruptcy Attorney in San Diego.
Consumers can start the process by writing down all assets and existing debts. The step is required regardless of working with a lawyer or not. There is certain financial information required for filing the paperwork. This information should be found in your current bills, credit reports, utilities and rent.
An experienced lawyer can help with determining whether to file chapter 13 or chapter 7. Consumer who makes more than the state’s medium income most likely will not be approved for debt forgiveness under chapter 7 bankruptcy. However, Chapter 13 bankruptcy is an option and requires reducing and restructuring debt.
It is important to not get back in financial trouble. Most consumers benefit from attending an approved credit counseling program before filing for bankruptcy. A credit counseling class may be a requirement by the judge on the case.
Filing fees are another concern. Most states require claimants to pay filing fees when petitioning the courts for bankruptcy. The paperwork should be taken to your local court and arrangements made to pay the fees.
Consumers may have to attend several hearings to settle the claim including a meeting with creditors. It is important to show up to all hearings and on time. Most creditors are not going to fight your right to declare bankruptcy, but some debts are not included under this process.
It can be a difficult time when going through bankruptcy. An experienced lawyer can make the process much easier because he or she can attend the hearings with you. If you are having financial trouble, then it helps to explore your options.
Lawyers can also explain the legal process and talk about any available options. Consumers can overcome debt with proper research and when willing to make a change. A Bankruptcy Attorney in San Diego can help with settling your case as soon as possible.