If you need a bankruptcy attorney San Diego but confused read this article to know more about them and decide whether its good or bad for you.
How do I know if I need a bankruptcy attorney?
The signs that you may need to consult with a San Diego bankruptcy attorney are:
- Unable to pay your bills
- Constant calls from creditors and debt collectors
- Unsure how to approach debt piling up
- Bounced checks
- No cash flow
- Need representation in court
Why you should hire a professional for bankruptcy filing?
Reasons, why one should find a bankruptcy attorney to file bankruptcy:
Access all options: Most civilians can benefit from reviewing their legal rights and different potential resolutions with someone who has experience in bankruptcy law. After taking into account the nature of a person’s debt, income, assets, and objectives, a bankruptcy attorney San Diego may be able to offer advice on the most suitable means of resolving the outstanding debt.
Ensure a successful filling: A bankruptcy attorney near me will be able to handle the technical aspects of the filing process and make sure that easily avoided mistakes aren’t made. An attorney may also be able to provide any advice that a consumer needs to prevent other harmful errors during the bankruptcy and debt discharge process.
Understanding what to envision: Petitioning for financial protection can be a confounding and upsetting endeavor, and numerous customers don’t have the foggiest idea what’s in store as their cases push ahead. Numerous individuals may experience the ill effects of misinterpretations about the accompanying significant parts of insolvency:
- The debts that are eligible for discharge
- The tax implications
- The lingering effects on personal credit and employability
A bankruptcy attorney San Diego might have the option to enable an individual to frame progressively exact assumptions regarding the short-and long haul effects of petitioning for financial protection.
What are the major types of bankruptcy one can file?
There are mainly 2 types of bankruptcy in which you can take help of a professional San Diego bankruptcy attorney which are:
- Chapter 13
- Chapter 7
What is Chapter 13?
Chapter 13 bankruptcy is a “reorganization” of your debts and is designed for people that have a regular income but need time to pay back certain kinds of debts (like defaulted home mortgages). It can best be defined as restructuring and consolidating debts into a more manageable plan for repayment. Chapter 13 recognizes that some debts can’t be paid back in full, but it gives most people an opportunity to pay what they can afford, above living expenses, over a 3 to 5 year period.
Some of the benefits of chapter 13 are:
- Allowing you to pay what you can afford,
- Discharging debts you do not pay in full,
- Saving your home from foreclosure, and
- Removing a 2nd or higher mortgage.
What is chapter 7?
Chapter 7 is a type of bankruptcy that a person can apply for is he/she is facing difficulty in paying its debt. In this a trustee is appointed to look and liquidate whatever assets a person has to pay the creditors after the proceeds are exhausted, the remaining debt is discharged. Contact a San Diego bankruptcy lawyer for properly filing a chapter 7 bankruptcy. Hire a professional San Diego bankruptcy attorney for properly filling chapter 7.
The eligibility to file for this is something like this:
- The debtor must have had no Chapter 7 bankruptcy discharged in the preceding eight years.
- The applicant must pass a means test.
What are the benefits of chapter 7?
BLC Law Center will tell you benefits of filing chapter 7 bankruptcies
- Discharge all your Unsecured Debt
- Process is fast
- Become eligible for loans again.
All these are very confusing to handle. But if not done perfectly it could be a disaster. Contact BLC Law Center and hire a professional bankruptcy attorney near me for filling bankruptcy perfectly.