Financial problems can ruin an individual. Fortunately the laws of the land offer a way that people can find relief and a fresh start. This legal process allows one to protect certain assets, stop collection efforts and helps creditors to be paid. Although the decision can be difficult to make, help from a Bay Area bankruptcy professional can ensure it accomplishes one's purpose.
The decision to petition the court sometimes seems like one's only option. It is important to know that the case can affect a person for several years in the future. In addition, there are some debts that cannot be removed or discharged regardless of the chapter under which one files.
Although many individuals choose to file to protect a home or other property, the results do not always work as planned. To ensure the best results in a case, one will want to consult with an attorney experienced in this type of work. Sometimes, it is best to file under one chapter instead of under another.
Sometimes it only takes stepping back and looking at the situation from another perspective. Sometimes one can increase income, sell holdings or eliminate other expenses in order to meet obligations. These adjustments may allow one to work out payment plans with creditors that do not involve the courts.
Chapter 7 is the most common petition filed. This allows assets that are not protected to be sold by the court to meet the obligations; however, not everyone qualifies. Chapter 13 is better at protecting a home, but requires one to work out a payment plan to repay a large portion of the debt owed.
Before filing the petition, it is always a good idea to consult a Bay Area bankruptcy attorney. This professional may recommend the best action for each individual case. He also helps to ensure the desired assets are protected through the case that is filed.
The decision to petition the court sometimes seems like one's only option. It is important to know that the case can affect a person for several years in the future. In addition, there are some debts that cannot be removed or discharged regardless of the chapter under which one files.
Although many individuals choose to file to protect a home or other property, the results do not always work as planned. To ensure the best results in a case, one will want to consult with an attorney experienced in this type of work. Sometimes, it is best to file under one chapter instead of under another.
Sometimes it only takes stepping back and looking at the situation from another perspective. Sometimes one can increase income, sell holdings or eliminate other expenses in order to meet obligations. These adjustments may allow one to work out payment plans with creditors that do not involve the courts.
Chapter 7 is the most common petition filed. This allows assets that are not protected to be sold by the court to meet the obligations; however, not everyone qualifies. Chapter 13 is better at protecting a home, but requires one to work out a payment plan to repay a large portion of the debt owed.
Before filing the petition, it is always a good idea to consult a Bay Area bankruptcy attorney. This professional may recommend the best action for each individual case. He also helps to ensure the desired assets are protected through the case that is filed.
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Find a summary of the advantages you get when you consult a Bay Area bankruptcy lawyer and more information about an experienced attorney at http://www.dowebankruptcylaw.com now.
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