If you are heavily in debt and cannot afford your debts, it is time to consider the alternatives. A Bay Area bankruptcy attorney is able to offer advice on what is the best route for you to follow to rid yourself of the yoke of debt. The sooner you act, the sooner you can start over.
One point a good lawyer will be sure to check is whether the U. S. Trustee might be able to challenge your filing. If so, you are prevented from another Chapter 7 filing for the next 18 months. This means that a form of means test is applied to see whether you qualify.
Being bankrupt will remain on your credit information for the next decade, Your ability to take out loans will be impacted by this. On the other hand, large debts will deter lenders from granting further loans, so your position is not materially worse. Your main concern should be to get back on an even keel again.
Certain debts will continue, including child and spousal support obligations. This makes sense as removing these may cause hardship. There are other debts which will continue, and your attorney will tell you which from seeing your list of debts. Certain taxes are among those which will continue.
You will be permitted to retain some of your property, but the rest will be sold. Each state determines which properties are exempt, so your attorney is best situated to advise you. Whatever money is raised from the sale will be paid towards what you owe.
There was previously a lot of abuse of Chapter 7 regulations, resulting in the means test being brought in. A good Bay Area bankruptcy attorney will help you escape the shackles of your debts, and frequently you can make use of a free consultation. Going bankrupt is no reason for embarrassment, the provisions are there to provide some way of breaking a deadlock.
One point a good lawyer will be sure to check is whether the U. S. Trustee might be able to challenge your filing. If so, you are prevented from another Chapter 7 filing for the next 18 months. This means that a form of means test is applied to see whether you qualify.
Being bankrupt will remain on your credit information for the next decade, Your ability to take out loans will be impacted by this. On the other hand, large debts will deter lenders from granting further loans, so your position is not materially worse. Your main concern should be to get back on an even keel again.
Certain debts will continue, including child and spousal support obligations. This makes sense as removing these may cause hardship. There are other debts which will continue, and your attorney will tell you which from seeing your list of debts. Certain taxes are among those which will continue.
You will be permitted to retain some of your property, but the rest will be sold. Each state determines which properties are exempt, so your attorney is best situated to advise you. Whatever money is raised from the sale will be paid towards what you owe.
There was previously a lot of abuse of Chapter 7 regulations, resulting in the means test being brought in. A good Bay Area bankruptcy attorney will help you escape the shackles of your debts, and frequently you can make use of a free consultation. Going bankrupt is no reason for embarrassment, the provisions are there to provide some way of breaking a deadlock.
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When you need help with a Bay Area bankruptcy filing, visit the website here. You can see more details about procedures at http://www.dowebankruptcylaw.com now.
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