When a person owes more money than he or she can pay, the courts offer a way of relief that can give filers a fresh start. The process can protect certain assets, stop collections, and help creditors get paid. The decision to proceed and file with the court can be tough, but a Bay Area bankruptcy attorney can be helpful in the process.
Sometimes, it appears there is no option other than filing the case with a court. However, before making the decisions, individuals should consider the long term effects. Some debts will be eliminated but others may remain, 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.
Some people only need to step back and consider their financial situation to find alternatives. It may be possible to increase one's income, reduce expenses or sell property to meet the obligations. By making a few adjustments, one might find an answer to the financial problems in another way.
The most common cases are under Chapter 7. This type of case allows certain assets to be protected and others sold to meet obligations, if a person qualifies. Chapter 13 is sometimes better if one wants to protect his home, but will require working out an acceptable payment plan with the courts.
Before one files his petition, he should always consult with a Bay Area bankruptcy lawyer. These professionals are able to make recommendations for the best steps for each individual. They also help to ensure that the petition filed will have the desired results in protecting one's assets.
Sometimes, it appears there is no option other than filing the case with a court. However, before making the decisions, individuals should consider the long term effects. Some debts will be eliminated but others may remain, 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.
Some people only need to step back and consider their financial situation to find alternatives. It may be possible to increase one's income, reduce expenses or sell property to meet the obligations. By making a few adjustments, one might find an answer to the financial problems in another way.
The most common cases are under Chapter 7. This type of case allows certain assets to be protected and others sold to meet obligations, if a person qualifies. Chapter 13 is sometimes better if one wants to protect his home, but will require working out an acceptable payment plan with the courts.
Before one files his petition, he should always consult with a Bay Area bankruptcy lawyer. These professionals are able to make recommendations for the best steps for each individual. They also help to ensure that the petition filed will have the desired results in protecting one's assets.
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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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