Everyone knows that these are tough economic times, both for those that are considered wealthy and those that are just barely staying afloat. A sluggish job market and lack of value in the real estate market has left individuals wondering where the money is going to come from to pay the mortgages on their expensive vacation homes, or the second car that they can’t really afford. If you are finding yourself at wits end, are months behind on payments for every bill you have and feel like there’s no relief in sight, you should know that using a San Diego bankruptcy attorney, Chapter 7 bankruptcy might be the answer for your problems.
Without consulting a San Diego bankruptcy attorney, Chapter 7 might seem like a foreign term, and although you may have heard it tossed around by financial experts, you might not have ever had someone to explain the benefits and consequences of filing Chapter 7. For those individuals that choose to file Chapter 7 bankruptcy, the act is a way of achieving a fresh start. This is usually most applicable for relatively young individuals that got themselves into a lot of debt unexpectedly. They are drowning under even minimum payments, and need a bailout miracle fast. Despite what you might have heard, if you ask a good San Diego bankruptcy attorney, Chapter 7 usually doesn’t mean that you have to give up ownership of your house or other personal items.
Some individuals that are considering bankruptcy don’t know that there are differences between certain types of property that they own, and that whether or not a piece of property is considered exempt or not will be the determining factor in whether or not an individual will get to remain in possession of their homes, cars, and other personal belongings. Using a San Diego bankruptcy attorney, Chapter 7 bankruptcy can be clarified before you decide to file, so that you will know exactly what to expect.
Although there are ways to file Chapter 7 without the assistance of a San Diego bankruptcy attorney, there are several advantages to commissioning one. First of all, you will have someone there with you the whole step of the way that is experienced and knowledgeable. Also, you will have a legal mind there to translate the technical information contained in the agreement to file Chapter 7. This way, you will know exactly what you’re agreeing to, and whether it’s right for you.
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