Filing for bankruptcy is a challenging and stressful time. Financial restructuring can get you out of the trouble that you are in. A competent lawyer can answer your bankruptcy questions. Understanding your options will help you take an informed decision. You can then look forward to sorting your monetary matters and making a fresh start.
The internet is a good place to find lawyers who have experience in dealing with Chapter 7 and Chapter 13 bankruptcy cases. You should understand the difference and which one is the right option for you. Shortlist some attorneys and ask them for a fee estimate.
In Chapter 7, you can retain your house, cars and secured debt such as furniture provided to keep making your monthly payments. This kind of bankruptcy discharges your credit card, personal loan, and other unsecured debt.
You will still have to pay child support, student loans, and other debts which is not the case in Chapter 13 bankruptcy. Your retirement fund, jewelry, and art will be exempt though. You r credit history will be affected as a Chapter 7 bankruptcy will stay on your credit report for ten years.
After a couple of years, assuming you meet the other criteria, you should be able to qualify for credit. Be open with your lawyer so that he or she can help you. Carry documentation relating to your financial affairs so that you can understand the implications of fling for bankruptcy.
Look for a lawyer who is qualified, licensed, and insured. A Chapter 13 bankruptcy can get you three to five years to pay your creditors. It is advisable if you want to save your car, house, and other possessions. You will have to make monthly payments to your trustee who will pass them on to your creditors.
Make a list of questions so that you can clarify your doubts when you first meet your attorney. Try to stay calm during this time. Making a list of your creditors will help your lawyer deal with the situation. Find out his or her working hours so that you can set up appointments at times which are convenient for you. Do some research so that you can ask informed bankruptcy questions. San Bernardino residents should look for an attorney in the area, so that it is easy to visit when required. Be regular with your payments so that you do not get into further difficulties.