San Diego bankruptcy lawyers:
Is it time to file bankruptcy?
With the pressures of the recent economic recession, many individuals have found themselves buried under a mountain of debt. Even though they may have been careful about their finances, job losses, real estate losses and other problems may have contributed to the increasing debt that they cannot hope to pay. San Diego bankruptcy lawyers can advise you on the best way to deal with the issue of overwhelming debt so that you can resume a health financing strategy for the future.
5 Signs You are in Financial Trouble
An overload of debt can happen to anyone. Divorce, medical bills, employment layoffs, and business reverses can suddenly turn into sleepless nights worrying about the amount of money you owe. If you experience any of the following signs, it might be time to think about your financial options:
You are living on credit cards and increasing your debt each month You can’t make the minimum payments on credit cards.
You can’t pay your mortgage or are in foreclosure.
You are using your retirement funds to pay bills.
You can’t save any money.
You have exhausted family resources for loans.
How Bankruptcy Proceedings Can Help
Bankruptcy can help people overwhelmed by their debts in a number of ways:
- It can stop harassment by collection agencies and creditors.
- It can stop a creditor from repossessing your car or taking away your credit card.
- It can remove the liens from your property.
- It can stop a financial institution from foreclosing on your mortgage.
- It can help you to keep certain property.
Bankruptcy Cannot Solve Every Financial Problem
However, filing for bankruptcy cannot solve every debt-related issue. For example, it cannot eliminate every tax debt or student loan debt, in most cases. Bankruptcy cannot protect you from your obligations for child support or alimony. It cannot necessarily prevent a creditor of a debt secured by the property from repossessing it. Different categories of bankruptcy are available, and each type addresses different types of indebtedness. San Diego bankruptcy lawyers can advise you on the types of debt a bankruptcy proceeding can eliminate
Consulting With Bankruptcy Lawyers
Your first step should be to meet with San Diego bankruptcy lawyers to discuss your needs. You will be asked to list your current indebtedness and inform you about the different categories of debt that are considered in bankruptcy, such as secured debt, unsecured debt, and priority. You will also discuss the types of bankruptcy proceedings, such as Chapter 7 or Chapter 13, and how each type relates to your needs. You will know also inform you about the likely progress and timetable of the proceedings so that you can be prepared. If you are concerned about your debt load and your financial future, call the San Diego bankruptcy lawyers today to discuss how bankruptcy can help you. There are answers, you just need to ask