Seeking To File Bankruptcy In California? Consult A Bankruptcy Attorney First

1. Seeking To File Bankruptcy In California? Consult A Bankruptcy Attorney First When there is a constant flow of problems right into our lives, we feel like fall into a dark hole we can never come of. People can handle all types of problems if there’s enough financial support, but what about those who are the brink of losing their only house in a foreclosure? Filing bankruptcy sure is a wise choice, but how do you know if it fits in your situation best? Before you decide on filing bankruptcy, you must analyze the type of debt you are into and what your financial condition is. The most common types of bankruptcy are Chapter 7 and Chapter 13 bankruptcies. While Chapter 7 allows defaulters to walk out of their debts without having them through any debt repayment plan, but of course through asset liquidation mostly, Chapter 13 bankruptcy provides them with a debt repayment plan that usually spans over 5-6 years. Chapter 7 is designed to help those with piles of debts and who has so little income that they can’t pay it off. According to Recovery Law Group, a consumer protection law firm, over 50 percent of Chapter 7 bankruptcy cases comprises health issues, so medical bills. And, Chapter 13 is for those who are suffering provisional holdups on their monetary conditions. Each helps, but in the right situation – how do you decide if you too require filing bankruptcy and which type? Consider the following five factors before filing bankruptcy:  Are you facing wage garnishment or foreclosure soon? In situations like these, where you are likely to lose your house or have someone garnishing your paycheck soon, Chapter 7 bankruptcy California makes an ideal choice to go for. Most defaulters, with cases such as these, file emergency bankruptcy in order to stop these from happening and start fresh the process of reforming their finances. Introspect if you are able to pay some of your creditors yet. If you find you earn enough to pay some of your bills, but not all, Chapter 13 makes an ideal choice here. It will allow you some room to breathe, if you have just been employed and you require some time to draw a level; or you had an abrupt transformation in life that now you require some time to adapt to it. Did you just exhaust other choices? Most defaulters qualify for debt settlement programs. In debt settlement programs, debtors get to negotiate their pay off amounts, adjust their dues, and even make cuts that allow them to get back on track. If you, however, have little or no earnings, debt settlement is never an option for you. In this case, filing bankruptcy is the only way out. Have you sought an advice from a bankruptcy attorney? When you consider filing bankruptcy, it is always wise to talk it out with an experienced bankruptcy attorney California. In the U.S.A., each state has its own   

2. rules and regulations of handling bankruptcy and what only a legal professional can help you through. These differentiating factors often involve the filing process and requirements, fees, and other legal procedures. When you deal with something as significant as bankruptcy, you should always consult a professional first to walk you through the complexities. Recovery Law Group is one of the most trusted consumer protection law firms in California. To discuss your financial conditions and seek personalized bankruptcy advice, call them anytime on 888- 297-6203.