People with huge outstanding debts and no hope of paying them can find a way out of the impasse. A top class Bay Area bankruptcy lawyer can advise on a solution which will let you start afresh. There is no reason to suffer any longer when a legal provision exists for just such situations.
One point a good lawyer will be sure to check is whether the U. S. Trustee might be able to challenge your filing. If so, you are prevented from another Chapter 7 filing for the next 18 months. This means that a form of means test is applied to see whether you qualify.
Being bankrupt will remain on your credit information for the next decade, Your ability to take out loans will be impacted by this. On the other hand, large debts will deter lenders from granting further loans, so your position is not materially worse. Your main concern should be to get back on an even keel again.
There are certain amounts you will need to keep on paying, such as support for your children. Removing these could cause undue suffering, so this is quite normal. In addition, your lawyer will point out certain other obligations excluded from the provisions of Chapter 7.
You will be allowed to keep certain exempt property. Once more your lawyer can tell you which. The list of exempt property differs from state to state. Other property will be sold and the money paid to your creditors.
There was previously a lot of abuse of Chapter 7 regulations, resulting in the means test being brought in. A good Bay Area bankruptcy attorney will help you escape the shackles of your debts, and frequently you can make use of a free consultation. Going bankrupt is no reason for embarrassment, the provisions are there to provide some way of breaking a deadlock.
One point a good lawyer will be sure to check is whether the U. S. Trustee might be able to challenge your filing. If so, you are prevented from another Chapter 7 filing for the next 18 months. This means that a form of means test is applied to see whether you qualify.
Being bankrupt will remain on your credit information for the next decade, Your ability to take out loans will be impacted by this. On the other hand, large debts will deter lenders from granting further loans, so your position is not materially worse. Your main concern should be to get back on an even keel again.
There are certain amounts you will need to keep on paying, such as support for your children. Removing these could cause undue suffering, so this is quite normal. In addition, your lawyer will point out certain other obligations excluded from the provisions of Chapter 7.
You will be allowed to keep certain exempt property. Once more your lawyer can tell you which. The list of exempt property differs from state to state. Other property will be sold and the money paid to your creditors.
There was previously a lot of abuse of Chapter 7 regulations, resulting in the means test being brought in. A good Bay Area bankruptcy attorney will help you escape the shackles of your debts, and frequently you can make use of a free consultation. Going bankrupt is no reason for embarrassment, the provisions are there to provide some way of breaking a deadlock.
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When you need help with a Bay Area bankruptcy filing, visit the website here. You can see more details about procedures at http://www.dowebankruptcylaw.com now.
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