Anybody who owes a lot of money and cannot pay any more desperately needs to find a solution. By going to a Bay Area bankruptcy attorney you will discover what your options are. It is best to relieve yourself of the oppressive burden of debt soon, so you can re-establish yourself.
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.
A successful Chapter 7 filing will appear on your credit record over the next ten years. This can be expected to adversely affect your credit rating. While this is not good, huge debts also make it virtually impossible to get further loans in any event, so it all evens out in the end.
There are some obligations which will not go away, such as support for spouses or children. It would clearly be undesirable to dissolve these. Apart from these, there are certain others which will remain, such as certain taxes. A detailed listing of obligations will help your lawyer determine which these are.
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.
Because people took inappropriate advantage of these laws, the means test was introduced to curb such abuses. A Bay Area bankruptcy attorney will be familiar with the latest interpretations and requirements, and free consultations make it easy to get great advice. There is no shame in following this path: the laws were made to provide some way of resolving this sort of situation.
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.
A successful Chapter 7 filing will appear on your credit record over the next ten years. This can be expected to adversely affect your credit rating. While this is not good, huge debts also make it virtually impossible to get further loans in any event, so it all evens out in the end.
There are some obligations which will not go away, such as support for spouses or children. It would clearly be undesirable to dissolve these. Apart from these, there are certain others which will remain, such as certain taxes. A detailed listing of obligations will help your lawyer determine which these are.
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.
Because people took inappropriate advantage of these laws, the means test was introduced to curb such abuses. A Bay Area bankruptcy attorney will be familiar with the latest interpretations and requirements, and free consultations make it easy to get great advice. There is no shame in following this path: the laws were made to provide some way of resolving this sort of situation.
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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.