Filing for Bankruptcy in San Diego
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Bankruptcy comes in several different forms to meet people's specific financial needs. Chapter 7, Chapter 11, and Chapter 13 all serve to eradicate one's debts, but the way in which they do so differs from one type to the next. As such, the filing process is slightly different for each. If you intend to file for Chapter 7, you will need to complete a "means test," which determines whether your financial hardship is actually severe enough to warrant filing for bankruptcy. If the means test is passed, you are required to file a petition for bankruptcy with a court, and then meet with your various creditors so that the terms of your bankruptcy are understood by all parties. Any disputes your creditors have with the discharge of your debt are taken up at this meeting and in future meetings until the dispute is resolved. Once the meeting is complete, the discharge of your debt will take place roughly 75 days after.
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If your bankruptcy petition is accepted for a Chapter 13 filing, you attend a similar creditors meeting, but in this meeting, the topic of discussion is the debt payment plan you have agreed upon with your creditors, as worked out by the bankruptcy court. Monthly payments are made towards your various debts until such time as those debts are fully satisfied, at which time they are discharged and your bankruptcy proceedings are complete. The Chapter 13 payment plan typically takes a number of years to complete. If you require further information on bankruptcy or assistance in filing your petition with the court, then contact a San Diego bankruptcy attorney.
Filing for bankruptcy provides individuals with numerous benefits, including but not limited to:
- Fresh credit score
- Lower monthly payments
- No creditor harassment
- Financial freedom
Are You in Need of Information Regarding Bankruptcy?
San Diego Legal Pros has provided effective help to many clients suffering financial hardship due to overwhelming debt. We understand how frightening it can be to carry a substantial debt load, and the negative feelings that can come as a result, including that of being trapped. Our goal is to provide options that allow our clients to free themselves from such debt, and restart their lives in healthier financial circumstances. We tailor our practices to the specific needs of each client because we understand that no two situations are alike. If you are considering bankruptcy because of your financial situation, contact our offices today for a consultation where we will determine if it is the right option for you.
Are you considering filing for bankruptcy?
Contact a San Diego bankruptcy attorney
who can provide you with the information you need to make a decision that is right for you.