The Bankruptcy Attorney San Mateo For Excellent Legal Advice

A bankruptcy attorney San Mateo can easily be found to help you find a resolution to your financial difficulties

. There are many lawyers specializing in this type of law. A bankruptcy attorney has spent his or her professional life guiding consumers through the process. Sometimes this is the best way of putting your financial life back in order.

Not all bankruptcies are the same. Individuals with varying degrees of assets and debt seek relief by filing Chapter 7 or Chapter 13. For those with relatively simple financial issues, such as credit card debt and not a lot of personal property, Chapter 7 is most likely the best option. Most debt will be discharged without any level of repayment.

For people with more complex financial situations, that is people with significant debt which may include multiple outstanding mortgages, Chapter 13 may provide an opportunity to restructure the debt. Increasing the length of time to repay a debt can reduce the monthly payments. This can provide immediate relief if cash flow is a problem. There is a misconception that people who file bankruptcy lose all their assets, but that does not need to be the case. You may be able to keep your home and car.

The process is more complex for businesses. It may be surprising to discover how many reputable companies have been able to continue operations by filing Chapter 11. Your lawyer will assist you in developing a comprehensive schedule of creditors. Creditors will have various priorities for repayment. The higher a creditor's priority, the more pennies it will receive on the dollar based on the debtor business' restructuring plan. Chapter 11 may seem drastic, but it can redeem an otherwise solid company.

The court wants to ensure that there will not be repeat filers. To help circumvent this occurrence, debt counseling is often required and always useful. Inefficient money management can lead to insolvency, while efficient management of money can ensure solvency, even with modest amounts of income. For businesses filing Chapter 11, the law requires a detailed plan for making payments on the restructured debt.

Some people fear seeking this type of debt relief because they associate shame with bankruptcy. It can be difficult to ask for help. It's human nature to want to handle our own problems, and we may be reluctant to admit that the solution to a problem is beyond our grasp. Once the decision has been made, there can be an overwhelming sense of relief. Filings are becoming more commonplace, and therefore, more generally accepted without evoking outside criticism.

For individuals and businesses considering this option, research is very important. Be sure that you find a lawyer that takes the time to listen to you and accurately assesses your financial problems. It is smart to ask for referrals. This is not a pleasant situation, and debtors need to be sure that they have a knowledgeable and trustworthy attorney.

While finding a long list of lawyers qualified to take your case my be easy, finding the counsel that inspires your trust may take a little more time. Referrals are useful, but should not be the only source of reference. Be sure to meet with your prospective lawyer one-on-one. Is this someone who you can trust to guide you through this process? For the best way out of a bad situation, take the time to find the bankruptcy attorney San Mateo who will work best with you.

by: Tracy Narvaez

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