A professional San Diego bankruptcy lawyer will surely help you in getting legal relief against your loans or money you own. This will make your life easier and stress-free as you have less to worry about.
But if you want to know how you can I discharge all your debts through bankruptcy, then you need to hire a professional San Diego bankruptcy lawyer for a consultation. Bankruptcy Law Center professionals are eligible to carry this task for you.
How can you access your financial situation on your own?
To determine where you are financial, list all of your liquid assets. Don’t forget to include retirement funds, stocks, bonds, real estate, vehicles, college savings accounts, and other non-bank account funds. Add up a rough estimate for each item.
Then, collect and add up your bills and credit statements. If the value of your assets is less than the amount of debt you owe, then it means you are in a bad financial situation. Declaring bankruptcy may be one way out of a sticky financial situation. However, bankruptcy shouldn’t be approached casually. After all, it’s not a simple, natural cure-all for out-of-control debt.
Can my creditor challenge my discharge?
Clear answer to this is yes your creditor can challenge you against your discharge through your bankruptcy. And this can be done through 2 ways which are:
- Fraud: The creditor can object your discharge on the basis of any kind of fraud or intentionally done mistake. This is totally a rare condition but is possible if you failed to show any of your assets or did not file any important document.
- A challenge to your discharge: A creditor can challenge your discharge through fraud, breach of fiduciary duty, intent to cause harm, and more.
What bankruptcy can do for you?
The following are some points which can happen if you file a bankruptcy for you:
Stop creditor harassment: Once you successfully file bankruptcy with a San Diego bankruptcy lawyer, then you are protected legally, and no one can harass you.
Wipe Out Credit Card Debt and Most Other Nonpriority Unsecured Debts: All unsecured debts of your can be wiped out when you file for bankruptcy. The debt is unsecured if you didn’t promise to give back the purchased property if you didn’t pay the bill, medical bills, overdue utility payments, personal loans, gym contracts.
Wipe Out Secured Debt: (You’ll Have to Give Up the Purchased Property) If you can’t afford a payment that you secured with collateral—such as a mortgage or car payment—you can wipe out the debt in bankruptcy.
What bankruptcy can’t do for you?
You must also know what a bankruptcy can’t do for you:
- Prevent a secured creditor from foreclosing or repossessing property you can’t afford.
- Eliminate child support and alimony obligations
- Eliminate student loans, except in minimal circumstances.
- Eliminate most tax debts
- Eliminate other non-dischargeable debts
These are some essential points you must know before you choose a lawyer for you. Bankruptcy Law Center professional bankruptcy attorney San Diego services are always there for you to help. File a chapter 7 or 13 bankruptcy with our professional’s advice today.