Bankruptcy is a Choice You Can Live With

We live in tough economic times. People are going broke all over the place. In recent years, many people took on more debt than they could actually afford to pay. During the so-called "housing bubble", millions of people bought expensive houses with adjustable rate mortgages. Many people got themselves into mortgages and loans that were actually fraudulent. For countless reasons, there are an incredible number of good people in dire financial straits today. Whether you live in La Jolla or La Mesa, if your back is to the wall financially, you may want to consider bankruptcy in San Diego.

Yes, bankruptcy is harsh business, and nobody should use it as their first option. Nobody wants to. Bankruptcy is a last resort, but sometimes it is your best option. While it is indeed possible to file for bankruptcy in San Diego on your own, you will probably see better and faster results if you hire a competent bankruptcy lawyer in San Diego. Even with the expert guidance of an experienced bankruptcy attorney in San Diego, bankruptcy will affect your credit and your life for several years. If you are thinking about filing, you should speak with one or more bankruptcy attorneys in San Diego first.

There are several types of bankruptcy under US law. There are both federal and state bankruptcy statutes. The most common types of bankruptcy available to individuals are Chapter Seven and Chapter Thirteen bankruptcy. Each have their own guidelines and limitations. The attorneys at Stockton Law Offices will be able to explain them you , along with their inherent advantages and disadvantages. if you file for Chapter Seven, most of your debt will be discharged, but you will lose most of your non-exempt assets. Chapter Seven is often called "liquidation" bankruptcy. You may emerge from Chapter Seven practically debt-free, except for certain debts which you must continue to pay. Some of these debts are alimony, child support, your mortgage (if you still have one) and certain tax obligations. Your bankruptcy attorney in San Diego will be able to explain the details to you in a clear and understandable fashion.

Of course, not everyone meets the criteria to file for Chapter 7 bankruptcy. If you have enough income to pay your debts, you will probably have to file for Chapter Thirteen. This can actually work to your advantage. Chapter Thirteen can stop a foreclosure and force your lender to agree to a payment/repayment plan. You will have to stay up-to-date on your monthly mortgage payments and pay down your missed payments over a certain agreed-upon time period. In order for this plan to work, you will be required to prove that you are able to make these payments, in full and on time. Contact Stockton Law Offices at 866.682.8776 for a full explanation of your rights under bankruptcy law.