San Diego Bankruptcy Lawyers
Dedicated Bankruptcy Attorneys in San Diego
Debt is never an easy thing to live with, especially when you are providing for a family; however, this is why bankruptcy exists. Bankruptcy is a legal solution for getting you out of debt and moving forward with financial stability. Additionally, many individuals assume that bankruptcy is the end of the road when it comes to their credit, but this is not the case.
With the help of a knowledgeable and experienced San Diego bankruptcy attorney, you can figure out if bankruptcy is right for you. Our law firm handles Chapter 7 Bankruptcy cases and we understand that when considering bankruptcy you need someone by your side who is as dedicated as you are to prioritizing your best interests.
What Are the Different Types of Bankruptcy?
There are various types of bankruptcy that serve different individuals’ needs when it comes to outstanding debt. These include: Chapter 7, Chapter 13, and Chapter 11 bankruptcy.
Chapter 7 bankruptcy is for individual consumers facing significant debt. It is also the most common form of bankruptcy. In Chapter 7, most types of debts can be forgiven. To qualify for Chapter 7, an individual must pass the “means test,” which takes their income and amount of debt into consideration.
If the individual has any non-exempt assets, these will be “liquidated” and used as payment toward outstanding debt. Examples of non-exempt assets include property that is not your primary residence, investments, expensive belongings, newer vehicles with equity, etc. However, the majority of individuals who file for Chapter 7 do not lose any assets.
Think that bankruptcy is right for you? Contact our San Diego bankruptcy lawyers today to find out what one of our compassionate attorneys can do for you.