Determining If Bankruptcy is the Right Option For You

Posted by: attymorenovalley on December 14, 2021

moreno valley bankruptcyAre you struggling with your finances? Has it recently become harder for you to stay afloat and afford the cost of living? You may feel like you’re sinking because of the amount of debt you have. If you feel like there is no way for you to get out of this financial mess, one of the best decisions you could potentially make is to choose to file bankruptcy to get out of your current situation and eventually improve your finances. If you’re going to file bankruptcy in Moreno Valley, California, you should make sure to hire a professional bankruptcy attorney to help you with your individual case.

Understanding the Filing Options

If you don’t know much about filing for bankruptcy, you may not know that there are several different ways to file. A bankruptcy attorney could review your personal financial situation to help you better decide which filing option is right for you. Chapter 13 is one of the different options that may be available to you. If you decided to file Chapter 13 bankruptcy, you’d get to work out a specific payment plan with your creditors.

The bankruptcy attorney could speak with the creditors, working hard to negotiate with them to get them to lower the amount you currently owe while willingly accepting a much smaller monthly amount of money than you were paying out beforehand. It’s a feasible option if you think you can handle making significantly smaller payments each month to eventually get out of debt, but it’s not necessarily suitable for everyone. If you believe it would still be difficult for you to keep up with those monthly payments, Chapter 7 is another option you should consider before filing with the help of your bankruptcy attorney Moreno Valley CA.

What Is Chapter 7?

Filing for Chapter 7 bankruptcy is a great way to have your debt absolved and get the fresh start you want and truly need. It may be possible for you to avoid making any additional payments back to the creditors due to your current financial situation. If you own multiple properties or vehicles, you may need to sell some of these items to pay back a certain amount of money that is owed to the creditors. However, if you don’t own additional homes and vehicles or other valuable belongings, such as boats and land, you may be able to keep your belongings.

Sometimes different items are exempt, but it all depends on your personal situation. It’s important to have a bankruptcy attorney backing you up and providing you with the important information you need to know before you go through this process, such as which belongings are exempt and which ones aren’t when you file for Chapter 7 bankruptcy.

Sometimes bankruptcy is the best solution for those who are looking to attain financial freedom. If you’ve been drowning in tons of debt for several months or years, you may be hoping to get a fresh start. Speak with a bankruptcy Lawyer Moreno Valley CA about your options and learn more about the filing process before going through with something that can improve your life and your financial situation.

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