Are you searching the internet for answers to what should I ask a bankruptcy lawyer? Brooks Law Office is a leading attorney firm specializing in helping our clients get out of debt. Jon Brooks is a skilled bankruptcy lawyer in San Jose with an exceptional track record.
How does Chapter 7 bankruptcy in San Francisco work?
Chapter 7 is a liquidation-type of bankruptcy available for individuals and business entities that discharge qualifying debts, like credit card balances, medical bills, and personal loans. Your disposable income must be low enough to pass the Chapter 7 Means Test to file for bankruptcy under chapter 7. Under chapter 7, you will receive a discharge within three to four months, and as a trustee, you can sell all the non-exempt property to pay your creditors.
One of the many benefits of chapter 7 bankruptcy is that it allows debtors to discharge qualifying debts quickly, allowing them to start fresh. However, it does not allow the trustee to catch up on missed payments to avoid repossession or foreclosure. Besides, you are also free to apply the sales proceeds to non-dischargeable debt first, and that way, the amount you would owe would be lower once the case ends.
What does a bankruptcy lawyer do for you?
Individuals who file for bankruptcy may choose to proceed without an attorney, provided the case is straightforward. Nevertheless, it’s never a good idea to handle your bankruptcy case by yourself. Here are some of the benefits of hiring a bankruptcy attorney:
- You do not have to file bankruptcy to achieve financial peace. A bankruptcy lawyer in the Bay Area can suggest you other appropriate alternatives.
- Chapter 7 and Chapter 13 serve different purposes, and as a non-legal person, you may find it a challenge to work your way around them. Bay Area bankruptcy lawyers will consider your needs and goals carefully and recommend the most appropriate course of action.
- Your attorney will help you with the paperwork, advise you on what you must disclose, help you value assets, and educate you on what constitutes income, expenses, and which tax returns to supply.
If you’re looking to file for chapter 13 or if your Chapter 7 case involves valuable assets, you could lose a lot more money by filing without an attorney. An experienced attorney will quickly recognize any potential hiccups in your case, plan and prepare accordingly, and save you from an overwhelming amount of stress.
What is the minimum debt to file bankruptcy?
Even if you do not have many debts, you may still file for bankruptcy if that’s what you want. However, there is a good chance for the bankruptcy court to find your case unsettling. Not to mention, filing for bankruptcy will impact your credit report for up to ten years. Meet with an attorney who can help you weigh the detriment of facing long-term credit damage against the benefits of discharging your debts.
Contact Brooks Law Office at 408-286-2766 to schedule a free consultation with our bankruptcy lawyer in San Jose. To learn more about our law-related services, visit our official website here. Brooks Law Office is a highly sought-after law firm, and Jon G. Brooks possesses over 17 years of experience in working tirelessly for the rights of debtors.