There are many decisions to make when filing bankruptcy, even once this decision is made. One of the first decisions you need to make it the type of bankruptcy you wish to file. Chapter 7 and Chapter 13 are two of the most popular types. While you need to discuss each option and its pros and cons with your bankruptcy lawyer san diego, here we will talk a bit about the choices.
For most people, Chapter 7 is the easiest option of the two. It is also the easiest way out, since filing eliminates debts and gives you the chance to start over. Of course, if you are in risk of foreclosure of your home or of losing your vehicle, you might want to reconsider and look at Chapter 13. A filing of Chapter 13 bankruptcy may help you avoid
Many people choose Chapter 13 because they do not qualify for Chapter 7 bankruptcy for one reason or another. Have you looked at the considerations for filing each type of bankruptcy? In order to file Chapter 7 bankruptcy, you must meet certain income requirements and other qualifications that your bankruptcy lawyer will discuss with you.
Again, this is something that is best to discuss with your bankruptcy lawyer San Diego since he or she has the latest information and regulations valid in the state of California. He can also evaluate your personal situation to help make a better determination.
When you are in debt and cannot get out, it is frustrating and disheartening but there is hope and bankruptcy proves that. Whether or not you choose to file Chapter 7 or Chapter 13 is personal and a decision that you can make better once you have an attorney helping you with the case matter.