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San Diego Bankruptcy Attorney

Filing for bankruptcy is a major decision that will affect your financial future for the next few years. There are also several decisions to be made as to what type of bankruptcy you should file. A San Diego bankruptcy attorney will help you decide between a Chapter 7, Chapter 11 or a Chapter 13 bankruptcy. They can explain the differences between each type and which one would be best for your circumstances

A San Diego bankruptcy attorney can explain the benefits of filing a Chapter 7 bankruptcy. A Chapter 7 bankruptcy involves dissolving an individual's personal assets and distributing the proceeds among their creditors. Chapter 11 bankruptcy makes it possible for corporations to reorganize their debts and assets in an attempt to bring itself out of financial difficulty. During a Chapter 13 bankruptcy filing, the individual has the opportunity to assume a portion of their debts, such as mortgages and car loans. Knowing the difference between Chapters 7, 11 and 13 can make a world of difference in how you choose to file.

Chapters 7 and 13 are the most common with 7 being the one most used by individuals who have a limited income. Chapter 13 is normally used by individuals who have adequate income to cover the average amount of debt. Most of the individuals who file Chapter 13 are those who have suffered a financial setback, such as a dramatic pay cut or extremely high medical bills. A close look at your income to debt ratio will provide you with an abundance of information.

The key to knowing which bankruptcy is for you, is understanding your own personal debt. It also helps to know how you got to be in the financial situation you are in. Many people are forced to file bankruptcy after having suffered an extensive and prolonged illness. Their medical debt is so high there is no way they can feasibly overcome it with the income they have at the time. If your debt comes from over-spending, you may want to think about taking a class or two on better money management.

A San Diego bankruptcy attorney can go over your finances and discuss any issues you may be having in determining which type of bankruptcy is best for you. They can answer any questions you may have about the bankruptcy laws in your state as well as federal regulations that may apply to your situation. Over the past few years, several of the older bankruptcy laws have been modified, especially those having to do with student loans.

Be aware that most bankruptcy attorneys require payment up front before they file your case. Many will take payments but, again, will not file your paperwork with the court until they have received full payment for their services. Depending on the type of bankruptcy you plan on filing and how extensive your debts are will normally determine what an attorney charges you for filing your case. Once you have chosen the type of bankruptcy and have paid your fees, your creditors will no longer be able to contact you concerning your outstanding debt.

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Andrew Griffin

The Law Offices of Andrew H. Griffin III

The Law Offices of Andrew H. Griffin III

275 E. Douglas Ave. Ste. 112
El Cajon, CA 92020

Office (800) 517-4652