When your financial future is at stake and the ground feels like slipping from under you, it’s high time to contact a reliable bankruptcy lawyer in San Diego and get things back on track. Choosing a bankruptcy plan that suits your needs while setting financial goals that you can accomplish is crucial.

A decision you make today will reflect on your life from this point on, so it must be based on valid, confirmed facts. Finding a reliable bankruptcy attorney in San Diego will help you get the best advice and win back your financial security.

Is it better to file a Chapter 7 or 13?

Chapter 7 and Chapter 13 are two of several distinct bankruptcy choices that are meant to help debtors eliminate financial liabilities to the third parties called creditors.

  • Chapter 7 is a legal option often referred to as liquidation. It allows clearing all debts at the cost of giving up certain assets.
  • Chapter 13, on the other hand, allows keeping your property, but requires all debts to be repaid in monthly installments over time (typically three to five years).

Some of the most common concerns regarding the filing process include the questions if bankruptcies are open for the public, as well as whether an individual needs a lawyer to file Chapter 7, and how to know if you’re eligible for Chapter 13. However, the question: “Should I file a chapter 7 or Chapter 13?” is one of the most complex ones.

Who should file a Chapter 7?

Chapter 7 is usually a good option for individuals with low, uncertain income, who wish to clear their debts as quickly as possible. Although you are bound to lose some assets in the process, if you can’t keep up with paying monthly installments Chapter 13 requires, Chapter 7 might be the plan that’ll work the best for you.

What does a Chapter 13 offer?

Chapter 13, on the other hand, often represents the right course of action for individuals with a steady income who need to keep their assets intact in the process of debt repayment. Chapter 13 keeps your creditors away and stops all foreclosure processes, but its downfall is the fact that it takes several years to complete.

How much debt do you have to have to file Chapter 7?

For all debtors concerned if Chapter 7 eligibility includes a certain minimum debt, here is some good news. You can file a Chapter 7 regardless of how much you owe. This is one of the aspects that differentiates this plan from Chapter 13, which requires the unsecured debt not to exceed $394,725 while the secured debt must be under $1,184,200.

Can a lawyer file for bankruptcy?

A part of the process every debtor must go through before reinstating their financial stability is finding a reliable legal representative. These are the three main benefits of hiring an expert legal representative to help you file for a bankruptcy plan:

  1. Your attorney will dedicate time to understanding and professionally assessing your case and your options, offering sound advice you will benefit from.
  2. Many bankruptcy petitions get rejected merely because debtors failed to comply with some of the many specific court orders and requirements. Your attorney is there for you so this scenario doesn’t happen in your case.
  3. A bankruptcy lawyer is obliged to disclose all information relevant to your case, offer advice and support, and provide answers to any questions you may have along the way.

Let the seasoned San Diego bankruptcy experts help

Only the competent, highly endorsed bankruptcy attorneys can help you reach your goals in a secure way that is in compliance with the law. An experienced San Diego lawyer for bankruptcy is your confidant, a professional you can trust to lead you to your bankruptcy discharge with your best interest in mind.If you are looking for seasoned, trustworthy representatives recommended by their clients, Chang & Diamond bankruptcy lawyers are the professionals you need. Contact us or visit our office at Kearny Mesa and schedule your first consultation.