In spite of your best efforts, it seems beyond your ability to recover from a financial setback. Instead of going deeper into a financial hole, the only practical solution is to seek bankruptcy protection. As you talk with your Chapter 7 bankruptcy attorney in San Jose, you will learn a lot about what to expect with this solution. Here are a few examples.
One is that not everyone qualifies for this type of bankruptcy protection. Factors like the type of debt you have and the ability to pass what’s known as a means test are key factors. Your attorney can evaluate your situation and determine if this is the right solution for you.
There will also be the need to undergo court-ordered financial counseling. This is typically done before the actual filing, or as soon after as possible. The court has likely approved one or more courses that may be taken online. Your attorney will make sure you have a list of courses and know how to properly report their successful completion.
Last, you may be surprised when your Chapter 7 bankruptcy attorney in San Jose mentions that this solution doesn’t automatically wipe out all debt. If you have assets that the court believes can be sold and used to partially settle debt, you will be required to turn them over to the court. Any remaining debt filed as part of the action will then be dismissed.
Talk with your attorney and explore all your options before deciding what to do. The right one will have you on the path to recovering your financial footing and hopefully building a more secure future. For more information, please contact the Shulman Law Office today.
