Many people find themselves drowning in debt. Some people may decide that it is time to give up and quit throwing money away. Some people pay every free penny they have towards their debt but never seem to be making any headway. With interest, late fines, and fees some find it impossible to better their financial situation on their own. This is where a bankruptcy attorney in San Jose can come in handy. They can advise a person on Chapter 7 and Chapter 13 bankruptcy options.
Some people decide with their attorney that Chapter 7 is the best option for their situation. After listening to the Bankruptcy Information in San Jose , they realize that Chapter 13 is where a person pays on their credit cards for an additional five years. With Chapter 7 most credit card debt and medical bills are wiped clean. There is not a five year plan for repayment. A person or couple must pass a means test to qualify for this, and is allowed to keep some of their possessions. Some people may be able to keep everything that they own, as long as the value is not above the maximum allowed amount.
A chapter 7 bankruptcy attorney in San Jose will advise a person on if they are allowed to keep their home and their vehicles. Many times as long as they are current on the payments and not behind on the taxes they can keep them. They will probably have to provide proof of insurance. Expensive vehicles worth a high dollar amount that are paid off may have to be given up, but again the attorney can discus the particulars with each client on a case by case basis.
Many people are already behind on their credit card payments. There will be a fee for filing for bankruptcy. This fee includes the attorney’s fee plus filing fees. There may be additional costs, such as a credit counseling fee. Usually the person or couple will have to save and pay off the fees before the bankruptcy can be filed. This is to make sure that the attorney gets his or her money before the bankruptcy. For more information visit Shulman Law Office.
