Bankruptcy FAQ San Diego
Bankruptcy FAQ:
Can I choose between a Chapter 7 or a Chapter 13?
Will all of my debts will be discharged?In order to qualify for a Chapter 7 Bankruptcy you must meet certain financial requirements. Under the new law, people must fall below the median income for their geographic area. If you do not immediately fall under the median income, then are certain expenses that may be taken into account which would allow you to qualify for a Chapter 7. Don’t try to figure out all of the limits and exemptions yourself. Experienced San Diego Bankruptcy Lawyers and trustees argue the limits on a daily basis and it is recommended that someone with intimate knowledge of the San Diego Bankruptcy courts help you decide what to include.A Chapter 13 Bankruptcy is sometimes an option for an individual who does not qualify for a Chapter 7.
The answer is maybe, there are certain debts that cannot be discharged. Some of those include: government guaranteed student loans*, taxes, secured debts, debts procured by fraud or misrepresentation and family support. You will be required to continue regular payments on these debts. Again, an experienced San Diego Bankruptcy Attorney should be utilized to get the maximum relief.
How will filing bankruptcy affect my credit? |  |
Although the bankruptcy will be noted on your credit report, it is not the end of the world. Once your bankruptcy is discharged, you can typically get credit cards again, buy automobiles, and over time, obtain a home loan. Bankruptcy wipes your financial slate clean and provides you with a new start. Many people begin rebuilding their credit immediately after discharge.
*Student loans may be discharged if the debtor can prove to the Court that repayment would result in a compelling undue burden.
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