Those who incur a lot of debt throughout their lives are faced with years and years of repayment. Not only that, buy falling a bit behind on bills can have a number of serious ramifications. Not only will debtors be constantly contacted by debt collectors, but interest and fees can dig them into a whole they may never get out of. If this is the case, debtors should contact a Bankruptcy Attorney in Temecula. They will help clients start a new financial life through bankruptcy.
Filing for bankruptcy is never an easy process. There are a lot of steps to take and guidelines to follow. Bankruptcy can be a life changing process, so it’s important to always be informed and involved. A bankruptcy attorney is there to provide vital information and help clients achieve financial freedom. Attorneys will review financial documents and help recommend the best course of action. There are actually a number of different types of bankruptcy a person can file, each with it’s own set of eligibility requirements and benefits. An attorney will help clients find the best solution for their situation.
Chapter 13 bankruptcy is feasibly option for many people. The debt is consolidated into one sum and repaid over a period of time. Instead of making payments to multiple creditors, one sum is paid to a trustee. The amount of money to be paid each month to the trustee is determined by income and a number of number other factors. What’s great about Chapter 13 bankruptcy is that the debt will be paid off within 3-5 years. A Bankruptcy Attorney in Temecula will help clients determine if they are illegible for this bankruptcy.
Chapter 7 bankruptcy involves the elimination of most debts, allowing filers to have a fresh financial start. There are strict requirements for eligibility with chapter 7 bankruptcy. Filers must make less than the median income of people in the area and often times still have to undergo means tests to determine eligibility. While most debts are covered by this bankruptcy, student loans, child support payments, and tax debts are not.
All in all, people can truly benefit from the help of a Bankruptcy Attorney in Temecula. Filing for bankruptcy is a big step. Having the support and guidance of an attorney who has their clients’ best interest in mind can make all the difference.
