We all know times are tough right now, especially for California residents who are getting hit the hardest during this economic recession. Bills are getting harder to pay and debt continues to increase. Filing bankruptcy can be good San Diego legal advice because it is a way to discharge your debts completely, giving you a fresh start financially. However, the advice goes further than this. Bankruptcy should be a last resort because it can only be filed every six years, and once the decision is made to make that file, it remains as part of your credit history for the rest of your life.
Before you file, be aware of a few things. What is the compilation of your monthly expenses? This includes rent, telephone bills, medical payments and anything else you pay monthly to provide for your family. This amount must come to more than your monthly net income to legally file for bankruptcy. The second portion of San Diego legal advice concerning bankruptcy I can give you is that your assets, which are a collection of all the property you own, are worth less than your liabilities, or debts that you currently owe. These parts will all be listed on your bankruptcy petition.
During your bankruptcy proceedings, all the creditors you list will be forced to stop their collecting procedures. Meetings with creditors and bankruptcy trustees will take place about a month after the filing. Important decisions will be made about property you may have available for the benefit of your creditors. 60 days later, your bankruptcy will be granted if none of your creditors appear to make objections. While these proceedings are general and the circumstances may vary from case to case, San Diego legal advice centers on the idea that bankruptcy should be a last resort and that it must be done legally to avoid further complications. Soon you will be back in control of your own finances.
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