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Oceanside Bankruptcy Lawyer

If you are looking for an Oceanside bankruptcy lawyer, you are not alone. The struggling economy and prolonged high unemployment rate have taken their toll, resulting in a rise in bankruptcy statistics in recent years. Many who once felt they were immune to such difficulties have now been forced to consider this option. In addition to job losses and business failures, sometimes unforeseen life events occur that may contribute to financial woes. For example, an accident or catastrophic illness can cause medical expenses to mushroom, leaving a family's finances in disarray.

Filing for bankruptcy should be considered a last resort for anyone in debt. However, if you have exhausted all other possible solutions for debt repayment, it is time to consult an Oceanside bankruptcy lawyer. As this is a serious decision that should not be entered into lightly, seeking professional assistance can enable you to determine if this is the right decision for you. Although bankruptcy can eliminate some debts, it has unpleasant repercussions. Your attorney can help you sift through the legalities and carefully weigh the benefits against the disadvantages.

Once you have come to the conclusion that you have no other recourse, your Oceanside bankruptcy lawyer can help you decide which type of bankruptcy to file. This legal proceeding has two options, consisting of Chapter 7 bankruptcy and Chapter 13 bankruptcy. The two choices have distinct differences, so your lawyer can delineate the pros and cons of each, enabling you to select the one most suitable for your particular situation.

Chapter 13 bankruptcy is the less drastic choice and is actually more of a reorganization of your debt, rather than an elimination of it. In this option, the court arranges a three to five year period for debt repayment based on income. This route is best for those only temporarily strapped and has the advantage of the debtors being allowed to keep their property.

Chapter 7 bankruptcy is the most common. Although it can eliminate certain types of debts, it has some sobering consequences to consider. Some of your assets can be sold to pay creditors and this type of bankruptcy also can affect your credit rating for 10 years.

After you decide which type of bankruptcy to file, the next step is to gather together all of your pertinent financial information. You will need to use a very comprehensive approach in this endeavor. Items to collect include a complete list of debts, your last two years tax returns, deeds to property and car titles. The attorney will then assist you in filling out the appropriate forms and submitting them to the court.

As bankruptcy is a very complex issue, a good attorney can guide you through its intricacies and help you understand all the long-term ramifications. This decision will affect your life for years to come, so don't attempt it without getting good legal advice. Your attorney will help you through each step of the process.

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