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San Jose Bankruptcy Lawyer

Bankruptcy is a process you should embrace if you are facing financial difficulties. The help of a San Jose bankruptcy lawyer may be all you need to make the right decision for yourself. As you prepare your documents to take with you, including your income and expenses, you may be wondering what you should talk about. It helps to use an initial consultation as an opportunity to discuss a wide range of information about your case and about your needs. Be sure to ask the following questions during your meeting.

#1- Is Bankruptcy an Option?

One of the first things you need to know is whether or not you qualify for bankruptcy. Discuss this with the San Jose bankruptcy lawyer after reviewing your income, expenses, and debt. The attorney is likely to do a preliminary means test to better determine if you could qualify for bankruptcy. In general, your income must be at or under the state's median income to qualify. This adjusts annually.

#2 - Which Form Is Right for You?

Another important question is about the type of bankruptcy right for your situation. If you have excessive debt without many assets, and you do not make enough money to pay off your debt in three to five years, Chapter 7 is likely for you. If you have assets you do not want to lose or you do not pass the means test, you may be able to file Chapter 13, debt reorganization.

#3 - Will You Keep Your Home?

Many people worry about their home or other specific assets they own. Generally, the state provides specific exemptions for property that is protected. If your home does not have more equity than the exemption, you should be able to keep it. However, if you have a mortgage, you will need to be up to date on that mortgage. Discuss any other assets you have and whether you may lose them.

#4 - What Will It Cost and How Long Will It Take?

Talk to your attorney about the costs. You may be able to make payments for the attorney's services. There are also filing fees that must be paid by you. In addition to these factors, you should know about the length of time it will take to file. This is often three to six months, but it depends on how complex your case is.

#5 - What Will Happen to Your Credit?

Finally, talk to the attorney about your credit score. What will filing do to it? In the long term, it may be best to file to give you that fresh start you need. Discuss the restrictions and limitations you will likely face, though, until you work to improve your credit score.

A San Jose bankruptcy lawyer will work with you to answer all of your questions. You will learn what steps you need to take to file and how to move forward with your goals. You can improve your financial life with this type of help.