What will happen when you schedule a consultation with a Long Beach bankruptcy lawyer? You may not know what you should do. You have debt that is becoming harder to pay each month. You may be frustrated with creditors that will not work with you. It may be time, then, to contact an attorney and discuss your options with bankruptcy. The initial step is to schedule a consultation. Once you do, you’ll have all of the information you need to make the right decision for your financial future.
Work Out a Debt Worksheet
One of the first things you will do with the Long Beach bankruptcy lawyer is to work out a debt worksheet. This document allows the attorney to see where you are financially. All of your income is tallied. Your expenses are determined. Then, your debt is considered. One of the reasons for this step is to determine if you have too much debt to pay off in a period of three to five years. If so, it may be best for you to file bankruptcy. If you are unable to make payments, filing could be a good option for you.
Do You Qualify?
During that initial meeting you will also learn about whether or not you qualify for bankruptcy. To file Chapter 7, you will need to have not filed in the last eight years. You also have to have an income that is at or below the state’s median income. This is the Means Test. If your income is above the median income, you must justify filing based on extensive expenses that you cannot control. If you qualify for this form, your debt is discharged and you do not have to repay it.
If you do not qualify for Chapter 7, you may qualify for Chapter 13. In this form of bankruptcy, your debt is reorganized to make it easier for you to repay. You will not lose any assets in this form of bankruptcy, though you may in Chapter 7. You will make payments to the bankruptcy trustee for a period of three to five years. Then, remaining qualified debt is discharged.
What Are the Costs?
During your consultation you will learn much more, including the following:
- How much will it cost for you to file bankruptcy
- What the process will entail
- What credit counseling you will need to complete before you can file and after you file bankruptcy
- What assets, if any, are at risk of loss
- If you can save your home from foreclosure if you are at risk of it
The good news is that with the help of a Long Beach bankruptcy lawyer, you will get answers. You’ll know what to expect and what this process will mean to you. The attorney will not judge you or make you feel bad. He or she will also not encourage you to enter into bankruptcy if it is not the best option for your financial future. All you have to do is to schedule an appointment to discuss your situation.
Call Your Long Beach Bankruptcy Lawyer Instantly.