Understanding Bankruptcy Is Facilitated By Hiring a Bankruptcy Lawyer in Oceanside

by | Dec 15, 2011 | Legal Advice

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If you are currently trying to swim through a miasma of debt and find that you really are not keeping your head above water, you may be ready to discuss your situation with a bankruptcy lawyer from Oceanside.  An experienced lawyer from an Oceanside firm will be able to help you understand some of the questions you have about bankruptcy.  Some of the things you will want to know include whether you must give up your property, how long the process takes, and what will happen to your current credit scores and credit rating.

Your experienced bankruptcy lawyer from Oceanside can help you understand that there are certain kinds of property that are exempt from the proceedings, and this is almost always dependent on their current market value.  For instance, in some cases your car may be worth too much for you to be able to keep it, but in other cases it may fit within the current limits.  Other things include tools you use in your trade, furniture, musical instruments, and even your home may be assets that you can keep.  It is important to understand that certain conditions apply

The process of a Chapter 7 bankruptcy will generally take approximately three months from beginning to end.  However, a Chapter 13 bankruptcy can last much longer and often take anywhere from three to five years based on the conditions that must be met.  Your bankruptcy lawyer can help you understand which is better for you, and why they take different amounts of time.

Many people want to know what will happen to their credit scores or their current credit rating.  Some people may figure that their credit is already so low that nothing could make it any worse.  Basically what happens is that a bankruptcy shows up on your credit report for ten years if you filed for Chapter 7 and for seven years if you go with a Chapter 13.  However, if you are making regular payments after you file bankruptcy, some creditors will offer you credit in a relatively short period of time.  However, you may find that even though you can get credit, you will pay a higher rate than if you did not have a bankruptcy showing on your credit report.

As you can see, there are many things that must be taken into consideration before an individual decides that filing bankruptcy is the right thing to do.  This is why it is important to enlist the services of a bankruptcy lawyer from an Oceanside firm.

Bankruptcy lawyer Oceanside If you are looking for bankruptcy attorney and lawyer in Oceanside, Visit Vista Bankruptcy. They will provide accurate legal advice in filing your bankruptcy.

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