Practically nobody looks forward to bankruptcy as the way to resolve intense financial pressures or problems with a particular creditor. Unfortunately, delaying too long in filing for bankruptcy relief can hurt your ability to protect assets while getting rid of debts.
For dependable advice about the pros and cons of bankruptcy and which chapter to file under, contact a knowledgeable attorney at Law Office of Daniel G. Shay in San Diego.
San Diego bankruptcy attorney Daniel G. Shay advises people about the full range of the available debt relief options. In many cases, we work with clients who have already worked with debt settlement and debt consolidation services, only to find that they’re worse off than they were before. Too often, people have paid hefty fees to a debt counselor only to fall further behind. The net result often is the need to file for bankruptcy anyway with a weakened ability to achieve the maximum benefits of Chapter 7 or Chapter 13.
If you’re going to need bankruptcy for comprehensive debt relief, it’s always better to file sooner rather than later. For example, if you’re facing a mortgage foreclosure, your mortgage debt can help you meet the eligibility standards for Chapter 7.
If you wait to file for bankruptcy until after a foreclosure is complete, however, you not only lose the option to protect your house, you also might find yourself forced into a Chapter 13 debt repayment case, because you’ll no longer be able to use your monthly mortgage payment to protect your eligibility for Chapter 7.
In our experience, debt consolidation programs end up costing people four or five times as much as a bankruptcy at only a fraction of the net benefit. Bankruptcy is also the best way to eliminate debt without having to report debt forgiveness as taxable income.
To make a sound decision about bankruptcy, it helps to work with a lawyer who can evaluate your debts, assets, income and expenses. At Law Office of Daniel G. Shay, we can let you know about the debts you can and can’t discharge in bankruptcy. We can also tell you about the best ways to protect your property from creditors. We can calculate your eligibility for Chapter 7, or figure out what a Chapter 13 payment plan will require from you. We can even tell you about the best ways to rehabilitate your credit.
We will also review your finances to identify circumstances that could jeopardize your right to a discharge, to help you steer clear of mistakes. If you’ve recently drawn cash advances from a credit card account, don’t file for bankruptcy next week, or even next month. Make sure you’ve disclosed your income and assets completely and accurately as well. Omitting assets from your bankruptcy filing essentially invites objections to discharge, and might result in dismissal of your case and punishment for perjury.
For honest advice and dependable answers to your questions about debt problems and bankruptcy solutions, contact Law Office of Daniel G. Shay in San Diego for a free consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.