In recent years the bankruptcy laws changed. It is more necessary now than ever to have a good attorney to help you to protect as many assets as possible through bankruptcy. The help they give can make a huge difference in your life.
Bankruptcy codes allow filers to keep certain assets as protected. For example, you cannot be forced to sell your home. You are allowed to own a vehicle under a certain value. Tools that are required for your job are also protected from being sold to meet your obligations.
If you work out a new budget for after the bankruptcy is finalized and realize that there are some important items that you owe money on which you want to keep you may be able to reaffirm these debts. In addition to allowing you to keep those important items, you can begin rebuilding credit.
While your bankruptcy is open, you cannot legally apply for credit. You will have to live on the income you bring home from work. Checks or cash received for other reasons will need to be submitted to the administrator who makes the final decision on how they will be used.
After your bankruptcy is discharged, if your income is over a certain level, you will need to meet a repayment schedule. This will be less than your current bill load and is for a specific period of time.
A Carlsbad bankruptcy attorney can help you through the maze of bankruptcy laws. If you need to file bankruptcy, the attorney will be able to answer any questions that you may have.
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