We would wholeheartedly endorse you going with a certified professional to aid you with your bankruptcy filing. The bankruptcy lawyer will be able to help you document every little detail in the bankruptcy filing and make sure you do not miss anything. One little misstep can make the difference if you are paying for the debt post bankruptcy or having it discharged with bankruptcy. You should not be wary of paying a bankruptcy lawyer $2,000-$3,000 for his/her services. The bankruptcy law is complex and should be left in the hands of the professionals who knows the law by heart. Filing bankruptcy with the right and qualified lawyer is significant, you can find one near you here. The preparation of the files will be excellent through the services of the san diego bankruptcy lawyer. The selection of the qualified lawyers should be done through the business person. 

You want to schedule that initial meeting with the lawyer once you have decided on a specific lawyer you would like to work with. When you are meeting with your bankruptcy lawyer, you want to review every individual financial hardship you are experiencing. Do not leave out any financial transaction from the bankruptcy lawyer because it can be difference of the debt being discharged or not. Your bankruptcy lawyer is there to answer any question you might have regarding your bankruptcy petition. Since Chapter 7 bankruptcy is the favored choice to file for bankruptcy, your lawyer will most likely try to get you to qualify for chapter 7 before even thinking about Chapter 13 bankruptcy.

When you work with your bankruptcy lawyer, you want to make sure that your lawyer knows about all the creditors that you owe money to. Supply the lawyer with the statements of these creditors so that the lawyer can include the debt as part of the bankruptcy filing. After you have given all the financial facts to your lawyer, he/she should be able to make the conclusion if you can apply for Chapter 7 bankruptcy or Chapter 13. The lawyer will try to get you qualify for Chapter 7 bankruptcy protection. The quick test is to make sure that your income for the last 6 months is at or below the state’s median income level. Once the lawyer can demonstrate that your income in the last 6 months is at or below the state’s median income level, you have just been qualified to file for Chapter 7 bankruptcy.

Even if you are earning more than the state’s median income level, your lawyer can still execute the “means test” to get you Chapter 7 eligible. The “means test” is a comprehensive analysis using your income, assets, debts and certified expenses. You are eligible to subtract qualified expenses from your income, hence making you eligible for the Chapter 7 bankruptcy filing.

If your bankruptcy lawyer determines that you cannot file Chapter 7 bankruptcy, there is always Chapter 13 bankruptcy. The difference with Chapter 13 bankruptcy is that you will have to pay back a percentage of your debt within 60 months. Discharge in Chapter 13 bankruptcy occurs when the debtor has paid off the creditors according to the debt repayment plan agreed upon in the bankruptcy court. When that happens, the debtor becomes the lawful owner of the assets that has been paid off.