There are many different reasons why individuals and families in Hayward find themselves facing bankruptcy. Often it is a combination of factors that can include rising credit card debt, student loans, mortgages, car notes and perhaps the loss of income or some type of financial or medical situation.
The biggest mistake that people make when they know they are experiencing difficulties in meeting their financial obligations is to simply hope for the situation to change. By consulting with a specialized, experienced bankruptcy attorney as quickly as possible, there are more options and benefits to consider.
Discuss Your Options
There are several different options for couples or singles with financial challenges. It may be possible to work with a bankruptcy attorney to restructure payments without the need for bankruptcy. Additionally, the attorney can complete the necessary testing to determine if Chapter 7 (liquidation) or Chapter 13 (reorganization) bankruptcy is possible, giving you options to consider.
The bankruptcy attorney will also provide specific information on what you can and cannot do prior to filing. Many people try to transfer or hide assets which can cause significant problems during a bankruptcy, sometimes resulting in the bankruptcy discharge being denied or more serious legal issues.
Prevent Repossessions and Foreclosures
Early consultation with an attorney specializing in bankruptcy can protect vehicles from repossession or, in some cases, return repossessed property. It can also be instrumental in preventing a foreclosure on a Hayward residence.
Eliminate Debt Collection Calls
Filing a bankruptcy triggers in what is known as an automatic stay. This prevents debt collectors from continuing to try to take action. Keep in mind that not all debts can be addressed during a bankruptcy. Debts not discharged can include student loans, child support, alimony, money owed for taxes and fines imposed by a court.
The attorney will review your debts and discuss specifics of your case. Getting information and developing a plan will provide greater possibilities and options to handle your bankruptcy moving forward.