Have you been looking into bankruptcy but worry that if you choose to do so, you’re going to forfeit your property? Are you piling up the debt with no idea of how you’re going to get out of this? This kind of thing happens daily in America. Unfortunately, it feels like it’s happened more often since the pandemic began. The important thing to do is to take a deep breath. Help is available. A Chapter 7 Lawyer in Carlsbad can help you to put together a debt relief solution that can fit your needs.
How Chapter 7 Bankruptcy Works
Chapter 7 bankruptcy is often referred to as a “no asset” case. That means that when you file for this bankruptcy protection, a court-appointed trustee will take control of your assets. That phrase sounds a little scarier than it is. What that means is that this trustee will ensure you comply with all of the rules and regulations in regards to the bankruptcy. Additionally, they’ll sell off any assets you have beyond the available exemptions, all to pay off creditor claims. The bottom line for this is that it’s very rare in this kind of bankruptcy for someone to have to sell property to pay creditors.
What’s Exempt
Obviously, when it comes to bankruptcy, you want to be able to emerge from it with as much as possible. With this particular kind of bankruptcy, your household items, stuff you use for your job, your primary vehicle, any equity you might have in your home — they can all be exempt. Those are things that you can hold on to. The goal of a bankruptcy, in many ways, is to get you a fresh start. A major part of a fresh start: ensuring that you have something to start from. A foundation: a bankruptcy lawyer can help you to do exactly that.
What the Right Chapter 7 Lawyer in Carlsbad can Do
As you might imagine from reading the above, a lot goes into these cases. There’s so much maneuvering, so much that has to go right, it’s important to have someone who’s done this before. Indeed, there’s a “means test,” there are other considerations. The truth is that when you file for bankruptcy, there’s an entire system in place that may not have your best needs in mind. So, that’s why it’s critical to have someone standing by you, representing you on your behalf, who has done this before.
The Larkin Law Firm
The Larkin Law Firm has helped so many to make the bankruptcy process easier. That’s not to say that the process will be “easy,” but rather, it’s less challenging than it might be otherwise. A bankruptcy isn’t just about the future, it’s about the present, too. The stress of dealing with debt, bankruptcy, and more can be overwhelming. One call to the Larkin Law Firm can end the stress for good, giving you your best chance at a fresh start. For more: (760) 316-6669.
