When people are dealing with serious financial difficulties, it can become overwhelming quickly. This reality can make it extremely difficult for those in this situation to find a way out from under their problems. Rest assured, however, that there are ways out for just about any financial situation, and the first step you should take is to contact experienced San Diego bankruptcy attorneys to discuss your situation thoroughly. In terms of bankruptcy, below you'll find a brief overview of this process.
Given the obviously terrible state of the American economy, people all over the country are suffering mightily. With the combination of factors that include the loss of millions of jobs and the serious downturn of the real estate market, many people seemingly have nowhere to turn for help. As a result, more people than ever before have filed consumer bankruptcy cases in the United States, and there is no end in sight to this phenomenon. What this should tell anyone who finds themselves in this situation is that they are far from alone.
If it turns out that you need to file for bankruptcy protection, there are several benefits that you will enjoy by doing so. The most immediate will occur after your case is filed with the court. When the court receives and accepts your petition to open a bankruptcy case, it issues an order to the creditors listed on the petition that prevents them from continuing their collection efforts. Therefore, the phone calls will stop and the threatening letters will no longer arrive. This will help you gather your thoughts and begin the planning stage for your life after your financial troubles are over.
Regardless of the type of bankruptcy case you file, the end result of a successful case is that the debts that remain after the case and other steps are complete will be wiped clean. This is done in the form of a discharge, which is an order issued by the court when a case is closed that legally eliminates most debts. Therefore, the fresh start that bankruptcy provides you begins at this point.
While every bankruptcy case is somewhat different, one of the horror stories that continues to exist in regards to this process is that those who file for bankruptcy protection will lose their homes, their vehicles and all of their belongings. This is simply not the case, and there are many ways to work out solutions that allow those who need bankruptcy protection to retain what they've worked so hard to obtain.
If you're ready to put an end to your struggles, contact the San Diego bankruptcy attorneys at the Golden State Law Group today to schedule a free initial consultation.