If the debt is a problem that you are facing, then one option for you to sort out this matter is to file a bankruptcy. TheSan Antonio bankruptcy lawyer can stop car repossession, lawsuits and home foreclosure for you. Most of the people when they are looking into bankruptcy, they are probably doing it as a last resort. A very common misconception which people have regarding those filing bankruptcy is that they are financially troubled and are facing problems because they spent their money irresponsibly and lived a lavish life.
But when we look at different cases and consult some bankruptcy attorneys throughout the country we come to know that this is not the main reason for this. If you are looking to file for bankruptcy, then you can contact our San Antonio bankruptcy lawyer to help you answer your queries.
If you are still in the first three years of your bankruptcy and the fiduciary is not provided with the information which he requires regarding you, then there is a high chance that your bankruptcy may well be extended to 5 or even 8 years depending upon the circumstances. There are various reasons for your bankruptcy to be extended. Sometimes it could be because you were not able to complete your necessary paperwork on time while you were still bankrupt.
LOSING YOUR ASSETS:
When you fill for bankruptcy you are bound to lose some of your assets. But you will certainly not lose your general household items such as furniture and other things. But in some cases, you can lose even your house if there is a lot of equity on your property. Not only this your car will also be confiscated if it has an asset value over $7500. That is why you should take proper advice from attorneys if you are not sure about your assets.
LOSING YOUR BUSINESS:
The basic function of a fiduciary is to dispose of all your assets and belongings, to give back the money to your mortgagees. The only thing that matters a lot that the asset value of a certain business. If you run your own business and are self-employed then your business can also be considered as an asset. We can take plumbers example in this regard. If he is filing for bankruptcy, then there is a very little chance that his tools will be kept because the plumber himself is a major asset in the plumbing business.
Most of our customers are experiencing with the financial troubles due to circumstances that are out of their control. Mostly, customers have overwhelming medical debt from an injury or a fatal disease and they cannot just come out of it. While some of them were terminated from their jobs during the economic downturn. We have seen that military families they often have to go through extreme financial strain during the times of military service. Our San Antonio bankruptcy lawyer know that it is very difficult to overcome such financial troubles. We help our customers overcome these obstacles so that they can also move on to a brighter future.