Some people in this unfortunate lot try to solve their problems through means which are not right in any sense like running away or committing suicide. But, the few intelligent people, who are able to keep their heads over their shoulders in these difficult times, make the smart move and contact a good Bankruptcy Lawyer in Torrance.
Need For A Bankruptcy Lawyer
Once the services of this bankruptcy lawyer have been hired, he will provide you with the necessary legal advice through which you will be able to come out of all your financial troubles and start afresh. Surely, he will not be able to get all your bills and loans waived off, but he will come up with a plan, through which you will be able to pay off all these debts from your meager resources and start your life in a new manner. This lawyer will be able to provide you with the much needed peace of mind and also give you hope for your future. Therefore, if you are facing any sort of financial trouble and there is no way that you will be able to make good all your debts, then you must immediately contact a good bankruptcy lawyer present in your area.
Chapter 7 Bankruptcy
Chapter 7 of the bankruptcy code is the most commonly used chapter by the bankruptcy lawyers. Through the use of chapter 7, bankruptcy lawyer Torrance helps his clients in paying off their debts through the liquidation of their assets. The assets used for this purpose include only those assets which are pledged with the creditors or banks. Therefore, any asset which is exempt from the loan agreement will not be sold off for the purpose of paying off the corresponding debt. The entire proceeds received from the sale of these nonexempt assets, will be used for the payment of the creditors and the person filing for bankruptcy will not receive any part of the proceeds, unless there is any excess left after having paid off all the creditors.
California Bankruptcy Exemptions
There are basically two sets of exemption available to a person who files for bankruptcy. One set of these exemptions is applicable when bankruptcy is filed under chapter 7 and the other set is applicable when bankruptcy is filed under chapter 13. While the exemptions in chapter 7 allow you to protect your personal property, the California Bankruptcy Exemptions under chapter 13 help in the calculation of the least or minimum amount which you will be required to pay to the unsecured debtors. A person can avail the advantages of only one set of these exemptions and it is the job of your bankruptcy lawyer to suggest the best course of action in this regard and help you in choosing the best set of exemptions which will be most beneficial to you.