Financial issues can be trying and daunting when considering solutions to debts. But there are ways to handle this by starting a consultation with an experienced bankruptcy attorney at the law firm of Sunita N. Sood to verify the best viable option for your situation. When all choices have been reviewed, bankruptcy may be the best solution in handling your expenses. There are two types of bankruptcy filing, Chapter 7 and Chapter 13, both with stipulations to see if you qualify.

To file for Chapter 7 Bankruptcy, you would be in a situation where little to no income is being received. A “Means Test” will need to be taken by you, the debtor, to see if any disposable income can be used to pay back creditors. If there isn’t enough, then filing for Chapter 7 should be initiated. The state of California will determine any non-exempt assets that can be liquidated or sold to pay back creditors. Some assets can be protected from being liquidated, such as a home, clothing or unemployment benefits. Our lawyers can guide you in determining which assets can be used to reimburse at least some of the debt. Filing for Chapter 13 Bankruptcy is another option. This option is better suited for you if you have a regular source of income. You will be assisted in reorganizing finances to pay back by means of a payment plan. You will need to file a petition and a court will decide to stop garnishments, collections or repossessions.


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