Bankruptcy isn’t always the last resort anyone wants to take, but in some especially dire cases, it can begin to look like a real, legitimate option. When filing bankruptcy, Hayward is home to legal help. It shouldn’t have to be as difficult as it seems. But before filing bankruptcy in Hayward, you’ll want to make sure you really want to push through with it. Here’s what you need to know before proceeding:
The Basics
Bankruptcy comes in two major forms, and knowing which one to properly file for can make all the difference.
* Chapter 7 Bankruptcy
For anyone who has little to no valuable assets to sell, filing for Chapter 7 bankruptcy is usually the way to go. Here, you’ll have to sell all of your assets or properties of value to be able to pay your debt.
* Chapter 13 Bankruptcy
Here, you’re given a timeframe to pay what you owe, which is why anyone who still has a sizeable set of assets they can’t give up, can file for Chapter 13 bankruptcy. With this kind of bankruptcy, you’re given a new deadline to pay your debts, using the income you’re earning now.
Should I File for Bankruptcy Now?
Make sure you’ve exhausted all possible options first before considering taking this last step. Have you tried getting extra work during your free time? Have you talked to everyone you know who can help? Is there no other way your debtors can give you an extension to the deadline?
Are you qualified to file for bankruptcy? In most cases, the answer will be more complicated than a simple yes or no. It also goes beyond telling the courts that you simply have no more money to pay off your debts. Learn to ask the right questions. Take a look at the assets and properties you have left. Evaluate the situation more closely. If you need legal assistance, be sure to get it.
Bankruptcy Doesn’t Have to be the End
Once you’ve paid off all your debts, filing for bankruptcy can ultimately be a good thing for you. After working through all the legal obstacles and freeing yourself from your debtors, this can provide a fresh start for you to begin anew. Filing bankruptcy in Hayward doesn’t have to be all bad – as long as you know what you have to do. Then you can only work your way up from here.
