diemer wei llp san jose

diemer wei llp san jose california

 

408-971-6270  

408-971-6270  

 

 San Jose Business & Commercial Law Blog

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SAN JOSE BUSINESS & COMMERCIAL LAW BLOG

Subscribe to our legal blog for latest news and insights

Hasty decisions could make your debt situation worse

Money is often on the minds of most people. They may think about their next paycheck, how much they should spend on food or clothing, whether they have enough money for vacation, or how they will deal with their outstanding debts. Unfortunately, that last thought plagues many people, and you may be one of the numerous individuals who loses sleep each night wondering whether you will ever get out from under the outstanding balances you face.

It can prove immensely difficult to deal with debt, and you may think that chipping away little by little will help you keep your financial struggles under control. However, small steps may not always prove effective, especially when balances continue to increase due to interest rates and fees. The time may come for you to take more substantial action in hopes of achieving debt relief, but you may want to avoid making hasty decisions.

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Chapter 7 Bankruptcy Is an Option for Individuals Seeking Debt Relief

Debt Relief. Thinking about bankruptcy in such terms is the first step in no longer allowing any information gap-related anxiety from getting in the way of educating yourself about bankruptcy. Chapter 7, like other types of bankruptcy, is about relief. In bankruptcy's chapter 7 form, this relief is in the form of liquidation. Chapter 7 liquidation, as spelled out in the U.S. Bankruptcy Code, is "the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors." When focusing on the positive, on relief, the words "nonexempt property" should jump out.

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