From many years, people are facing several financial problems, they get rid of enormous debt by declaring bankruptcy. That is why you need to consult our San Antonio bankruptcy lawyer. Most of the people view bankruptcy as a last resort because of the disgrace and shame attached to the idea of filing for bankruptcy.
One of the major challenges that a person faces while considering to file for bankruptcy is to get a right information. Our San Antonio bankruptcy lawyer provide you with exactly that. There is ample amount of misinformation available on the internet, but the truth always seems harder to come by.
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 due to the fact that you were not able to complete your necessary paperwork on time while you were still bankrupt. If you are looking to file for bankruptcy, then our San Antonio bankruptcy lawyer can help you in this regard. Here are some of the facts that you need to look at before considering filing for bankruptcy. This will help you make an informed choice.
LOSING YOUR ASSETS:
When you file 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 is 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.
LOSING YOUR HOUSE:
You are allowed to keep your house, if there is not a lot of equity on your property as long as you return the mortgage money required for your bankruptcy period. When you end your bankruptcy term let’s say after 3 years your house will re-valued after that time. Later on, you can pay for the increase in the capital gain to the trustee that has happened in the last 3 years. This will help you get your house back.