When the bill collectors call from morning to night, the mail is full of late notices and your hours have just been cut at work, it may seem overwhelming to believe you’ll ever get out of the financial mess you are in, but there may be a way out. If you owe more than you’ll ever be able to reasonably pay in the near future, your best option may be to talk to a Torrance CA Bankruptcy attorney. He will be able to advise if bankruptcy is an option for you and if it is, he’ll let you know if you qualify for a Chapter 7 or Chapter 13 bankruptcy.

A Chapter 7 bankruptcy will provide immediate bankruptcy relief. This type of bankruptcy is not for everyone though. With a Chapter 7 bankruptcy you can not have any assets of value. If you have money in the bank, an expensive car, family heirloom jewelry or valuable collectibles, you will not be able to file for this type of bankruptcy without your assets being sold at a liquidation auction. If you have no property to protect, this may be then bankruptcy choice for you. It will give you a fresh start immediately, as your debts will be wiped out and you’ll have a clean slate.

Most people have assets they want or need to protect, even though they are in a bad financial situation. If this is your problem and you can’t pay your unsecured debts, such as credit card bills or medical bills, speak to a Torrance CA Bankruptcy attorney. He may be able to help you file a Chapter 13 Bankruptcy. With a chapter 13 Bankruptcy, you can keep most of your assets. If you have a vehicle or home mortgage, you can usually reaffirm them and keep paying. With this type bankruptcy, you will make payments each month to your trustee. The amount you pay is based on your income and expenses. Plan to pay just about all of your disposable income for the next few years. When the plan is completed, your debts are discharged and you start fresh.