Anyone who has been following the news for the past few years is aware of how the economy has been in a downward slide. Home owners that used to feel secure because they had a great deal of equity in their houses were shocked to see the housing market tumble, taking with it all of their home equity as their house value plummeted.
This loss of home equity was the final blow to many hard working people who had experienced job loss or wage cuts during the same tough economic times. The result of all of these negative trends in the economy has been to see an uptick in the number of people who have been filing bankruptcy in order to repair their financial lives.
Riverside Bankruptcy Lawyer clients are able to talk to their lawyer about the financial problems they are having and they are advised as to whether filing for Chapter 7 bankruptcy would be appropriate for their situation.
Most forms of unsecured debt are eligible to be discharged at the end of a Chapter 7 case. Things such as loans, credit card balances and other unsecured forms of credit can often be listed in the bankruptcy filing and eliminated when the case is over, allowing the debtor to get a new start in their financial life.
The clients who have additional bills that are weighing heavily on them, such as unpaid back taxes or child support payments that have gone into arrears will be informed by their Riverside Bankruptcy Lawyer that those types of debt are not eligible to be discharged by the filing of a bankruptcy case.
It is always wise for a financially struggling person to have an initial consultation with an attorney who practices in the bankruptcy courts. The debtor can talk to the lawyer about their income, their debt and the source of their debt so that the lawyer can let them know if filing for a bankruptcy would be a viable option for that debtor to clear their bills away and achieve that fresh start with their finances.
