Accidents and unfortunate events come and go in everyone’s lives. Some might be big, others small, but some might shake things up so badly in your life that things may never stay the same for you. For anyone, be it an individual, a family or even a business, one such big disaster is bankruptcy. It is a silent attacker that might just destroy anyone, starting from a minor problem. A medical situation getting out of hand might lead to bills so big, that it may break one’s bank. Even big cooperative might end up in such a fix, a failed order and market fluctuation might cause big companies to come crashing down. San Antonio bankruptcy lawyer is here to help if anyone who might find themselves in such a fix. Be it consultation for a sticky situation, or for ultimately filing your bankruptcy, San Antonio bankruptcy lawyer is here to guide you through the process.
What Kinds Of Bankruptcy Can One File For
There are a number of kinds of bankruptcy one can file for depending on what kind of issue the victim is facing. Primarily there are 2 kinds of bankruptcies. The first one is Chapter 7 and the other one is Chapter 13.
- Chapter 7- This kind is for individuals who are in under a debt of a certain amount and is seeking to wipe it. This is the most viable kind of bankruptcy solution as one can walk out with no debts if the person qualifies. Unfortunately, student loans do not fall under this category and are only solvable by talking to your bank and working out a plan to reduce the monthly payment.
- Chapter 13- This kind is of the type, where the amount is above that is eligible for chapter 7. In this, a certain amount is worked out to be paid back to the respective lenders. This will not wipe all the debt but will clear out a substantial amount of it.
What Happens To Life During A Bankruptcy
A number of things change when an individual gets dragged into bankruptcy. You may notice that once you file your case, your bank accounts may get shut down, and this might happen without your consent. You will lose all your online payment and banking privileges. This is due to the fact all the places you owe money from will receive a notice saying that you are going through bankruptcy. One final thing that you might need to deal is with 2 online bankruptcy classes to get educated and informed about what to do during this period.
In today’s world where money dictates nearly every aspect of one’s life, a slight hiccup in one’s financial health may cause a lot of problems. Everyone is in the danger zone to fall prey to this, be it individuals, small corporations or big businesses. Hence when you see that debs are getting too big for you to handle, filing a bankruptcy is a good option.