San Diego Bankruptcy Lawyer – We had a client come into the office the other day with a difficult story. A contentious divorce really left her in financial ruin. She didn’t have any income or social security. She didn’t have any assets. She had not paid on her credit card for over two years. At the time she came in seeking advice from a bankruptcy lawyer in San Diego, she anticipated being employed within the year but wanted to start over. In this situation the client really has only two options.
Wait and Hope
In California, the Statute of Limitations, the amount of time one has to sue on a certain cause of action, for contracts is 4 years. Since the client hadn’t paid any bills in 2 years, she could wait out the other two and the creditors wouldn’t be able to get a judgment against her. It is likely that the creditors, depending on the size of the debt, would not sue you but that is a healthy risk. If the consumer doesn’t file for Chapter 7 or Chapter 13 protection in San Diego and the creditor gets a judgment, that judgment will be good for 10 years and can be renewed in 10 year intervals. If you start to rebuild credit and acquire assets, the creditor can go after you.
File Bankruptcy
The client was eligible for Chapter 7 bankruptcy protection in San Diego which means that all the liability for her debts would be wiped away. You want to have an experienced San Diego Bankruptcy lawyer assist in the preparation of your case. Doing the bankruptcy on your own may seem like a good idea in order to save costs but making mistakes can cost you a lot more in the long run. Let a bankruptcy lawyer help you get it done right the first time.
We at the Law Office of Harold D. Thompson are San Diego Bankruptcy Lawyers dedicated to helping you get out of financial distress. If your debts are piling up and you are looking for a “fresh start” call a San Diego Bankruptcy Lawyer that will fight for your rights. Bankruptcy fees start as low as $800.00. Don’t be fooled by big advertisers charging thousands of dollars. Call us TODAY at 619.615.0767 or visit one of our two websites at www.ThompsonLawSD.com or www.MySanDiegoBankruptcy.com/bkblog.
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