Most of the people when they are looking into bankruptcy, they are probably doing it as a last resort. A very common misconception, which people have regarding those filing bankruptcy is that they are financially troubled and are facing problems because they spent their money irresponsibly and lived a lavish life. But when we look at different cases and consult some bankruptcy attorneys throughout the country we come to know that this is not the main reason for this. Most of our customers are experiencing financial troubles due to circumstances that are out of their control. For avoiding bankruptcy choose the best bankruptcy lawyer San Antonio.
Most of our clients have overwhelming medical debt from an injury or a fatal disease and they cannot just come out of it. While some of them were terminated from their jobs during the economic downturn. We have seen that military families they often have to go through extreme financial strain during the times of military service. Our bankruptcy lawyer San Antonio know that it is very difficult to overcome such financial troubles.
We help our customers to overcome the obstacles so that they can also move on to a brighter future. Although the bankruptcy laws have existed for a long time in San Antonio, but many changes have been brought to them in all these years. In addition, one thing that has remained constant throughout these laws is that you are secured under the bankruptcy laws and you do not need to spend all your life in debt.
Chapter 13 working
The Chapter 13 plan for bankruptcy includes:
Ø Calculation of monthly living expenditure, which includes transportation, housing, food and other living expenses.
Ø Subtracting your living expenses from income will result in ‘disposable income’.
Ø Chapter13 payments results from disposable income, which is generally less than what you owe to your creditors
Ø Creditors cannot ask you for more money
Ø If all payments are cleared at the end of the plan you no longer owe your creditors, even if a small amount has been repaid.
Is Security Clearance lost by Bankruptcy?
It has been observed at Law Offices of San Antonio that when military personal faced insuperable debt, they secure their security clearance by filing bankruptcy lawyer San Antonio. If you are dealing with debt in responsible and legal way there is no chance of losing security clearance. It is not unusual to loose security clearance by having huge amounts of debts, lawsuits and garnishments. Even some clients visited our office by the recommendations of military personal to deploy bankruptcy protection so as to evade themselves from losing security clearance.
Reasons for military personnel bankruptcy?
The general reasons for military personal considering bankruptcy lawyer San Antonio are:
- Death of Spouse
- Loss of Income
Keep this in mind our forefathers established the U.S Bankruptcy code which aims to understands that such unfortunate and tragic events will cause a good citizen to start with a fresh beginning.