Answering The 3 Most Common Bankruptcy Questions in Temecula

by | Sep 23, 2020 | Law and legal

When you fall into business debt, or your financial state has gone for a toss, the first thing that strikes your mind are various bankruptcy questions. Temecula, in southwestern California is a rich town in USA’s most famous wine country. People here are significantly well to do, which is notable as the town’s demographics reveal a median income scale far above the State average. But being rich doesn’t save you from bankruptcy, does it? In fact, it’s people who are rich and have many liabilities and assets (alongside their associated tax liabilities) who get into such problem more often than poor folk.

Here are the 3 most common bankruptcy questions you may strike upon in this state of financial inability –

# 1 – What is the first step?

Well, the first step is to hire a good accountant and an experienced and capable bankruptcy lawyer. The accountant will help you properly translate and interpret your financial records and account details which will be invaluable to get out of the fix you’re in. The lawyer’s primary objective is to make an instant plea at court to protect you and your assets from creditors and taxes to help you gain the time needed to regain your financial capabilities to enable you to clear off debts and taxes.

# 2 – What is my collateral?

If you have a business with employees you are responsible for, they are your collateral. If you are a salaried worker, you job is your backup. This is one of the most common and most important of all bankruptcy questions. Temecula has a large population of both high income employees as well as rich businessmen with dependent employees. If you have a job, your salaries and savings are assessed, and financial mandates are declared by the court to slowly dissolve your debts. If you’re the owner of a company, the court can’t allow shutting your business down your business because others’ incomes are dependent on it. According to particulars of your case, the court will find a moderate path to solve the issues at hand.

# 3 – What is the key to a quick resolution?

The key to solving bankruptcy problems is by being transparent. If you decide to hide hoarded away assets and declare inability to clear debts and taxes, remember; eventually you’ll be caught and end up in a bigger mess. So above all, be transparent with your finances at court before coming up with other bankruptcy questions. Temecula courtrooms can be quite unforgiving to ambiguity during such trials.

Bankruptcy Questions Temecula – Are you having bankruptcy questions? Temecula based The Travis Law Firm is at your service to discuss and clear any doubts you may have regarding this state of financial inability.

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