When you are having a difficult time paying your debts and meeting your living expenses, you should consider seeking legal protections from your creditors. This is because you need to live a comfortable life with manageable levels of debt. You can get these protections through chapter 7 Oakland. This type of bankruptcy can stop creditors from taking any action against you when you default.
When you are declared bankrupt under this chapter, your assets will be sold to settle your debts. The proceeds of the sale, no matter how big or small, will be used to settle your debts. This means that you will become debt free after the liquidation process since the court will discharge you of all your debts that are party to the case. Please note that student loans, child support and spousal support cannot be forgiven through bankruptcy.
Both businesses and individual consumers can seek legal protections under chapter 7 bankruptcy. That said, this is the most common type of bankruptcy in the country. A contributing factor for this popularity is the easy qualification requirements as the debtor only needs to prove that they do not have any meaningful income to service their debts.
Bankruptcy has some downsides that consumers should know about before they consider this option. For starters, bankruptcy leads to blacklisting of the debtor by creditors. This is because their credit report will have the bankruptcy entry. This means that it will not be easy for a bankrupt consumer to access affordable loan facilities from mainstream lenders.
It is crucial you hire a bankruptcy attorney with years of experience in the industry. The lawyer will guide, advice and represent you when needed. They will also help you with the paperwork and file the bankruptcy petition in court. Be sure to take your time to compare the competencies of different attorneys to ensure you find the best one for your needs.
The court normally appoints a trustee to oversee the bankruptcy proceedings. This is usually done once the court has formally received the bankruptcy petition. The trustee will make sure that the debtor is truly unable to service their debts to warrant the bankruptcy petition. They will then collect all the assets to be sold during the auction and make arrangements for the auction.
The vast majority of firms run credit checks nowadays. This is because they want to know whom they are dealing with. For instance, if you want to rent a house, the landlord wants to know that you can pay rent on time. That is why they will want to know about your loan payment history. If your history is tainted, they may decline your application.
Consumers should never rush to seek bankruptcy protections. This is because there are serious consequences, so they should at least consider other options at their disposal. This includes debt consolidation and debt restructuring. For instance, you can have any long term loans refinanced to reduce the monthly payments and interest rates. It is only after these measures have failed that you should consider bankruptcy and accept the consequences of becoming a bankrupt consumer.
When you are declared bankrupt under this chapter, your assets will be sold to settle your debts. The proceeds of the sale, no matter how big or small, will be used to settle your debts. This means that you will become debt free after the liquidation process since the court will discharge you of all your debts that are party to the case. Please note that student loans, child support and spousal support cannot be forgiven through bankruptcy.
Both businesses and individual consumers can seek legal protections under chapter 7 bankruptcy. That said, this is the most common type of bankruptcy in the country. A contributing factor for this popularity is the easy qualification requirements as the debtor only needs to prove that they do not have any meaningful income to service their debts.
Bankruptcy has some downsides that consumers should know about before they consider this option. For starters, bankruptcy leads to blacklisting of the debtor by creditors. This is because their credit report will have the bankruptcy entry. This means that it will not be easy for a bankrupt consumer to access affordable loan facilities from mainstream lenders.
It is crucial you hire a bankruptcy attorney with years of experience in the industry. The lawyer will guide, advice and represent you when needed. They will also help you with the paperwork and file the bankruptcy petition in court. Be sure to take your time to compare the competencies of different attorneys to ensure you find the best one for your needs.
The court normally appoints a trustee to oversee the bankruptcy proceedings. This is usually done once the court has formally received the bankruptcy petition. The trustee will make sure that the debtor is truly unable to service their debts to warrant the bankruptcy petition. They will then collect all the assets to be sold during the auction and make arrangements for the auction.
The vast majority of firms run credit checks nowadays. This is because they want to know whom they are dealing with. For instance, if you want to rent a house, the landlord wants to know that you can pay rent on time. That is why they will want to know about your loan payment history. If your history is tainted, they may decline your application.
Consumers should never rush to seek bankruptcy protections. This is because there are serious consequences, so they should at least consider other options at their disposal. This includes debt consolidation and debt restructuring. For instance, you can have any long term loans refinanced to reduce the monthly payments and interest rates. It is only after these measures have failed that you should consider bankruptcy and accept the consequences of becoming a bankrupt consumer.
About the Author:
You can get a summary of important factors to keep in mind when picking a Chapter 7 Oakland attorney at http://www.centralcoastbankruptcy.com/chapter-7.html right now.
No comments:
Post a Comment