Debts can be as different as day and night in the eyes of the law. You therefore want to get conversant with the different types of creditor claims before you start the process of filing for bankruptcy. You want to know what relief will mean for you and the various debts that you must pay and those that can be discharged. When filing for bankruptcy Santa Cruz could provide you with a reliable number of highly regarded lawyers.
The courts will consider debts based on whether they are unsecured, secured or priority claims. It remains vital for you to get well acquainted with the different types of creditor claims and how they will affect the overall outcome of your matter. A competent lawyer will be able to dispense guidance and generally ensure that you have in-depth understanding of all the claims being made.
Secured claims refer to debts that have a lien placed on a specific property. Such debts include car loans, mortgages and property taxes just to mention a few. Even though bankruptcy can get rid of your liability for these debts, it will not remove the lien. In case you fail to pay the debt, then the creditor will be legally allowed to take the asset from your possession.
Unsecured claims are debts that have no security placed against them. Examples of unsecured loans include credit card bills, medical bills, personal loans and also student loans. The good news is that unsecured claims can be written off by filing for bankruptcy. However, you will need to first prove that getting these credits settled would throw you into the kind of financial nightmare that you are not likely to recover from. Unfortunately, you cannot get unsecured loans discharged if you file under chapter 7 or 13.
Priority claims as the name suggests must be paid before any other creditor gets a dime in debt repayment. Such debts cannot under any circumstances get discharged. They include alimony, child support and also tax obligations just to mention a few. While it is not possible to go around priority claims, they can be fixed into the repayment plan if you choose Chapter 13 bankruptcy.
There are numerous complexities involved in filing a case. Irrespective of the bankruptcy laws that you want to file under, the importance of working with a seasoned attorney should not be underestimated. A competent professional will simplify your case and get you started on the road to financial freedom.
The majorities of people are well acquainted with both chapter 7 and chapter 13. You also may want to know various other kinds of bankruptcies and the situations that would make it best for you to consider them. Well, you also have the option of filing a case under chapter 9, 11 or 12. Your lawyer will scrutinize your specific circumstances in detail and inform you about the best chapters under which you can file your matter.
Finding a professional who can help you get declared bankrupt will not be easy. You want to do some sleuthing around and depend on online resources as well as word of mouth. Before choosing the attorney to hire, look into his or her track record. It is in your best interests to work with a specialist that you can trust entirely.
The courts will consider debts based on whether they are unsecured, secured or priority claims. It remains vital for you to get well acquainted with the different types of creditor claims and how they will affect the overall outcome of your matter. A competent lawyer will be able to dispense guidance and generally ensure that you have in-depth understanding of all the claims being made.
Secured claims refer to debts that have a lien placed on a specific property. Such debts include car loans, mortgages and property taxes just to mention a few. Even though bankruptcy can get rid of your liability for these debts, it will not remove the lien. In case you fail to pay the debt, then the creditor will be legally allowed to take the asset from your possession.
Unsecured claims are debts that have no security placed against them. Examples of unsecured loans include credit card bills, medical bills, personal loans and also student loans. The good news is that unsecured claims can be written off by filing for bankruptcy. However, you will need to first prove that getting these credits settled would throw you into the kind of financial nightmare that you are not likely to recover from. Unfortunately, you cannot get unsecured loans discharged if you file under chapter 7 or 13.
Priority claims as the name suggests must be paid before any other creditor gets a dime in debt repayment. Such debts cannot under any circumstances get discharged. They include alimony, child support and also tax obligations just to mention a few. While it is not possible to go around priority claims, they can be fixed into the repayment plan if you choose Chapter 13 bankruptcy.
There are numerous complexities involved in filing a case. Irrespective of the bankruptcy laws that you want to file under, the importance of working with a seasoned attorney should not be underestimated. A competent professional will simplify your case and get you started on the road to financial freedom.
The majorities of people are well acquainted with both chapter 7 and chapter 13. You also may want to know various other kinds of bankruptcies and the situations that would make it best for you to consider them. Well, you also have the option of filing a case under chapter 9, 11 or 12. Your lawyer will scrutinize your specific circumstances in detail and inform you about the best chapters under which you can file your matter.
Finding a professional who can help you get declared bankrupt will not be easy. You want to do some sleuthing around and depend on online resources as well as word of mouth. Before choosing the attorney to hire, look into his or her track record. It is in your best interests to work with a specialist that you can trust entirely.
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