Consumers can easily fall into a cycle of debt that is hard to get out of. Having several debt obligations, such as credit card debts, personal loans, a mortgage, large car loan and student loans can weigh you down. If you find yourself unable to service your debts accordingly, you will need to hire a competent lawyer to help you file a bankruptcy petition in court. A chapter 7 Oakland residents should know, can help them get debt forgiveness.
This bankruptcy chapter provides for liquidation of valuables and property owned by the debtor. After the liquidation, the proceeds are distributed among all the creditors based on their fraction of the total debt. After the process, the debtor is forgiven of all unpaid debts.
It is important to note that both corporates and individual debtors can file for bankruptcy under this chapter. The lack of income is perhaps the only requirement that debtors need to fulfill. Please note that the assets of the debtor, no matter the value, is what will be auctioned off to pay their debts.
This is perhaps the most popular type of bankruptcy. This can be attributed to the fact, that virtually anyone who has a lot of debt, but does not have a reliable income, can use it to get rid of their debt. When you are declared bankrupt, you can expect your life to change. This is because you will not qualify for affordable loans. You may also not be able to get a better job or rent a car.
If you have been declared bankrupt under chapters 11 or 13, which normally provide for debt reorganization, but you fail to honor the terms of the repayment plan you proposed, your property will be liquidated under this chapter. This is perhaps the reason why it is often considered the default bankruptcy option. Therefore, it is important you honor the repayment plan.
After the court receives the petition, a trustee will be appointed to represent the court and oversee the process. After the appointment, the trustee will start adding up your debts, assets and liabilities. All non-exempt assets will be valued and preparations made for the auction. After liquidation of these items, the funds will be distributed proportionately among your creditors.
A trustee can either be a financial or legal expert with a lot of experience handling bankruptcy cases. They are supposed to be neutral, but they may not be at times. That is why you need to have legal counsel by your side to ensure the trustee acts with neutrality. For instance, the lawyer will ensure the trustee only liquidates items that have not been exempted from the bankruptcy proceedings.
When searching for a suitable attorney, the key factor of consideration is experience. You want to be represented by the most experienced attorney you can find. The ideal attorney should also have a great reputation in the industry and charge competitive rates for their services. Be sure to start your search with a shortlist of the top-rated lawyers operating in the city. You can easily narrow down the search by comparing these attorneys to identify the best one for your needs.
This bankruptcy chapter provides for liquidation of valuables and property owned by the debtor. After the liquidation, the proceeds are distributed among all the creditors based on their fraction of the total debt. After the process, the debtor is forgiven of all unpaid debts.
It is important to note that both corporates and individual debtors can file for bankruptcy under this chapter. The lack of income is perhaps the only requirement that debtors need to fulfill. Please note that the assets of the debtor, no matter the value, is what will be auctioned off to pay their debts.
This is perhaps the most popular type of bankruptcy. This can be attributed to the fact, that virtually anyone who has a lot of debt, but does not have a reliable income, can use it to get rid of their debt. When you are declared bankrupt, you can expect your life to change. This is because you will not qualify for affordable loans. You may also not be able to get a better job or rent a car.
If you have been declared bankrupt under chapters 11 or 13, which normally provide for debt reorganization, but you fail to honor the terms of the repayment plan you proposed, your property will be liquidated under this chapter. This is perhaps the reason why it is often considered the default bankruptcy option. Therefore, it is important you honor the repayment plan.
After the court receives the petition, a trustee will be appointed to represent the court and oversee the process. After the appointment, the trustee will start adding up your debts, assets and liabilities. All non-exempt assets will be valued and preparations made for the auction. After liquidation of these items, the funds will be distributed proportionately among your creditors.
A trustee can either be a financial or legal expert with a lot of experience handling bankruptcy cases. They are supposed to be neutral, but they may not be at times. That is why you need to have legal counsel by your side to ensure the trustee acts with neutrality. For instance, the lawyer will ensure the trustee only liquidates items that have not been exempted from the bankruptcy proceedings.
When searching for a suitable attorney, the key factor of consideration is experience. You want to be represented by the most experienced attorney you can find. The ideal attorney should also have a great reputation in the industry and charge competitive rates for their services. Be sure to start your search with a shortlist of the top-rated lawyers operating in the city. You can easily narrow down the search by comparing these attorneys to identify the best one for your needs.
About the Author:
Find an overview of the benefits of consulting a Chapter 7 Oakland attorney and more info about a well-respected lawyer at http://www.centralcoastbankruptcy.com/chapter-7.html today.
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