Debts are treated differently when filing for bankruptcy. This is a fact that you need to know before you start the filing process. Even through a successful case will leave you with the promise of being able to start afresh financially, this does not mean that you will get off the loop when it comes to settling certain debts. If you want to file for bankruptcy Santa Cruz could offer you a decent number of reliable attorneys who could lend a hand.
The courts handle debts depending on whether they are secured, unsecured or priority claims. You want to understand the various kinds of creditor claims for you to know what to expect during the process. A reliable attorney can also shed more light on any topics that you do not fully understand.
Secured claims have liens against certain assets. Among the most common types of secured debts are car loans, property taxes and mortgages. If you successfully file for a case, the courts could relieve you all legal responsibility associated with a secured debt. However, if the debt in question is not settled, the creditor will also be legally allowed to repossess the particular asset.
Unsecured claims do not have liens against them. Such loans include personal loans, student loans, medical bills and even credit card bills. While bankruptcy can get unsecured claims discharged, you must first prove that repaying them is impossible or it could push you into a devastating financial fix. You should also understand that unsecured claims are not discharged when filing under chapter 13 or 7.
Priority claims also fall under unsecured debts, the only difference being that they cannot be discharged. Examples of such debts include child support, tax obligations and alimony just to mention a few. The laws make it clear that these debts have to be settled way before you give a dime to any creditor. The good news is that you can include priority claims in your repayment plan if you file for 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.
There are numerous chapters under which you can file a case. Even though most people know about chapter 7 and chapter 13, you can also file under chapter 11, 9 or 12. Your lawyer will look into the special circumstances revolving around your case and inform you about the clauses that could work to your advantage.
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 handle debts depending on whether they are secured, unsecured or priority claims. You want to understand the various kinds of creditor claims for you to know what to expect during the process. A reliable attorney can also shed more light on any topics that you do not fully understand.
Secured claims have liens against certain assets. Among the most common types of secured debts are car loans, property taxes and mortgages. If you successfully file for a case, the courts could relieve you all legal responsibility associated with a secured debt. However, if the debt in question is not settled, the creditor will also be legally allowed to repossess the particular asset.
Unsecured claims do not have liens against them. Such loans include personal loans, student loans, medical bills and even credit card bills. While bankruptcy can get unsecured claims discharged, you must first prove that repaying them is impossible or it could push you into a devastating financial fix. You should also understand that unsecured claims are not discharged when filing under chapter 13 or 7.
Priority claims also fall under unsecured debts, the only difference being that they cannot be discharged. Examples of such debts include child support, tax obligations and alimony just to mention a few. The laws make it clear that these debts have to be settled way before you give a dime to any creditor. The good news is that you can include priority claims in your repayment plan if you file for 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.
There are numerous chapters under which you can file a case. Even though most people know about chapter 7 and chapter 13, you can also file under chapter 11, 9 or 12. Your lawyer will look into the special circumstances revolving around your case and inform you about the clauses that could work to your advantage.
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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Get an overview of the factors to keep in mind when choosing a bankruptcy Santa Cruz attorney and more information about an experienced lawyer at http://www.centralcoastbankruptcy.com now.
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