Joblessness, hospital expenses, matrimonial problems and other unforeseen expenses are some of the reasons that have been named by many people to be causes of bankruptcy. The above factors wreck a person's finance ability, causing them to be unable to pay their debts.
During bankruptcy, it is necessary to remain as self confident as before. Understanding how to progress is the first decisive step.
The Bankruptcy act provides information that is necessary for anyone who is inundated with debt to have a fresh start by wiping out his or her debts.
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Any bankrupt person would obviously want to keep their house through bankruptcy, and one thing to keep in mind is that depending on the bankruptcy preference to be filed, excess possessions which are not part of private life will be liquidated by the Bankruptcy trustee.
Sailing with ease on this matter renders it necessary to know if property can be exempted from the bankruptcy. A decision should be made on the property to be exempted. This decision should be based on the statutory lists of exemptions offered under the regulation of the state that the person is in. This enables the bankrupt person to get to keep exempt property for use in making a new beginning after bankruptcy.
In filing for bankruptcy while keeping in mind mortgage, the fundamental section in the Bankruptcy Law that is applicable is found in Chapter 13. This section applies to those with plenty of income to compensate their daily operating costs with a considerable amount left over to pay off any outstanding amount. In general, this will be spread over a period of three to five years.
In pursuing Chapter 13, engaging a bankruptcy lawyer is necessary. The lawyer will offer free preliminary counsel at an agreeable fee and will also among other things be present at the meeting of creditors together with the bankrupt person.
Filing a bankruptcy case in accordance with chapter 13 entails a long filing process with deadlines to be met. This process can be overwhelming for a greenhorn. Honesty is paramount at this stage since a debtor is required to institute and pursue a debt repayment plan spread over 3 to 5 years.
Another crucial section in the Bankruptcy Act is Chapter 7. Here, the debtor converts all non exempt property into cash for division to creditors. This process is referred to as straight bankruptcy or liquidation. Filing in accordance with this chapter does not take a long time like it does with chapter 13.
As mentioned earlier, an individual filing for bankruptcy is allowed to keep certain exempt property. However, items such as real estate and cars can be sold to repay creditors according to Chapter 7.
Whether filing according to either chapter 13 or chapter 7, one overriding factor to keep in mind is to be aware of what the law permits during a meeting with the Bankruptcy Lawyer or Attorney. It is also important to know where to locate them and how much they will charge.
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