Bankruptcy lawyers assist anyone who files bankruptcy with the overall procedures needed to be done to come up with an agreeable solution for all parties. They are updated with the latest laws and guidelines designed by the government to protect both the consumers and the creditors. They will help the debtor with the paper work for there will be documents and requirements needed for this to be accomplished. They can best explain the purpose, objectives and application of a chapter in bankruptcy law in which to file. He discusses which debts can be discharged by liquidation and which cannot. He can offer options or ways to solve credit problems based on what is provided by the law.
Technically, there are five different chapters under the law of bankruptcy. These are the options for a debtor if he wants to file bankruptcy to have systematic arrangements in paying all his accountabilities. An individual can choose from chapter 7, 11 and 13. A consumer who chooses to file under chapter 7 will be discharged of personal loans, credit card debt and other loans but it does not free him of taxes, child support (if applicable), punitive accountabilities or student loans. But these liabilities can be handled in chapter 13 of bankruptcy if he chooses to file under it.
Chapter 13 frees you from being harassed by creditors provided you will agree to a fair means of paying your debt. Here, payment can last from 3 to 5 years. This is preferred by people who want to save his car, his house or any real property. You will agree to a plan that obliges you to pay your creditors on agreeable terms from both parties. Individuals can choose to pay on a monthly basis for the said period in order to pay off debt. In this case, the creditor should understand that the debtor is not yet capable of paying the entire credit in a single period, but his willingness to pay, which is proved by the filing of bankruptcy, is more important. Chapter 13 is preferred by most debtors for it has many benefits that work to their advantage, but any attempt to sell a property or rearrange mortgage should be approved by the court.
It may be overwhelming to try to learn all the implications under all chapters of bankruptcy law that is why it would be best to consult lawyers including a bankruptcy lawyer in San Bernardino if you are from the area, for he can enlighten you with the details of each case, and he will be the best one to assess which one can work for you.
Bankruptcy Lawyer San Bernardino – To have the right bankruptcy lawyer in San Bernardino, ask The Travis Law Firm for they have the best ones around.
Bankruptcy Lawyer
