The decision to file bankruptcy is a serious decision, but it is a decision that could make a new beginning, if there is no other way out. Bankruptcy is a legitimate way to satisfy the unsecured debt, which may provide a debtor overwhelmed by a new beginning. You may be able to keep the house in progress and your car after filing bankruptcy. The law firm, such as the Malaise Law firm with lawyers specializing in bankruptcy law in San Antonio can help you decide if bankruptcy is right for your situation. If the decision is to file for bankruptcy, explain the advantages and disadvantages of the two types of bankruptcy for individuals, Chapter 7 and Chapter 13.
Chapter 7 is what most people usually think as bankruptcy. In Chapter 7 bankruptcy, a debtor,,,, s non-exempt assets are liquidated or sold with the proceeds used to pay unsecured debts such as credit cards, mortgages, bills and medicine. In most cases, people do not lose any property of the bankruptcy and unsecured creditors get nothing. Several months after filing for bankruptcy is discharged the debts and unsecured creditors can never collect the debt. A secured creditor can always apply a constraint to the recovery of property secured by the lien.
Chapter 13 bankruptcy is a reorganization or debt consolidation. If the debtor has a regular monthly income, debts, including outstanding loans, car payments, credit card bills, medical bills, loans, student loans, etc. combined into one low monthly payment. Since the debtor pays back creditors through a payment plan, the debtor does not risk losing their property that may under Chapter 7 of the Bankruptcy Act. During the creditor plan ‘reimbursement can contact the debtor previously submitted by Debtor,,,, s lawyer and the bankruptcy court.
Millions of people file for bankruptcy in 2007 for the Fresh Start in need. Contrary to popular belief, the claim is permanently damaged and you can still obtain credit after the bankruptcy filing. During the illness law firm, our lawyers in San Antonio bankruptcy have over 40 years of experience helping people file for bankruptcy, carrying two certified lawyers. We have our focus on helping our clients do what is in their interests and needs of our clients always come first.
The firm handles Malaise Law of residents of San Antonio, Houston, Dallas, Fort Worth, Corpus Christi, Harlingen, Brownsville and McAllen, Texas, with all legal requirements, including bankruptcy. If you want to see what we can do to help with the discomfort Law Office today at www. malaiselawfirm. com / contact or call 1-800-BANKRUPT immediate assistance.
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