Consumers have certain habits, which if left unchecked, can lead to bankruptcy. For instance, many people often charge their credit cards whenever they come across something nice they would like to have. Others normally borrow personal loans and car loans they are not able to afford to repay comfortably. With time, these habits can lead to bankruptcy. When you want to file for bankruptcy, be sure to hire a chapter 7 Oakland lawyer to advise and guide you throughout the process.
This type of bankruptcy provides for liquidation of assets owned by the debtor. The proceeds of the sale, no matter how meager, is what is used to settle their debts. After the funds have been distributed among the creditors, all unpaid debts are forgiven.
It is important to note this option is meant for both individual consumers and businesses, so anyone can apply. The only requirement that applicants must fulfill is to provide proof of lack of sufficient income. The debts in question must also be acceptable under the bankruptcy act. The value of non-exempt assets owned by the debtor does not matter.
This is the easiest type of bankruptcy to qualify for, which makes it the most popular. As is the case with other bankruptcy chapters, this option will still taint your credit history. This is because the bankruptcy entry will be added to your credit history. This will prevent you from getting a decent job, affordable loans or renting a house/car. As a result, your life will be adversely affected.
The two other types of bankruptcies that are incredibly popular with debtors are chapters 11 and 13. These chapters normally provide for debt restructuring. The debtor simply makes monthly payments to clear their debts. However, if they fail to make these payments, the trustee will liquidate their property under chapter 7 bankruptcy.
The person responsible for overseeing the entire process of liquidating your stuff is the trustee. However, their role is only limited to selling non-exempt items. If you have some items that are exempt, but have a lot of value, the trustee may be tempted to auction it. However, this is illegal, so you need to have a great lawyer to ensure this does not happen.
It is important to note that while the trustee is a neutral party, they can be overzealous. That is why you need a qualified attorney to ensure that your rights are not infringed on. The lawyer will ensure that no exempt asset is touched. In fact, they can help you retain some assets that are not exempt, but hold little monetary value, but high sentimental value.
When looking for a competent lawyer to help you with the case, the most important factor to consider is experience. Ideally, you should hire the most experienced lawyer you can find in the city. Secondly, you need to check the reputation of the shortlisted lawyers to identify the most reputable one. The ideal attorney should also charge affordable legal fees. After all, money is a big issue right now. To narrow down the search further, be sure to check the ratings of the shortlisted lawyers to make an informed decision.
This type of bankruptcy provides for liquidation of assets owned by the debtor. The proceeds of the sale, no matter how meager, is what is used to settle their debts. After the funds have been distributed among the creditors, all unpaid debts are forgiven.
It is important to note this option is meant for both individual consumers and businesses, so anyone can apply. The only requirement that applicants must fulfill is to provide proof of lack of sufficient income. The debts in question must also be acceptable under the bankruptcy act. The value of non-exempt assets owned by the debtor does not matter.
This is the easiest type of bankruptcy to qualify for, which makes it the most popular. As is the case with other bankruptcy chapters, this option will still taint your credit history. This is because the bankruptcy entry will be added to your credit history. This will prevent you from getting a decent job, affordable loans or renting a house/car. As a result, your life will be adversely affected.
The two other types of bankruptcies that are incredibly popular with debtors are chapters 11 and 13. These chapters normally provide for debt restructuring. The debtor simply makes monthly payments to clear their debts. However, if they fail to make these payments, the trustee will liquidate their property under chapter 7 bankruptcy.
The person responsible for overseeing the entire process of liquidating your stuff is the trustee. However, their role is only limited to selling non-exempt items. If you have some items that are exempt, but have a lot of value, the trustee may be tempted to auction it. However, this is illegal, so you need to have a great lawyer to ensure this does not happen.
It is important to note that while the trustee is a neutral party, they can be overzealous. That is why you need a qualified attorney to ensure that your rights are not infringed on. The lawyer will ensure that no exempt asset is touched. In fact, they can help you retain some assets that are not exempt, but hold little monetary value, but high sentimental value.
When looking for a competent lawyer to help you with the case, the most important factor to consider is experience. Ideally, you should hire the most experienced lawyer you can find in the city. Secondly, you need to check the reputation of the shortlisted lawyers to identify the most reputable one. The ideal attorney should also charge affordable legal fees. After all, money is a big issue right now. To narrow down the search further, be sure to check the ratings of the shortlisted lawyers to make an informed decision.
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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.
