Bankruptcy Debts That Can And Can’t Be Eliminated
Deciding to file for bankruptcy can completely affect your life. With tough economic times, it is becoming more common for people to find no other option. You should understand a few items before taking such a huge step. All of your debt won't be eliminated just because you file for bankruptcy. Credit card debt will be gone but there are still a few things that will remain. You will also have to take into consideration whether filing for Chapter 13 or Chapter 7 is good for you.
For most people wiping out their debt quickly and easily with bankruptcy seems like the best way to go. Unfortunately, this isn't normally the case. Bankruptcy won't necessarily clear everything. When it comes to homes, bankruptcy will clear the debt but not the lien. Your property can still be repossessed even filing for bankruptcy. Tax dues and student loans are also really hard to wipe out when filing for bankruptcy. Unpaid tax dues are impossible to get out of unless you meet difficult requirements. Student loans are just as difficult to get out of unless you can prove paying the debt will cause you undue hardships. Regardless of bankruptcy, you will also not get out of alimony support or child support.
Many items can be eliminated with bankruptcy. Items that are unsecured and credit card payments are a few of them. This is when bankruptcy comes in handy. This will prevent harassment from collection agencies and credit card companies trying to call you. All phone calls and letters will be put to a total stop. It can also halt repossession on autos or a foreclosure on your house. These items will be determined by what style of bankruptcy chapter you decide on.
Filing for Chapter 13 can halt your home from being foreclosed on. There are requirements such as having a large enough income to make payments on your new mortgage bill. This will also allow you to keep any non-exempt belongings. Filing Chapter 7 will still leave you with some non-dis-chargeable debt. You will not be cleared from paying off legal fines, personal injury payments that were your fault, or even car tickets.
Although it is possible to file bankruptcy all on your own, it is good to hire a professional attorney. Hiring a professional who knows the laws will help you decide which chapter is best for you. If you live in the Southern California region, you can find help with a Woodland Hills bankruptcy attorney or a Tarzana bankruptcy attorney, who will understand how to handle your individual case. Hiring the right attorney to work for you will be important.
For most people wiping out their debt quickly and easily with bankruptcy seems like the best way to go. Unfortunately, this isn't normally the case. Bankruptcy won't necessarily clear everything. When it comes to homes, bankruptcy will clear the debt but not the lien. Your property can still be repossessed even filing for bankruptcy. Tax dues and student loans are also really hard to wipe out when filing for bankruptcy. Unpaid tax dues are impossible to get out of unless you meet difficult requirements. Student loans are just as difficult to get out of unless you can prove paying the debt will cause you undue hardships. Regardless of bankruptcy, you will also not get out of alimony support or child support.
Many items can be eliminated with bankruptcy. Items that are unsecured and credit card payments are a few of them. This is when bankruptcy comes in handy. This will prevent harassment from collection agencies and credit card companies trying to call you. All phone calls and letters will be put to a total stop. It can also halt repossession on autos or a foreclosure on your house. These items will be determined by what style of bankruptcy chapter you decide on.
Filing for Chapter 13 can halt your home from being foreclosed on. There are requirements such as having a large enough income to make payments on your new mortgage bill. This will also allow you to keep any non-exempt belongings. Filing Chapter 7 will still leave you with some non-dis-chargeable debt. You will not be cleared from paying off legal fines, personal injury payments that were your fault, or even car tickets.
Although it is possible to file bankruptcy all on your own, it is good to hire a professional attorney. Hiring a professional who knows the laws will help you decide which chapter is best for you. If you live in the Southern California region, you can find help with a Woodland Hills bankruptcy attorney or a Tarzana bankruptcy attorney, who will understand how to handle your individual case. Hiring the right attorney to work for you will be important.
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