Struggling to remain afloat under insurmountable debts can push you into considering the benefits of seeking bankruptcy relief. A successful petition can see debts like medical bills, credit cards and other unsecured debts discharged. This will give you some room to breathe and begin rebuilding your financial life. If you need the services of a bankruptcy lawyer Snellville GA is an ideal place to begin your research.
While there are debts that can be erased through bankruptcy, there are those that cannot be discharged. Unpaid taxes and custom duties will in most cased still have to be paid. There are rare scenarios when the tax debts of a petitioner are more than three years old and meet certain standards described in bankruptcy laws. In these rare cases, both back taxes and custom duties may be discharged.
Chapter 7 of the bankruptcy laws categorically excludes child support and alimony arrears from discharge. You could however get to restructure payments if you file under Chapter 13. When it comes to student loans, you will have to eventually get your debt paid. This is unless you can provide convincing facts that demonstrate your inability to pay without getting into unbearable financial trouble.
Secured loans include a lien on a property that serves as security. This means that loans like mortgages cannot be discharged by filing for bankruptcy. Even though filing a petition gives the lender enough reason to repossess your home, you may retain ownership if the equity of the property is lower than the amount allowed by the law.
Lawsuit debts are also not erased during bankruptcy proceedings. This is more so the case if the debts in question stem from fraud charges, recklessness that attracted a personal injury lawsuit or theft. Auto loans also have to be settled and if you are unable to continue making the needful payments, your lender will be allowed to repossess your car. You may however get into an agreement that involves paying a portion of the debt in order to keep the automobile.
Your petition will focus on debts that belong to you. This means that debts in the name of someone else will neither be considered nor discharged. This includes the debts of your kids, spouse or any other person. In case a loved one is struggling to clear debts under his or her name, they should initiate their own proceedings and get declared bankrupt.
When you are drowning in money problems, the option of making new credit card purchases may seem appealing. Unfortunately, debts incurred just before filing a petition do not get discharged. In any case, such debts can even force the courts to deny your petition.
The hunt for an ideal lawyer to represent you when filing for bankruptcy will not be easy. It is in your best interests to do a keen research and find a specialist that you can trust with your case and your future. Any ideal expert will begin by analyzing your situation in detail and providing invaluable guidance on the type of bankruptcy that you should file for.
While there are debts that can be erased through bankruptcy, there are those that cannot be discharged. Unpaid taxes and custom duties will in most cased still have to be paid. There are rare scenarios when the tax debts of a petitioner are more than three years old and meet certain standards described in bankruptcy laws. In these rare cases, both back taxes and custom duties may be discharged.
Chapter 7 of the bankruptcy laws categorically excludes child support and alimony arrears from discharge. You could however get to restructure payments if you file under Chapter 13. When it comes to student loans, you will have to eventually get your debt paid. This is unless you can provide convincing facts that demonstrate your inability to pay without getting into unbearable financial trouble.
Secured loans include a lien on a property that serves as security. This means that loans like mortgages cannot be discharged by filing for bankruptcy. Even though filing a petition gives the lender enough reason to repossess your home, you may retain ownership if the equity of the property is lower than the amount allowed by the law.
Lawsuit debts are also not erased during bankruptcy proceedings. This is more so the case if the debts in question stem from fraud charges, recklessness that attracted a personal injury lawsuit or theft. Auto loans also have to be settled and if you are unable to continue making the needful payments, your lender will be allowed to repossess your car. You may however get into an agreement that involves paying a portion of the debt in order to keep the automobile.
Your petition will focus on debts that belong to you. This means that debts in the name of someone else will neither be considered nor discharged. This includes the debts of your kids, spouse or any other person. In case a loved one is struggling to clear debts under his or her name, they should initiate their own proceedings and get declared bankrupt.
When you are drowning in money problems, the option of making new credit card purchases may seem appealing. Unfortunately, debts incurred just before filing a petition do not get discharged. In any case, such debts can even force the courts to deny your petition.
The hunt for an ideal lawyer to represent you when filing for bankruptcy will not be easy. It is in your best interests to do a keen research and find a specialist that you can trust with your case and your future. Any ideal expert will begin by analyzing your situation in detail and providing invaluable guidance on the type of bankruptcy that you should file for.
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You can find a summary of the advantages you get when you consult a bankruptcy lawyer Snellville GA area at http://www.ajmitchlaw.com/attorney right now.
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