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Consumers can easily fall into a cycle of debt that is hard to get out of. Having several debt obligations, such as credit card debts, personal loans, a mortgage, large car loan and student loans can weigh you down. If you find yourself unable to service your debts accordingly, you will need to hire a competent lawyer to help you file a bankruptcy petition in court. A chapter 7 Oakland residents should know, can help them get debt forgiveness.
This bankruptcy chapter provides for liquidation of valuables and property owned by the debtor. After the liquidation, the proceeds are distributed among all the creditors based on their fraction of the total debt. After the process, the debtor is forgiven of all unpaid debts.
It is important to note that both corporates and individual debtors can file for bankruptcy under this chapter. The lack of income is perhaps the only requirement that debtors need to fulfill. Please note that the assets of the debtor, no matter the value, is what will be auctioned off to pay their debts.
Anyone who does not have a reliable income source can file for bankruptcy under this option. This includes both individuals and businesses. The downside of this bankruptcy option is that it will taint your credit history and lower your chances of getting a decent job, if you are looking for one. It will also be much more challenging to get get a cheap loan. Renting a car or house will also not be easy.
When you are declared bankrupt under a different bankruptcy provision, such as chapters 13 or 11, you have to honor the terms and conditions of that bankruptcy option. If not, your assets will be liquidated under this bankruptcy chapter. After all, chapter 7 is considered the default type of bankruptcy.
The court-appointed trustee is usually the person responsible for the bankruptcy process. After being appointed, the trustee will start accounting for all the non-exempt assets you own, do a valuation and make arrangements for the auction. During the auction, all non-exempt assets will be sold. On the other hand, all exempt assets will not be touched.
A trustee can either be a financial or legal expert with a lot of experience handling bankruptcy cases. They are supposed to be neutral, but they may not be at times. That is why you need to have legal counsel by your side to ensure the trustee acts with neutrality. For instance, the lawyer will ensure the trustee only liquidates items that have not been exempted from the bankruptcy proceedings.
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 bankruptcy chapter provides for liquidation of valuables and property owned by the debtor. After the liquidation, the proceeds are distributed among all the creditors based on their fraction of the total debt. After the process, the debtor is forgiven of all unpaid debts.
It is important to note that both corporates and individual debtors can file for bankruptcy under this chapter. The lack of income is perhaps the only requirement that debtors need to fulfill. Please note that the assets of the debtor, no matter the value, is what will be auctioned off to pay their debts.
Anyone who does not have a reliable income source can file for bankruptcy under this option. This includes both individuals and businesses. The downside of this bankruptcy option is that it will taint your credit history and lower your chances of getting a decent job, if you are looking for one. It will also be much more challenging to get get a cheap loan. Renting a car or house will also not be easy.
When you are declared bankrupt under a different bankruptcy provision, such as chapters 13 or 11, you have to honor the terms and conditions of that bankruptcy option. If not, your assets will be liquidated under this bankruptcy chapter. After all, chapter 7 is considered the default type of bankruptcy.
The court-appointed trustee is usually the person responsible for the bankruptcy process. After being appointed, the trustee will start accounting for all the non-exempt assets you own, do a valuation and make arrangements for the auction. During the auction, all non-exempt assets will be sold. On the other hand, all exempt assets will not be touched.
A trustee can either be a financial or legal expert with a lot of experience handling bankruptcy cases. They are supposed to be neutral, but they may not be at times. That is why you need to have legal counsel by your side to ensure the trustee acts with neutrality. For instance, the lawyer will ensure the trustee only liquidates items that have not been exempted from the bankruptcy proceedings.
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.
About the Author:
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.
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