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Debts can be as different as day and night in the eyes of the law. You therefore want to get conversant with the different types of creditor claims before you start the process of filing for bankruptcy. You want to know what relief will mean for you and the various debts that you must pay and those that can be discharged. When filing for bankruptcy Santa Cruz could provide you with a reliable number of highly regarded lawyers.
The courts will consider debts based on whether they are unsecured, secured or priority claims. It remains vital for you to get well acquainted with the different types of creditor claims and how they will affect the overall outcome of your matter. A competent lawyer will be able to dispense guidance and generally ensure that you have in-depth understanding of all the claims being made.
Secured claims refer to debts that have a lien placed on a specific property. Such debts include car loans, mortgages and property taxes just to mention a few. Even though bankruptcy can get rid of your liability for these debts, it will not remove the lien. In case you fail to pay the debt, then the creditor will be legally allowed to take the asset from your possession.
Unsecured claims are debts that have no security placed against them. Examples of unsecured loans include credit card bills, medical bills, personal loans and also student loans. The good news is that unsecured claims can be written off by filing for bankruptcy. However, you will need to first prove that getting these credits settled would throw you into the kind of financial nightmare that you are not likely to recover from. Unfortunately, you cannot get unsecured loans discharged if you file under chapter 7 or 13.
Finally, there are priority claims. These are unsecured debts that cannot be discharged through bankruptcy. They include tax obligations, child support and also alimony just to mention a few. These debts will always need to be settled before you can settle things out with other creditors. Even though priority claims cannot be wiped out, it is possible to include them in the repayment plan if you are filing for debt relief under Chapter 13.
Getting declared bankrupt will not happen overnight. Then again each chapter comes with a special set of complexities that may make it challenging for one to file a successful case. If getting declared bankrupt is really important to you, then you must not underestimate the importance of working with an experienced attorney.
Most people know about chapter 7 and 13. You however have various other options including chapter 12, 9 and 11. Your attorney will scrutinize your situation in detail before informing you about the chapters that could work in your best interests.
It remains crucial for you to find a top rated local attorney. After all, the outcome of your case may depend highly on the proficiency levels of the legal representative you hire. Begin by using online resources to find specialists who have a good standing within your area and also seek recommendations and referrals from other people. You need to find an attorney with reliable levels of expertise.
The courts will consider debts based on whether they are unsecured, secured or priority claims. It remains vital for you to get well acquainted with the different types of creditor claims and how they will affect the overall outcome of your matter. A competent lawyer will be able to dispense guidance and generally ensure that you have in-depth understanding of all the claims being made.
Secured claims refer to debts that have a lien placed on a specific property. Such debts include car loans, mortgages and property taxes just to mention a few. Even though bankruptcy can get rid of your liability for these debts, it will not remove the lien. In case you fail to pay the debt, then the creditor will be legally allowed to take the asset from your possession.
Unsecured claims are debts that have no security placed against them. Examples of unsecured loans include credit card bills, medical bills, personal loans and also student loans. The good news is that unsecured claims can be written off by filing for bankruptcy. However, you will need to first prove that getting these credits settled would throw you into the kind of financial nightmare that you are not likely to recover from. Unfortunately, you cannot get unsecured loans discharged if you file under chapter 7 or 13.
Finally, there are priority claims. These are unsecured debts that cannot be discharged through bankruptcy. They include tax obligations, child support and also alimony just to mention a few. These debts will always need to be settled before you can settle things out with other creditors. Even though priority claims cannot be wiped out, it is possible to include them in the repayment plan if you are filing for debt relief under Chapter 13.
Getting declared bankrupt will not happen overnight. Then again each chapter comes with a special set of complexities that may make it challenging for one to file a successful case. If getting declared bankrupt is really important to you, then you must not underestimate the importance of working with an experienced attorney.
Most people know about chapter 7 and 13. You however have various other options including chapter 12, 9 and 11. Your attorney will scrutinize your situation in detail before informing you about the chapters that could work in your best interests.
It remains crucial for you to find a top rated local attorney. After all, the outcome of your case may depend highly on the proficiency levels of the legal representative you hire. Begin by using online resources to find specialists who have a good standing within your area and also seek recommendations and referrals from other people. You need to find an attorney with reliable levels of expertise.
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Get an overview of the factors to keep in mind when choosing a bankruptcy Santa Cruz attorney and more information about an experienced lawyer at http://www.centralcoastbankruptcy.com now.
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