It is incredibly easy to fall into a heap of debt. All you need to do is charge several credit cards regularly, get a car loan, borrow a personal loan, get a mortgage and go on fancy vacations that you cannot afford. Soon, you will come to discover that your salary is not enough to cover your living expenses and service these loans. The late payment penalties and interest charged on your debt will increase the outstanding debt significantly. In the end, your only option may be to file a chapter 7 Oakland.
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 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.
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.
If you have been declared bankrupt under chapters 11 or 13, which normally provide for debt reorganization, but you fail to honor the terms of the repayment plan you proposed, your property will be liquidated under this chapter. This is perhaps the reason why it is often considered the default bankruptcy option. Therefore, it is important you honor the repayment plan.
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.
While the trustee may be a neutral party, they can commit illegalities, such as selling items that are exempt by state or federal bankruptcy exemptions. To ensure that these assets are not touched, you should have your attorney by your side. The best thing about hiring a competent lawyer is that they can negotiate with the trustee to ensure that any non-exempt item with little monetary value does not get auctioned off.
When searching for a suitable attorney, the key factor of consideration is experience. You want to be represented by the most experienced attorney you can find. The ideal attorney should also have a great reputation in the industry and charge competitive rates for their services. Be sure to start your search with a shortlist of the top-rated lawyers operating in the city. You can easily narrow down the search by comparing these attorneys to identify the best one for your needs.
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 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.
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.
If you have been declared bankrupt under chapters 11 or 13, which normally provide for debt reorganization, but you fail to honor the terms of the repayment plan you proposed, your property will be liquidated under this chapter. This is perhaps the reason why it is often considered the default bankruptcy option. Therefore, it is important you honor the repayment plan.
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.
While the trustee may be a neutral party, they can commit illegalities, such as selling items that are exempt by state or federal bankruptcy exemptions. To ensure that these assets are not touched, you should have your attorney by your side. The best thing about hiring a competent lawyer is that they can negotiate with the trustee to ensure that any non-exempt item with little monetary value does not get auctioned off.
When searching for a suitable attorney, the key factor of consideration is experience. You want to be represented by the most experienced attorney you can find. The ideal attorney should also have a great reputation in the industry and charge competitive rates for their services. Be sure to start your search with a shortlist of the top-rated lawyers operating in the city. You can easily narrow down the search by comparing these attorneys to identify the best one for your needs.
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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