Need bankruptcy help? A lot of people do not like to hear it, but if you need bankruptcy help, the best place to find help is to turn to the professionals. Contact a bankruptcy attorney. Here's why.
Bankruptcy, whether personal bankruptcy or business bankruptcy, is very detailed, technical, and can be complicated. A lawyer who handles personal bankruptcy is trained to consider all of the following areas which are interwoven:
A Person's Qualification For Bankruptcy:
Personal bankruptcy includes both Chapter 7 bankruptcy and Chapter 13 Bankruptcy. These are different laws and procedures and they deal with debts and property in different ways. People must qualify for bankruptcy and the qualifications are different for each type of bankruptcy.
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A Person's Debts:
A person's debts are either secured or unsecured. Secured debts may be either voluntary (such as a car or house loan) or may imposed by law (such as a judgment or tax lien). The different types of debts are treated differently in each of the two types of personal bankruptcy.
A Person's Property:
The type of bankruptcy, type of property, amount of property, and whether or not property secures a debt, all affect the results of a personal bankruptcy. A debtor may or may not lose property in the bankruptcy process.
Motions To Avoid Liens:
During a Chapter 7 bankruptcy process, a debtor can file a Motion To Avoid Liens on certain personal property. This has the effect of allowing a debtor to keep the property, but not pay the debt. There are restrictions on Motion To Avoid Liens and it does not apply to loans used to purchase property.
Motions To Avoid Judicial Liens:
Some debtors have been sued and have judgments against them. Normally, these judgments need to be paid before real property (such as a house) can be sold. However, a debtor can file a Motion To Avoid Judicial Liens and remove the judgment from its attachment to real property (such as a house) and not pay the judgment debt.
Reaffirmation Agreements:
There are times when a debtor wants to reaffirm a debt and it is in the debtors best interest to do so. Because bankruptcy is to help a debtor get rid of debt, there are requirements to be satisfied before a bankruptcy court will approve a reaffirmation agreement.
Reduce To Present Day Value:
In a Chapter 13 bankruptcy, under certain conditions, a secured debt can be reduced to the present day value of the property. This is applicable in some cases where the debt is a great deal more than the value of the property. The debtor can keep the property and pay less for it.
The above is a simple statement of what may be done in bankruptcy. Different actions are applicable in different situations and different criteria must be satisfied. Anyone considering filing bankruptcy and looking for bankruptcy help needs to talk with a bankruptcy attorney. Only a bankruptcy lawyer is trained to understand how each thing affect other things.
This is general information. If you need specific information or have any questions of any nature whatsoever, talk with a lawyer licensed in your state.
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