Find Out What Bankruptcy Help San Mateo Can Offer

Many people will consider filing bankruptcy when they are facing a lot of debt

. Understanding the kind of debt that may or may not be discharged is important. For instance, a Chapter 7 or 13 works well for eliminating your debt from credit cards. However, things like child support and student loans cannot be discharged in bankruptcy. If you are faced with debt find out what bankruptcy help San Mateo has to offer.

Folks who face serious financial problems may find relief from filing bankruptcy. As stated, there are certain things this remedy can and cannot do for you. In certain cases filing a Chapter 7 will not help you but a Chapter 13 will. An attorney can help you understand what type of filing is appropriate in your situation.

You need to know what debt liquidation means for you. If you have a lot of credit card debts, this will successfully eliminate them. Keep in mind that if you have secured credit cards you cannot discharge the debt. This is because the debt has been secured by the purchases you made using the card. The creditors have the right to repossess the property. Only unsecured credit card debt or other unsecured debts can be eliminated.

The Chapter 7 filing will completely wipe out your unsecured debts. The Chapter 13, however, is a reorganization of your debt that may require you to pay back a portion of your debts that are unsecured. Keep in mind, however, that if any unsecured debt remains after completion of the repayment plan, it is discharged.

Filing stops creditors from harassing and taking collections action. Upon filing your petition an automatic stay is issued. This stay means that creditors need to stop any attempts on collecting a debt. If any creditor continues to send collection letters or contact you by phone, you need to contact your lawyer. In addition, call your lawyer if there is an attempt to repossess your vehicle or foreclose on your home mortgage.

A lien imposed by a creditor entails them to take back their property. The creditor lien will survive a liquidation of debt filing and you can find yourself dealing with your creditor if you do not take action. Speak with your attorney who knows the procedure to use to stop this type of situation from happening.

Understand that bankruptcy will not keep a secured creditor from taking back property. You cannot include child support, student loans, or alimony in your case. Also, bankruptcy cannot be used to get rid of a tax debt you may have. Court fines and penalties for violation of laws, and debts that are related to the death or injury of another as the result of driving while under the influence, cannot be included in the filing and eliminated.

Each situation varies and needs to be assessed by someone who is well versed in the law. A professional will be able to determine what type of case you need to file. If you are thinking about what remedies may be at your disposal, you may want to the bankruptcy help San Mateo can provide.

by: Tracy Narvaez

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