subject: Santa Cruz Bankruptcy Advocate At Your Assistance [print this page] Are you in over your head in credit card debt? Is your phone always ringing from creditors? Are you unsure of where to turn? A Santa Cruz Bankruptcy lawyer may have the answers you need. A Santa Cruz Bankruptcy attorney can give you the help you need with any bankruptcy matter. The attorney will guide you through the process and explain the laws and functions of the case. They can give you relief from pressing debt.
Your bankruptcy lawyer can give you the information about five different chapters of bankruptcy. They will decide which best suits your case. Chapter 7 is one most people are familiar with as bankruptcy. There are other options like Chapters 9, 11, 12, and 13. Each deal comes with debt or rehabilitation, involving court-approved plans and payment plan schedules. Your bankruptcy lawyer can help you decide which plan is best for you and help you through the process.
Chapter 7 is also known as "straight bankruptcy". It is the one most people think of when they think of bankruptcy. This involves liquidating all of your assets and using the money towards paying off your debts. At the end of the process, you will be declared free of all debts owed.
A chapter 9 is a federal process for resolving municipal debts. This includes cities, villages, towns, school districts and counties. Chapter 11 is similar to Chapter 9 except that it is for commercial businesses. The business is allowed to keep running while repaying its debts to its creditors.
Chapter 12 gives much needed relief to family farmers. Your Santa Cruz attorney can submit a debt relief plan that is stretched out over three years. If this is not long enough, the court can approve an extension up to five years.
To both consumers and individuals, Chapter 13 can give much needed debt relief. Most widely used, Chapter 13 allows you to keep valuable assets, like your home and car, while still paying off your debts. This plan of action will be considered at a confirmation hearing and will be either approved or disapproved.
