As a Loveland bankruptcy attorney can attest, approximately 65 per cent of all petitions are Chapter 7 and Chapter 13. When a Chapter 7 is filed the property must be sold and creditors each paid a portion of what is owed.
The remainder of the debt is excused. Some exceptions exist depending on the state you live in. The procedure is followed according to rules imposed by the judge. A Federal Judge presides, however some state laws are observed.
The individual can file for Chapter 7 only once in an 8 year time span. When assets are liquidated, unemployment and Social Security checks are exempt. Clothing and household goods can be exempt under some state laws.
When Chapter 13 is used no assets are sold. The petitioner agrees to use a part of projected income for debt repayment. Times and amounts for repayment are dependent on income level. A person must have a steady income sufficient to cover debt over a specified period of time.
All debt is to be repaid in a Chapter 13. However, no additional interest can be added to the debt and no utilities can be disconnected while the plan proceeds. To be accepted for the plan the total amount owed must be under a certain amount.
Eligibility for court approval can be determined by a lawyer. Usually a first consultation is free. Do not be embarrassed about allowing your finances to get into such a mess. Details must be presented to the court to have your case approved. Your lawyer is accustomed to clients with financial failure.
Meeting with the Loveland bankruptcy attorney will help you determine if and when you should proceed with filing for debt relief. When your request is approved by the court, you will be given a payment schedule. Each payment is made through a trustee. Follow the regimen of payments until you free yourself from debt.
The remainder of the debt is excused. Some exceptions exist depending on the state you live in. The procedure is followed according to rules imposed by the judge. A Federal Judge presides, however some state laws are observed.
The individual can file for Chapter 7 only once in an 8 year time span. When assets are liquidated, unemployment and Social Security checks are exempt. Clothing and household goods can be exempt under some state laws.
When Chapter 13 is used no assets are sold. The petitioner agrees to use a part of projected income for debt repayment. Times and amounts for repayment are dependent on income level. A person must have a steady income sufficient to cover debt over a specified period of time.
All debt is to be repaid in a Chapter 13. However, no additional interest can be added to the debt and no utilities can be disconnected while the plan proceeds. To be accepted for the plan the total amount owed must be under a certain amount.
Eligibility for court approval can be determined by a lawyer. Usually a first consultation is free. Do not be embarrassed about allowing your finances to get into such a mess. Details must be presented to the court to have your case approved. Your lawyer is accustomed to clients with financial failure.
Meeting with the Loveland bankruptcy attorney will help you determine if and when you should proceed with filing for debt relief. When your request is approved by the court, you will be given a payment schedule. Each payment is made through a trustee. Follow the regimen of payments until you free yourself from debt.
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Click here for a summary of the reasons why you should use the services of a Loveland bankruptcy lawyer, now. You can also get more information about a reputable attorney at http://www.loomisgreene.com today.
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