When someone has gone deeply into debt, there are legal ways to manage the situation. As a Loveland bankruptcy attorney will inform you, it is possible to file Chapter 7 or Chapter 13 petitions for debt relief. Property will be sold to repay a portion of the debt under the Chapter 7.
The debtor is relieved of the debt that remains. Exceptions do exist and they are different in each state. Federal Court has jurisdiction over proceedings. There are some things relating to each case that fall under state laws.
An individual can file no more than once in eight years. When assets are liquidated, there are some exemptions. In addition to Social Security and unemployment payments, some household goods might be considered. It may be different from state to state.
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.
The details will help your Loveland bankruptcy attorney decide what kind of petition to file on your behalf. If it is accepted by the court, a schedule of payments will be set up. You will make payments to a trustee. Your attorney will advise you on the procedure you are required to follow.
The debtor is relieved of the debt that remains. Exceptions do exist and they are different in each state. Federal Court has jurisdiction over proceedings. There are some things relating to each case that fall under state laws.
An individual can file no more than once in eight years. When assets are liquidated, there are some exemptions. In addition to Social Security and unemployment payments, some household goods might be considered. It may be different from state to state.
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.
The details will help your Loveland bankruptcy attorney decide what kind of petition to file on your behalf. If it is accepted by the court, a schedule of payments will be set up. You will make payments to a trustee. Your attorney will advise you on the procedure you are required to follow.
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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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