Don’t Lose Your Home! Contact a Bankruptcy Attorney Today!
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by: Tom Moss
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The decision to file
bankruptcy is a serious decision but it is a decision that can give you a fresh
start if there is no other way out. Bankruptcy is a legal way to discharge
unsecured debt that can provide an overwhelmed debtor with a new beginning. It
may be possible to keep your present home and your car after filing bankruptcy.
A law firm such as the Malaise Law Firm, with attorneys skilled in San Antonio bankruptcy law can help
you decide if bankruptcy is the correct decision for your particular situation.
If the decision is made to file bankruptcy, they will explain to you the pros
and cons of the two types of bankruptcy available to individuals, Chapter 7 and
Chapter 13.
Chapter 7
is what most people usually think of as bankruptcy. In Chapter 7
bankruptcy, a debtor’s non-exempt assets are liquidated or sold with the
proceeds used to pay toward unsecured debts such as credit cards, loans, and
medical bills. In the majority of bankruptcy cases people do not lose any
property and the unsecured creditors get nothing. Several months after
filing bankruptcy the unsecured debts are discharged and the creditors can
never collect on the debt. A secured creditor may still enforce a lien to
recover property secured by the lien.
Chapter 13 is
a debt reorganization or consolidation bankruptcy. If a debtor has
regular monthly income, their debts including mortgage arrears, car payments,
credit card bills, medical bills, loans, student loans, etc. are combined into
one low monthly payment. Since the debtor is paying back their creditors
through a repayment plan, the debtor does not risk losing their assets as they
may under Chapter 7 bankruptcy laws. During the repayment plan creditors
are prevented from contacting the debtor without first going through the
debtor’s bankruptcy attorney and the court.
Millions of people declared bankruptcy in 2007 to get the fresh
start they needed. Contrary to popular belief, your credit is not
permanently damaged and it is still possible to get credit after filing
bankruptcy. At the Malaise Law Firm,
our San Antonio bankruptcy attorneys have
over 40 years experience helping people file bankruptcy, with two board
certified attorneys. We put our emphasis on helping our clients do what
is in their best interest and our clients needs always come first.
The Malaise Law Firm serves the residents of
Antonio
and
including bankruptcy. If you would like to see what we can do to help you
please contact The Malaise Law firm today at <a href =
"http://www.malaiselawfirm.com/contactus">http://www.malaiselawfirm.com/contactus</a>
or call 1-800-BANKRUPT for immediate assistance.
or call 1-800-BANKRUPT for immediate assistance.
About the Author
Tom Moss writes about Bankruptcy San Antonio laws.
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