Most secured debts such as house and car payments cannot be eliminated

Most secured debts such as house and car payments cannot be eliminated in bankruptcy without surrendering (giving back) the house or car to your creditor. Also most recent taxes that you owe cannot be eliminated (with very few exceptions). Some older taxes, under certain circumstance, may be eliminated. Also most student loans, child support, and alimony can not be eliminated. If you owe someone money because you were driving while intoxicated, and injured that person, the debt usually cannot be eliminated in Bankruptcy. Also if you have committed fraud on your creditors, or you have "run up" the credit cards immediately before filing, normally that debt cannot be eliminated in Bankruptcy.

Eliminating legal obligation:

claiming for bankruptcy allows you to get rid of some of your debts, which in technical terms is called discharge of debts. The basic objective is to shrink the amount of debts so as to make a fresh beginning. Whichever method you use, that is declaring straight bankruptcy under chapter seven or bankruptcy through reorganization under chapter thirteen, a major chunk of your debts can be cleared out.

Beware when Filing Yourself.

Bankruptcy paperwork seems simple enough, especially since the changes to bankruptcy law in 2005. It is very tempting to do it yourself. You may feel that you have nothing to lose, or you may simply be the sort of person who often does his own work.

Preventing foreclosures:

when your house is at the stake, with the foreclosure approaching, claiming bankruptcy under chapter thirteen will stop the foreclosure. However your mortgages dont get eliminated, rather a restructured plan is put forward to allow you to pay back for your mortgage arrears. Then your home is on the verge of foreclosure, the utility bills may also get terminated; but claiming for bankruptcy will take care that nothing of the sort happens.

Preventing assets from being repossessed:

when you have skipped out on payments and the lender repossesses your assets, claiming for bankruptcy can force them to return your assets, provided bankruptcy claiming is carried out quickly. In accordance with the chapter thirteen bankruptcy plan, the missed out payments will be consolidated. From then on all your payments to the finance company will be routed through the trustee of your chapter-thirteen bankruptcy.

Reducing or eliminating medical bills:

some serious illness or an unfortunate accident can sometimes wreck the whole family and its finances. The families may find it difficult to keep up with the payments of the medical bills as well as the other debts. In such cases claiming a bankruptcy under chapter seven can help them in making major reductions to their medical bills.

Filing bankruptcy is stressful, and it is not easy.

The decision as to whether to use an attorney should be taken very seriously. After all you will have many questions throughout the process and if you mess up badly, your case could end up being dismissed altogether. Because of the long-term legal and financial consequences, you need to strongly consider obtaining sound legal advice. Please Apply online Only for a FREE debt consultation Online Only Click Here

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