At one given point in life, you will face some financial constraints. When this happens the number of debts you have increased since you are not able to make payments. With so many advertisers bringing new products in the market, you want to stay up to date with the latest trends. Impulsive buying can put you into debts. People who use credit cards to buy things will have to pay higher rates when the monthly bills have not been made. If you have accumulated so many debts, it is high time you go for chapter 7 Oakland.
Apart from the reasons discussed above debts can be a result of divorce and losing a job. If your job was the only source of income, you will no longer have money and this will force you to live on credit. The fee for paying a lawyer who is handling the divorce case is also another burden.
When the creditors start calling you and harassing you with emails and newsletters, it is high time you explore the available debt relief options. You should speak to a qualified attorney so that you know what your options are. You can file for bankruptcy or any other strategies.
When you use chapter 7 bankruptcy, you are likely to get relieved from some of the debts. Before this can happen, it is very important that you evaluate your situation very keenly and all goals so that you can be sure that it will work for you. The next step should be filing a petition with the court and give details of financial affairs and transactions.
All the creditors must be met. This should be done immediately after the petition has been filled. If 30 days are over before you organize the meeting, it will be too late. It is therefore important to observe this timeline. The meeting is just a type of administrative hearing that only calls for the presence of a trustee and not the judge. Different cases will have a different number of creditors.
In this case, most important decisions are made by a trustee. Each party has a freedom to make points but the final outcome is given by the trustee. Apart from the only assets that are exempted, the other property must be sold. The money given to the creditors is what has been collected from the sold assets. Money received from exempted materials will be given to the debtor.
There are some other cases where the party might want to keep the property. This is also allowed in chapter 7 provided that you are current with payments on the assets. The trustee is an equal party who tries to see that the interests of both parties are protected.
The procedure followed is brief. If it takes very long it will only take three months. During this time the petition is completed and all other procedures without any delays. All the debts you have will be settled. Depending on what the judge decides, some will be paid while others will be settled. You will have more peace of mind knowing that you can now begin a new page in life. Make sure that your lawyer is involved in each step.
Apart from the reasons discussed above debts can be a result of divorce and losing a job. If your job was the only source of income, you will no longer have money and this will force you to live on credit. The fee for paying a lawyer who is handling the divorce case is also another burden.
When the creditors start calling you and harassing you with emails and newsletters, it is high time you explore the available debt relief options. You should speak to a qualified attorney so that you know what your options are. You can file for bankruptcy or any other strategies.
When you use chapter 7 bankruptcy, you are likely to get relieved from some of the debts. Before this can happen, it is very important that you evaluate your situation very keenly and all goals so that you can be sure that it will work for you. The next step should be filing a petition with the court and give details of financial affairs and transactions.
All the creditors must be met. This should be done immediately after the petition has been filled. If 30 days are over before you organize the meeting, it will be too late. It is therefore important to observe this timeline. The meeting is just a type of administrative hearing that only calls for the presence of a trustee and not the judge. Different cases will have a different number of creditors.
In this case, most important decisions are made by a trustee. Each party has a freedom to make points but the final outcome is given by the trustee. Apart from the only assets that are exempted, the other property must be sold. The money given to the creditors is what has been collected from the sold assets. Money received from exempted materials will be given to the debtor.
There are some other cases where the party might want to keep the property. This is also allowed in chapter 7 provided that you are current with payments on the assets. The trustee is an equal party who tries to see that the interests of both parties are protected.
The procedure followed is brief. If it takes very long it will only take three months. During this time the petition is completed and all other procedures without any delays. All the debts you have will be settled. Depending on what the judge decides, some will be paid while others will be settled. You will have more peace of mind knowing that you can now begin a new page in life. Make sure that your lawyer is involved in each step.
About the Author:
You can find an overview of the advantages you get when you consult a Chapter 7 Oakland attorney at http://www.centralcoastbankruptcy.com/chapter-7.html right now.
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