It is incredibly easy to fall into a heap of debt. All you need to do is charge several credit cards regularly, get a car loan, borrow a personal loan, get a mortgage and go on fancy vacations that you cannot afford. Soon, you will come to discover that your salary is not enough to cover your living expenses and service these loans. The late payment penalties and interest charged on your debt will increase the outstanding debt significantly. In the end, your only option may be to file a chapter 7 Oakland.
Liquidation is another name for this bankruptcy option. To get debt forgiveness, you must be willing to have your property liquidated to get funds to pay off your debts. Once your assets have been auctioned offer, you will be discharged of most of your debts.
This bankruptcy option can be used by both individual debtors and corporates. The only requirement that must be fulfilled is the lack of sufficient income to service the outstanding debts. The value of assets owned by the debtor does not matter as long as they do not have a reliable source of income. The estate could be valued at a few thousand dollars or millions.
Anyone who does not have a reliable income source can file for bankruptcy under this option. This includes both individuals and businesses. The downside of this bankruptcy option is that it will taint your credit history and lower your chances of getting a decent job, if you are looking for one. It will also be much more challenging to get get a cheap loan. Renting a car or house will also not be easy.
If you have been declared bankrupt under chapters 11 or 13, which normally provide for debt reorganization, but you fail to honor the terms of the repayment plan you proposed, your property will be liquidated under this chapter. This is perhaps the reason why it is often considered the default bankruptcy option. Therefore, it is important you honor the repayment plan.
The person responsible for overseeing the entire process of liquidating your stuff is the trustee. However, their role is only limited to selling non-exempt items. If you have some items that are exempt, but have a lot of value, the trustee may be tempted to auction it. However, this is illegal, so you need to have a great lawyer to ensure this does not happen.
A trustee can either be a financial or legal expert with a lot of experience handling bankruptcy cases. They are supposed to be neutral, but they may not be at times. That is why you need to have legal counsel by your side to ensure the trustee acts with neutrality. For instance, the lawyer will ensure the trustee only liquidates items that have not been exempted from the bankruptcy proceedings.
When searching for a suitable attorney, the key factor of consideration is experience. You want to be represented by the most experienced attorney you can find. The ideal attorney should also have a great reputation in the industry and charge competitive rates for their services. Be sure to start your search with a shortlist of the top-rated lawyers operating in the city. You can easily narrow down the search by comparing these attorneys to identify the best one for your needs.
Liquidation is another name for this bankruptcy option. To get debt forgiveness, you must be willing to have your property liquidated to get funds to pay off your debts. Once your assets have been auctioned offer, you will be discharged of most of your debts.
This bankruptcy option can be used by both individual debtors and corporates. The only requirement that must be fulfilled is the lack of sufficient income to service the outstanding debts. The value of assets owned by the debtor does not matter as long as they do not have a reliable source of income. The estate could be valued at a few thousand dollars or millions.
Anyone who does not have a reliable income source can file for bankruptcy under this option. This includes both individuals and businesses. The downside of this bankruptcy option is that it will taint your credit history and lower your chances of getting a decent job, if you are looking for one. It will also be much more challenging to get get a cheap loan. Renting a car or house will also not be easy.
If you have been declared bankrupt under chapters 11 or 13, which normally provide for debt reorganization, but you fail to honor the terms of the repayment plan you proposed, your property will be liquidated under this chapter. This is perhaps the reason why it is often considered the default bankruptcy option. Therefore, it is important you honor the repayment plan.
The person responsible for overseeing the entire process of liquidating your stuff is the trustee. However, their role is only limited to selling non-exempt items. If you have some items that are exempt, but have a lot of value, the trustee may be tempted to auction it. However, this is illegal, so you need to have a great lawyer to ensure this does not happen.
A trustee can either be a financial or legal expert with a lot of experience handling bankruptcy cases. They are supposed to be neutral, but they may not be at times. That is why you need to have legal counsel by your side to ensure the trustee acts with neutrality. For instance, the lawyer will ensure the trustee only liquidates items that have not been exempted from the bankruptcy proceedings.
When searching for a suitable attorney, the key factor of consideration is experience. You want to be represented by the most experienced attorney you can find. The ideal attorney should also have a great reputation in the industry and charge competitive rates for their services. Be sure to start your search with a shortlist of the top-rated lawyers operating in the city. You can easily narrow down the search by comparing these attorneys to identify the best one for your needs.
About the Author:
Find an overview of the benefits of consulting a Chapter 7 Oakland attorney and more info about a well-respected lawyer at http://www.centralcoastbankruptcy.com/chapter-7.html today.
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