Bankruptcy Law

Follow my blog with Bloglovin You will be amazed to know the fact that the bankruptcy court is not just the final stop of your financial devastation. Instead, there is some federal bankruptcy code which helps you to eliminate or delay the sale of your property. Let us understand what this chapter 13 bankruptcy is. Chapter 13 is mainly made for those categories of people for whom income is not a problem, but they face issue in meeting the demand for immediate payment by the creditor. You can also say that chapter 13 has been made for those people who already have enough income to repay their present dept.   One of the categories of chapter 13 is that you can keep your home along with you as long as you are able to pay the mortgage under a fixed settlement plan. Mainly the people falling under chapter 13 will have almost three to five years to resolve their debts, and this is only possible when they apply all their disposable income for debt reduction.   Moreover, this option

Follow my blog with Bloglovin Let us understand all the aspects of Chapter 7 bankruptcy filing. It is also known as the liquidation bankruptcy, and the reason behind it is that it discharges most of the unsecured debt, which includes the medical bills, personal loans, and also the credit card debt. You will be astonished to know that it is one of the quickest, simplest and also the most common type of bankruptcy. And on a survey it was found that way back in the year 2016 almost sixty-three percent of the total 819 bankruptcy cases, were of chapter 7 only. The best part is that the chapter 7 bankruptcy in attorney Los Angeles has made most of the debts discharged. But before you plan to file a chapter 7, you should also check whether you are eligible for the same or not.   You must fall under the defined income limits, which may vary from state to state and you need to have a debt requirement. Other than this, you also need to pass a “means test” in order to qualify for chap