Filing a bankruptcy case is one of the critical decisions. Without the right action and steps, you may not be able to win the case. The debtors file these cases, while they are in a very serious and drastic financial condition
They take the help of bankruptcy attorney in Mesa to have the protection. You know that the creditors keep on asking you for payment that you are unable to pay presently. Thus, bankruptcy filings enable you to avoid the harassment of these creditors.
While you are going to file the case, you must speak to the lawyer. The bankruptcy attorney in Tempe knows all the things, relevant to the bankruptcy cases. We have now talked about the bankruptcy laws of this region.
Bankruptcy case and the student loans
When you have filed the bankruptcy case under Chapter 13, you reorganize the debt on the student loan. You have to pay the affordable amount over three to five years. In most of the cases, bankruptcy filing is best for protection. However, when it is a student loan, you may not be qualified for the full discharge. Repayment is the only option to you.
As a debtor, you have to prove that this repayment would cause an adversity on you and your family. Thus, you must show all the proofs to the law court. You may also take the help of bankruptcy attorney in Tempe to know whether this will discharge the loan.
Bankruptcy and protection of your property
With home equity and current payment, your property will be under protection in your bankruptcy case. For Chapter 7-related bankruptcy, there is a chance of maintaining $150,000 home equity. When your bankruptcy filing is based on Chapter 13 and you have due payments, it still keeps the home protected. However, you have to make payments and show the status of your bankruptcy. The law court will enable you to deal with the major assets, as you have solved some of your debts. Apart from the house, you may have assets of different other types. You can keep them under the liberal exemption rules of Tempe.
We have shared some more facts on the bankruptcy facts in your state.
While the collection companies or the creditors call you to pay off the fund, you have no chance to adjust the repayment scheme, chosen by them. However, the best fact is that Chapter 13 restores your power. You can create the repayment scheme. When the bankruptcy trustee has approved it, you may develop a payment scheme, based on your earnings.
When you think of the foreclosure risk to your house, you can hire bankruptcy attorney in Mesa for filing the case. The creditors will not be able to foreclose your house. With Chapter 13 bankruptcy, you will have a special type of protection- automatic stay. It can avert the proceedings for house foreclosure. Thus, before the lender has seized your house, you can create your repayment scheme.
When the due amount is much more than your affordability, you always have a right for filing for bankruptcy. You can become free of the burden of debt.
You had already filed Chapter 7 bankruptcy. Now, to file it again, you have to wait for minimum 8 years. However, in case of Chapter 13, it is 6 years.
These are the most important facts that you must know as a bankruptcy filer. Your knowledge on the laws will help you to deal with the case confidently.