Discover Bankruptcy Help San Mateo Firms Can Offer

It is not uncommon for folks to consider bankruptcy when faced with excessive debt. It is important to know what type of debt can and cannot be eliminated. For example, you can file a Chapter 7 or Chapter 13 as a way of eliminating debt from credit cards, but you cannot get rid of debts such as student loans or child support. It is recommended that you take advantage of the bankruptcy help San Mateo law firms can offer.When you are looking at your financial situation, you may consider filing for bankruptcy. You should have a good understanding what you can include in your case and what you cannot. A Chapter 7 may not help in certain cases, while a Chapter 13 can. See the help of a lawyer to help you learn which filing is right for you.You need to know what debt liquidation means for you. If you have a lot of credit card debts, this will successfully eliminate them. Keep in mind that if you have secured credit cards you cannot discharge the debt. This is because the debt has been secured by the purchases you made using the card. The creditors have the right to repossess the property. Only unsecured credit card debt or other unsecured debts can be eliminated.A Chapter 7 can completely eliminate debts that are unsecured. On the other hand, a Chapter 13 is a repayment of your unsecured debts. This means that you are required to pay a part of the unsecured debts. Bear in mind that after the repayment is complete, if there are unsecured debts remaining, they will be discharged.Filing stops creditors from harassing and taking collections action. Upon filing your petition an automatic stay is issued. This stay means that creditors need to stop any attempts on collecting a debt. If any creditor continues to send collection letters or contact you by phone, you need to contact your lawyer. In addition, call your lawyer if there is an attempt to repossess your vehicle or foreclose on your home mortgage.A lien imposed by a creditor entails them to take back their property. The creditor lien will survive a liquidation of debt filing and you can find yourself dealing with your creditor if you do not take action. Speak with your attorney who knows the procedure to use to stop this type of situation from happening.You must also understand that filing cannot keep a secured creditor from taking back property. In addition, you cannot include student loans, child support, or alimony in your filing. Tax debts cannot be eliminated through bankruptcy, nor can it discharge debts you neglected to include when filing. Any penalty or fine imposed for violating the law, or a debt that is the result of an injury or a death caused by your driving while intoxicated, cannot be discharged.Because every situation is very different it is a good idea to have a professional evaluate yours to see what type of case should be filed. You might find that you are looking at the remedies that are available. Take the time to make sure you find out what bankruptcy help San Mateo provides.