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Bankruptcy Attorneys For Filing Bankruptcy Claims

Are you considering to file for bankruptcy? Well, that's really a wise and practical decision when you are looking for solutions in order to get rid of your mounting debts. You may not be aware of the...

Are you considering to file for bankruptcy? Well, that's really a wise and practical decision when you are looking for solutions in order to get rid of your mounting debts. You may not be aware of the fact that bankruptcy or insolvency is not just for† debt elimination, in fact it has many other advantages as well. Besides, eliminating your debts, it also offers extensive protections to you such as protecting your home, property as well as your future.

Many a times, people do refer the process of filing for bankruptcy as "filing for bankruptcy protection". That is why it is said that it has many other benefits other than debt elimination. Unlike credit card loan settlement companies, bankruptcy is a section of the United States legal code. This means that all the proceedings that fall under bankruptcy are all protected and regulated by law.

One of the most powerful order by the law which takes effects as soon as you file for bankruptcy is "the automatic stay". This order puts an instant stop on the financial matters related to the debtor, that means the following:

* Proceedings related to foreclosure as well as repossessions will be out on hold.
* Threatening collection calls by your creditors will stop.
* Lawsuits against you will also be put on hold.

There are two different types of bankruptcy claims that you can file, Chapter 7 and Chapter 13. Let's have look on the different types:

Chapter 7:

1. This is sometimes referred to as "straight or liquidation bankruptcy".

2. When it comes to filing a relatively simple and inexpensive consumer bankruptcy claim, you can look forward to Chapter 7.

3. This is basically filed by those debtors having no or limited assets.

4. Some of the most common examples of dischargeable debts are as under:

* Debts related to credit cards.
* Debts related to medical expenses.
* Debts related to business and unsecured loans

Chapter 13:

1. This is basically as wage earner bankruptcy claim.

2. It is most commonly used for prevention of mortgage foreclosures.

3. There are many advantages of filing for this, read on!

* You become able to pay past mortgage debts over the time in order to prevent foreclosure.
* You can keep your valued assets with yourself.
These are some of the main reasons why you should file for insolvency. However, make sure to hire an efficient and reliable bankruptcy attorney. Oceanside based lawyers are among the best lawyersScience Articles, still you need to be careful before hiring.

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


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Bankruptcy attorneys Oceanside - Are you looking for bankruptcy attorneys? Oceanside based Vista Bankruptcy should be your first consideration in this respect. They will guide you through the type of bankruptcy that's right for you.


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