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Filing For Bankruptcy In Sacramento And San Antonio To Reset Your Finances And Start A New

Bankruptcy is a legal financial lifeline if you are drowned in debt, and not in a position to clear them despite your best efforts. Individuals and businesses file for bankruptcy to get a reprieve from their liabilities. In the majority of cases, the request is granted. Filing bankruptcy in Sacramento California may be considered an embarrassing last resort, but it is more helpful to think of it as a legal tool to employ when you or your business is not in a position to repay outstanding debts or obligations. The complexities of Chapter 7 bankruptcy in San Antonio, Texas, along with the stigma attached to it, make it one of the least understood debt strategies. 


Filing for bankruptcy under Chapter 7  

However, if you approach specialist bankruptcy lawyers, like those available with Recovery Law Group, the whole process will become easy. In Chapter 7 bankruptcy, you are allowed to keep exempt assets and possessions up to a limit, while the remainder of your included debt is discharged. Although it is often a last resort, understanding the process of filing for Chapter 7 bankruptcy in San Antonio would help you reset your finances and start anew. Under Chapter 7 bankruptcy San Antonio, there will be an automatic stay on the debt collection efforts by your creditors, including phone calls, messages, emails, letters, personal visits, evictions, property repossessment, etc. If you continue to receive harassment calls or there is any other collection effort by your creditors once you have filed for Chapter 7 bankruptcy San Antonio, your Recovery Law Group’s bankruptcy attorney will take legal action against your creditors. This is because creditors can only talk with your Recovery Law Group’s attorney, not with you, once your application for Chapter 7 bankruptcy San Antonio is accepted by the court.   

A court-appointed trustee will review your finance and oversee your Chapter 7 bankruptcy. They can sell certain property except for the exempt one, and use the proceeds to repay your debt. Though the remaining debt is discharged by the court, certain types of debts cannot be discharged under Chapter 7 bankruptcy, such as child support, court fees, alimony, and some tax debts.   

Filing for bankruptcy under Chapter 13   

However, in some cases when you decided for filing bankruptcy in Sacramento, your Recovery Law Group attorney may suggest you filing under Chapter 13, instead of Chapter 7. Under Chapter 13 bankruptcy, you can keep your assets and get a more affordable repayment plan with your creditors that usually lasts from three to five years. At the end of the repayment plan, the remainder of your included debt is discharged. In most circumstances of filing bankruptcy in Sacramento, the repayment plan must provide a substantial payback to creditors, at least equal to what they would have received under other forms of bankruptcy. If needed, the plan will utilize 100% of the debtors' disposable income for repayment when filing bankruptcy in Sacramento under Chapter 13.   

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