Filing a bankruptcy is one of the methods attorneys use to stop a foreclosure. However this process is a hard bone to crack. You may not get anywhere with it without the help of an excellent bankruptcy attorney. In that case you ought to ensure you land on an experienced attorney. And the Consumer Law Action Group in California Los Angeles is a superb choice. Successful filing of bankruptcy lenders you legally unable to settle your debts and you can start a fresh financial start. And such cases are usually handled in the court. Your lender cannot proceed with his foreclosure sales. They have to hold their peace until your debts are settled according to the law. This creates you substantial time to recover your finance and brings a great deal of relief.
Chapter 13 And Chapter 7 Bankruptcy
You can file chapter 13 or 7 bankruptcy. Chapter 13 is a reorganization bankruptcy where you propose a repayment plan to your lender within a period of three to five years. You can pay all your debts in full or little by little or even fail to pay anything. It all depends on the type of priority bankruptcy law offers to the type of debt.
Once you file the chapter 13 plan you ought to list all your creditors for instance if it is mortgage repayment, credit cards or medical debts and give a proposal how you are intending to settle the debts. But the credit cards debts have the least priority in chapter 13 plan since it is unsecured loan. And in that case you don`t have to pay these debts in full according to chapter 13.All you need is an experienced bankruptcy Attorney like the Consumer Law Action Group in Los Angeles bankruptcy attorneys to help you through this. But keep in mind that some credit card debts are secured.
Despite the fact that Mortgage debts are secured you don`t have to pay in full in a chapter 13 case. Such debts are termed as ongoing thus you pay during your chapter 13 case and even proceed with the payments after the case ends. Medical debts are unsecured claims which you pay in small portions depending on your disposable income.
The chapter 7 bankruptcy is the most effective and easy method of getting rid of debts. A Los Angeles Bankruptcy Attorney will give you a superb guidance on whether a chapter 7 or 13 bankruptcy is best for your case. All you need is hire the services of a bankruptcy attorney from Consumer Law Action Group in Los Angeles. They won`t rest until an effective method to wipe your debts is arrived at. Do not hesitate trusting a bankruptcy attorney Los Angeles.
