How do I say bankruptcy?
bankruptcy is a legal process that makes the debtor try to remove debts he cannot pay. It can be used by individuals, couples and incorporated companies. All debt provided by physical assets are outside the bankruptcy proceedings and can be resolved by moving the assets by the securities holder.
The services of a lawyer's bankruptcy in the United States or bankruptcy administrator in Canada and Europe is obliged to declare bankruptcy. You can plan a free rating to meet a lawyer and discuss your personal situation. They can suggest other ways to solve your debt problems.
As part of the preparation for this meeting, you should organize the following information: a complete list of all your outstanding debts, creditors name, account numbers, amount out, monthly payment and number of months for which. Indicate whether the debt is secured or unsecured. Mortgages, car loans, motorcycles and motor homes are secure loans. These assets can be considered to be o oFreedom or can be disguised by the company with the title after bankruptcy. Unsecured loans include credit cards, credit lines and personal loans. All these debts are eligible to be included when you declare bankruptcy.
There are two types of bankruptcy in the US, Chapter 7 and Chapter 13. The correct version is based on comparison of your monthly income with an average income value provided by your state. This calculation uses the number of dependent, the level of income and basic expenditure. If income is equal or less than a median, you can submit chapter 7. This version allows you to completely clean all debts.
If your income is above this value, you must complete the test test before you can declare bankruptcy. This is the calculation of your monthly income, fewer your debts and other expenses. If the remaining one -time reception is less than $ 100 USD (USD), you qualifyunder Chapter 7. If not, you must submit chapter 13.
Chapter 13 of bankruptcies is for people who work but are unable to fulfill all the obligation and what to pay a reduced part. The total unsecured debts must be less than $ 100,000 and the total secured must not exceed $ 350,000. This type of submission requires a greater effort of a lawyer and, as such, has higher fees for a proper statement of bankruptcy.
Most people use the lawyer service to complete the comprehensive paperwork necessary to declare bankruptcy. An official announcement of the upcoming bankruptcy to all your creditors who have a certain time to answer. During this time, all efforts to collect, wages, seizure and court cases will stop.
creditors have the right to argue when you declare bankruptcy. Must provide the basis for this rejection that may include knowledge that you have hidden means, excessive use of the loan when you knew you were insolvent or try to get additional credit viaI have a fraudulent representation.
Two consulting sessions of debt management are mandatory, one before and one after your creditors have accepted bankruptcy. The inability of these classes may lead to the rejection of your bankruptcy. If bankruptcy is accepted by all creditors, your bankruptcy lawyer will inform you that bankruptcy is released and you are officially bankruptcy. This evaluation will appear on your credit file for the next 7 years, which will seriously reduce your ability to obtain any type of credit.
Some items are not included in the bankruptcy procedure. You will still have to pay these debts after bankruptcy declared. The rules vary depending on the state and the country. Exceptions usually include children orders to support spouses, students loans, court ordered victim payments and court price as a result of court proceedings.