This sort of bankruptcy proceedings is also known as straight bankruptcy. This allows a business or individual to file for bankruptcy. This largely involves the liquidation proceedings, bankruptcy attorney supervision. Then the trustee is chosen by the court to deal with the real estate liquidation. Properties that are not exempted from the person will be out of debt in the bankruptcy attorney, and then turned over to the depositary. The listed property will be used to settle debts. In many cases, people file Chapter 7 bankruptcy without getting help and advice from experienced counsel, and it is a mistake. Legal professionals must be able to help and represent a good person, who in his presentation and in Chapter 7.
Since your bankruptcy could last 3-5 years, you shouldn't close the line of communication just because your case was discharged in court. Contact your attorney whenever you have in changes to your life that could affect your bankruptcy, such as loss of employment, an unexpected medical expense, home refinancing, or the need to purchase a new vehicle. Your attorney can help you determine how these changes can affect your bankruptcy. He or she may also be able to help alter your bankruptcy to meet your changing needs.
The most common reason that people are forced to file for bankruptcy under Chapter 13 is medical expenses. They are crippling without insurance, but even with insurance they can be a serious burden to bear. And they are often unexpected. Job loss is another reason for filing. It also may be unexpected, and leave the filer unprepared. Divorce expenses are a third reason that people file. There is a lot of financial stress after a divorce that most of us are unprepared to handle. Legal fees, child support, alimony and single incomes can be overwhelming. Another unexpected reason is natural disaster. You can't prepare for a flood, an earthquake or a hurricane and without insurance, people have lost everything. If you need to file for Chapter 13 bankruptcy due to any of these situations, your Glendale bankruptcy lawyer can help you manage the debts and payments that you need to make so that you can live comfortably despite your situation.
Many debtors might choose to file under Chapter 13 bankruptcy because they have loans that required co-signers. With this type of bankruptcy, the third parties are protected from the creditors. This means that the creditors can no longer pursue either party in an attempt to collect the debt. They must deal with the trustee that the court appointed to the particular case if they have any questions or concerns.