Are you filing for bankruptcy and hearing a lot of legal terms that you are unfamiliar with? Here are some common terms that you should know before you move forward.
Debtor
The debtor will likely be yourself in a personal bankruptcy case since it is referring to the person that the bankruptcy case is about. When a business is filing for bankruptcy, then the business is the entity that is referred to as the debtor.
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Needing debt relief is a common problem with people today, and Chapter 13 bankruptcy is one option you can turn to when you need assistance. If you do not know much about Chapter 13, it might be beneficial to learn some fundamental principles about this branch. Here is a breakdown of several features and details you might want to know about Chapter 13 bankruptcy.
You Must Qualify for It
You cannot use Chapter 13 bankruptcy unless you meet the eligibility requirements.
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Chapter 7 is one of several bankruptcy options available to the average consumer. This form of bankruptcy is good at getting rid of nearly all debt in a matter of months. The only drawback, if there is one, is the potential for filers to have property seized. When it comes to property, most people in the US depend on their cars to get around, and the thought of losing it through bankruptcy can be troubling.
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One of the most challenging financial situations to deal with is insolvency. Many people spend time in denial about their financial state, while others choose to file for bankruptcy alone. The problem with handling the process independently when you haven't done it before is that you might not fully understand bankruptcy law, which will complicate the process for you.
While there is no legal requirement to have a lawyer when filing, there are many benefits.
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When debtors file Chapter 7 bankruptcy, there may be a small chance for the loss of property. Under Chapter 7, the bankruptcy court has the power to seize some of the debtor's property to use to pay creditors. Because of bankruptcy exemptions, however, most filers lose little to no property. Exemptions are offered to help filers hang on to as much property as possible. Rather than worry about what you might have to lose with a bankruptcy filing, learn a little about how the exemption system works.
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