Bankruptcy: What to do?


Posted November 29, 2017 by vttlaw

Bankruptcy is a legal procedure in Federal Court which is provided through Article 1, Section 8, Clause 4 of the United States Constitution. Congress establishes statutory laws concerning bankruptcy through Title 11 of the United States Code.

 
Bankruptcy is a legal procedure in Federal Court which is provided through Article 1, Section 8, Clause 4 of the United States Constitution. Congress establishes statutory laws concerning bankruptcy through Title 11 of the United States Code. There are also state laws which may also apply. The information contained herein is not complete and further legal advice may be required. Information is from the current BAPCPA law.

Declaring bankruptcy can be pretty stressful and is an extreme measure, but if used in a right way and the right time, it can definitely save you money and give you peace of mind which can help you get on your feet in no time.

However, declaring bankruptcy can also be expensive and time-consuming, and have a huge impact on your credit store. This, in turn, can have far-ranging effects on other aspects of your life, such as buying a new car or home, or even applying for jobs. Also, waiting to declare bankruptcy until you are completely broke can actually work against you.

Van Tubergen and Treutler, PLLC represents consumers in filing two types of bankruptcy petitions – Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, the debtor surrenders all non-exempt property to a bankruptcy trustee who then liquidates that property and distributes the proceeds to the debtor’s unpaid creditors. As a result, the debtor is entitled to a discharge of the unsecured debt, meaning the debtor is not legally responsible for further payment.

Typical unsecured debt would include credit cards, medical or dental bills, retail accounts, etc. The debtor’s secured debts are handled by reaffirmation (an agreement to continue regular payments with a creditor), redemption (payoff of an agreed amount owed the creditor) or surrender to the trustee of the item secured for disposal by sale. Secured items are generally homes, automobiles or large item purchases at retail stores. Further some debts are not dischargeable, such as student loans, spousal and child support, some taxes, etc. Debtors are also able to exempt a certain amount for particular items or in some cases the entire value of items in order to keep them.

https://www.vttlaw.com/bankruptcy-attorneys-in-grand-haven-mi.html
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Issued By Van Tubergen Law
Website BAnkruptcy Attorneys in Holland, Muskegon & West Michigan
Phone 616-377-0087
Country United States
Categories Law , Legal
Tags bankruptcy , bankruptcy attorneys , bankruptcy lawyers , creditor , debt , federal court , legal , legal procedre
Last Updated November 29, 2017