Saturday 23 March 2019

Bankruptcy Lawyer Snellville GA Outlines Types Of Debts That Bankruptcy Will Not Erase

By Michael Hamilton


Insurmountable debts can literally sink you into a world of nagging creditors who call your private cell, home and office nonstop. If you have tried everything in vain, it may be time for you to consider the benefits of seeking bankruptcy relief. There are debts such as credit cards, medical bills and most unsecured debts that can be completely erased, giving you a chance to recover financially. When searching for a top rated bankruptcy lawyer Snellville GA is an excellent place to start your investigations.

While there are debts that can be erased through bankruptcy, there are those that cannot be discharged. Unpaid taxes and custom duties will in most cased still have to be paid. There are rare scenarios when the tax debts of a petitioner are more than three years old and meet certain standards described in bankruptcy laws. In these rare cases, both back taxes and custom duties may be discharged.

Chapter 7 of the bankruptcy laws categorically excludes child support and alimony arrears from discharge. You could however get to restructure payments if you file under Chapter 13. When it comes to student loans, you will have to eventually get your debt paid. This is unless you can provide convincing facts that demonstrate your inability to pay without getting into unbearable financial trouble.

Loans that include a lien on property do not get discharged during proceedings. This includes debts such as mortgages. However, you may be able to retain ownership of your home if the equity of your property is lower than what the laws allow. In the majorities of cases, however, the mortgage lender will be legally allowed to sell your property to get the debt cleared.

Bankruptcy proceedings will not erase lawsuit debts. This is especially true when dealing with debts that stems from fraud, theft charges or personal injury lawsuits caused by reckless acts such as driving under the influence. Car loans, on the other hand will also have to be paid or the lender than regain ownership of your automobile. Even so, you can negotiate for an arrangement that allows you to settle part of the debt and in return get to keep your vehicle.

Your petition will focus on debts that belong to you. This means that debts in the name of someone else will neither be considered nor discharged. This includes the debts of your kids, spouse or any other person. In case a loved one is struggling to clear debts under his or her name, they should initiate their own proceedings and get declared bankrupt.

When you are drowning in money problems, the option of making new credit card purchases may seem appealing. Unfortunately, debts incurred just before filing a petition do not get discharged. In any case, such debts can even force the courts to deny your petition.

Research for the right attorney to represent you will not be easy. There is so much you need to consider for you to find a reliable expert that you can trust with not just your case, but also your future. A dependable lawyer will begin by analyzing your financial situation and informing you about the best course of action.




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