In fact, many people and businesses actually do file for bankruptcy without a lawyer though this is not the best course of action because of a variety of reasons. This means that after declaring personal bankruptcy the law steps in and ensures that you are not required to pay those debts that have been discharged under the terms of the bankruptcy chapter that you have filed under. Furthermore, the discharge works as a permanently given court order that directs the creditors to refrain from taking any further action in regard to collecting on the discharged debts.
In fact, seeking legal advice, though costly, can prove to be your best option as it will allow you to reap many benefits that someone that files for bankruptcy without a lawyer will not enjoy. No doubt, the person that declares personal bankruptcy will be relieved of their personal liabilities for the entire sum of debts that have been discharged but any valid liens that have not been avoided in the bankruptcy proceedings will still remain even after completion of the bankruptcy proceedings. This allows secured creditors to enforce their liens in order to recover the properties that were secured by their liens.
First of all, you have to understand what it is that you have to file: Chapter Seven bankruptcy or Chapter Thirteen bankruptcy.In a majority of instances people file for Chapter Seven bankruptcy, and in order to get relief from large amounts of unsecured debts this is indeed the best option. So, if you have high amounts of credit card loans or other personal loans that you cannot pay back; this is the correct chapter to file your bankruptcy under. The other option is Chapter Thirteen bankruptcy.
Other reasons why it makes sense to declaring personal bankruptcy under Chapter Seven is that you have become unemployed or you have to pay insurmountable medical expenses that have arisen unexpectedly and even a divorce can force you into declaring personal bankruptcy under Chapter Seven bankruptcy.
The cost for declaring personal bankruptcy under Chapter Seven is two hundred dollars of which one hundred and seventy dollars are charged as filing fee and another thirty dollars are paid toward noticing fee.If you are bankrupt and you need to take a personal loan after bankruptcy, don?t lose heart because even though many loan providers will turn you down there is a way to get what you want. As long as you are prepared to pay higher interest rates there should not be much of a problem finding a credit provider.
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