Mitchell Reed Sussman & Associates talks about the consequences of bankruptcy and losing your home. There are a lot of things that are associated with bankruptcy, and one of them is your assets such as your home.
Every person who applies for bankruptcy has these questions, and it is quite natural to be concerned about things such as these. There are different aspects to bankruptcy that people should be concerned with, and there are different kinds of sections that people need to apply under. One of these is under section 7 and the other is under section 13.
Chapter 13 for those that are unfamiliar with the procedure of bankruptcy, this section enables the borrower to repay the amount required of them in time. It offers them the protection of time; however they are still required to pay back the amounts required of them.
There are a lot of options available for people who face problems related to financial troubles and this is what the office of Mitchell Reed Sussman & Associates is here to help with. Chapter 13 offers the borrower up to 5 years of extension time, however the home owner needs to be sure that he or she doesn’t miss any of the installments that the court has awarded.
Filing for chapter 7 of the bankruptcy claim enables the borrower to wipe out all their debts. However there are pros and cons to this as well. This is not a simple solution to wipe out all a person’s debts. To determine which of the debts a person has which are not dischargeable would require a hearing in court. If the person is found guilty of fraud or personal injury, the debts would be required to be paid in full under such circumstances.
However, there are also advantages that are associated with chapter 7 and some of those are that a person whose debts are dischargeable will have no more debts.
There are a lot of things that need to be done when it comes to ensure that you are going about things properly.
Additional Resources: California Code of Civil Procedure 580e
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