Most consumers don't give much thought to the types of debt they have. They might realize that a mortgage is different from an auto loan, but the differences go beyond that. If you are about to declare chapter 7 bankruptcy, you will need to know and understand how your debt is divided. For bankruptcy purposes, your debts fall into two main categories – secured and unsecured. The way these debts are dealt with should concern you if you want to get the most out of bankruptcy without losing property, so read on to learn more.
If you decide that Chapter 7 bankruptcy is the right option for you in terms of debt-relief, you may be wondering how long the process with take. To understand how long it will take, you will need to understand the steps involved and the factors that can affect the amount of time it will take from start to finish, and here are several things you should understand about this.
Most cases close within 9 months
When the bills are not getting paid and the collection agency calls outnumber the telemarketers, it might be time to consider bankruptcy. While most people associate a bankruptcy filing with unloading the burden of too much debt, there is another benefit that is not as well known but takes effect right away. Read on to learn more about the immediate relief of the chapter 7 bankruptcy automatic stay.
What is the Automatic Stay?
Second only to the fear of losing your home is losing your car. Most people cannot live without their vehicles to get to work, school and the store and this one issue might be the one holding you back from making your financial fresh start. You should know that filing for a chapter 7 bankruptcy does not automatically put your car at risk of being seized, so read on to find out two ways your vehicle is protected.
Nothing is worse than having your home foreclosed on. You probably worked your entire life to be able to afford a home, and a foreclosure would stop this dream dead in its tracks. You can fight back by working with a foreclosure attorney service, however. They can provide the following benefits to this stressful situation.
Modify Your Current Home Loan
Your current home loan may no longer be feasible. Life may have gotten in the way to the point where it's hard to cover these monthly payments.