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Friday, 6 August 2010
Filing Bankruptcy in Oakland
Mood:  happy
Bankruptcy is one of the most critical decisions of the life. Filing a Bankruptcy may give you a low status in society but many times it has allowed the individuals to settle in their lives. When you are concerned of filing a Bankruptcy in Oakland, you always need to consult an Oakland Bankruptcy attorney. He will let you know your options and will help also help you understand if filing Bankruptcy is the suitable option for you.  Generally Bankruptcy is studied under Chapter 7 and Chapter 13. Chapter 7 is the liquidation Bankruptcy. Under this Chapter the debtor is allowed to pay off his debts by setting his property to mortgage. When some one files a Chapter 7 Bankruptcy the federal court appoints a trustee, who collects all the details regarding the number of creditors, debt amount, and the total property assets and among it the exempt and non exempt property assets. Among those the debtor is allowed to keep the exempt property and the creditors are paid by mortgaging the non exempt property. But before a debtor could file for a Chapter 7 Bankruptcy he has to clear the means test.  If one doesn’t qualify for the Chapter 7 Bankruptcy he can then switch to Chapter 13. Chapter 13 Bankruptcy is also known as re-organization Bankruptcy. When debtor files for Bankruptcy under Chapter 13 the federal courts after evaluating the income source and amount of debt and allows reorganizing the debt. The debtor is allowed to have a time period of three to five years and the debtor can pay off his debts in small installments as decided by the federal Bankruptcy court. So a consultation with an Oakland Bankruptcy attorney will let you know the suitable options available for filling a Chapter 13 Bankruptcy. For consultation and advice you can refer Oakland Bankruptcy attorneys at: www.korblaw.com

Posted by thomsondavid09 at 6:54 AM EDT
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