The concept of bankruptcy is complicated and stressful situation for the debtor. The law basics remain the same with certain variations in different states. One has to know the basics of bankruptcy law to hire a chapter 7 attorney. The 2 main parties in filing bankruptcy are the debtor who owes the money to the creditor who loaned the money to the debtor. There are 2 kinds of loans that a debtor may have outstanding. A creditor cannot repossess debtor asters to repay an unsecured loan while the repossession is possible for the creditor in secured loans. In Hayward these lawyers offer expert advice to enable a smooth settlement to relieve debts for his clients.
Explanation
The common application of bankruptcy filing is usually related to chapter 7. This is a liquidation bankruptcy. In this case a chapter 7 attorney legally represents the debtor in the liquidation process for debt recovery. The appointed trustee auctions all non-exempt assets of debtor to repay the debt to the fullest extent possible. All entities can file for bankruptcy under chapter 7. They may be individuals, partnerships and corporations. The part of the debt that remains unpaid is discharged. Hence the debtor is completely relieved of the burden of paying debts.
Alternative
However certain debts are not discharged under Bankruptcy Attorney Hayward filing. They are debts that were not listed in the filing unless the creditor is aware of debtor’s bankruptcy, any debts related to drunk driving and any other penalties imposed for violating the law. The extent to which a chapter 7 attorney can assist a debtor in debt discharge ends here as these debts still remain with the debtor even after debt discharge. In Hayward the attorney chose the best code for bankruptcy filing.
Author
gracie calaway
Bankruptcy Attorney Hayward 