The importance of bankruptcy can never be denied today because it is a way of relieving yourself from burden of repayment of loan. It is a kind of federal court process and it really helps the consumers and businesses to eliminate their debt in a best possible way. When we talk about bankruptcy, it is often divided into two parts one is liquidation and other one is reorganization. We will talk about liquidation that is chapter 7 bankruptcy and for that you have to file in a bankruptcy court. After that the bankruptcy code will order the automatic stay and it is beneficial in terms of preventing the creditors to demand the loan amount from you.
It provides you enough time to make your own strategy and to make your case stronger so that you can get rid of all of the payment related problems. There are also certain loans that cannot be discharged with the help of bankruptcy. It also includes the child support fund and student loans are also included in it that are not easy to discharge. To make your case stronger you can take the services of New Yorks friendliest lawyer, Dave Roemerman. He can help you build up your case and to avoid the problems that you face throughout the process.
Choosing Chapter 7 Bankruptcy
We have seen that most people who file for bankruptcy go for the option of chapter 7 and only in that case if they are eligible and they meet the requirements. If we talk about this mode of bankruptcy, there is not any kind of requirement to payback a portion of the debt. This is why it is more popular choice among the people who are looking forward to file a bankruptcy case. It is always a good idea to talk with an attorney or a professional lawyer to keep things clear and making your case stronger.
Filing a case is no doubt your first step but the thing that is most important in this regard is how much strong it is. There is a higher risk of losing your house and it happens only in that case when your equity exceeds. When we talk about equity, if it goes beyond the exemption amount that is available to you. There are higher chances of liquidation of your assets including your own home so make sure that you make your case stronger with the help of professional lawyer who can easily help you in this regard.