When a person or business is facing bankruptcy indeed it is a great trauma. San Antonio bankruptcy lawyer is totally understanding the situation of the person. Indeed, it is not only stressful but emotionally disturbing. We are aware of the fact that bankruptcy is difficult to consider and how much everyone wants to get on their feet again. If you want to know more, you need to learn about the basic meaning of bankruptcy.
What is bankruptcy?
If you are a business person then you might be well aware of bankruptcy. The term bankruptcy means when a person is not able to pay the debts. It may be business related or related to the person who takes a bank loan and can’t return. It is a legal proceeding and involves the filing of a petition by debtor usually on the behalf of creditors. After that, the assets of the debtor is measured and well evaluated in order to repay the outstanding debt or a portion of it.
Consumer bankruptcy is further divided into two main types to help the people in a proper way called chapters. Both these types of the chapters are registered in the united states of law for the convenience of individuals. These chapters describe the ways to get rid of outstanding debts and other ways to repay debt or a portion of it. These are divided into chapter 7 and chapter 13 mainly. However the specifications vary among different states, the main points remain the same.
Chapter 7 describes the bankruptcy of those individuals or businesses which are left with no assets or very few assists. With the help of points in these chapters, one can dispose of the unsecured debts that might include credit cards etc. This is helpful in paying a portion of the debt. However, the consumers with no such just exempt property cannot repay even a portion of their debt.
Chapter 13 undertakes that individual who earns good money and does not fall under the category of individuals in chapter 7. This chapter of bankruptcy includes the planning and proper workable following of the plan to pay the debt. After paying a portion of the debts, the court allows the individuals to keep their property both exempt and non-exempt.
Law firm in San Antonio:
These facts are considered by San Antonio bankruptcy lawyer in its true sense. We get the situation while getting in a decision like bankruptcy, but you must know that it is not the end of the world. In addition, the law firm finds the right ways for you with best San Antonio bankruptcy lawyer. We made our clients stable both emotionally and financially in every possible way.
You can simply contact them by sending a message and telling your concerns. We will find a way for you and lets you consult with our attorney free of cost. Our experienced, knowledgeable San Antonio bankruptcy lawyer helps you with your concerns and offers you maximums follow-able plans for you.