If a person is in a position where he or she can no longer pay outstanding debts, filing for bankruptcy may be a consideration. An attorney specializing in bankruptcy can guide a client through a difficult process and ensure that debts are discharged in court, paving the way for a client to start anew.
About bankruptcy law
When caring for a child with a birth injury or living with an impairment or disability resulting from that birth injury, many additional expenses will be incurred. If expenses build to the extent that they are deemed too much to financially bear, a person may file for bankruptcy or a lender can pursue foreclosure in an effort to resolve debt disputes, divide assets amongst creditors, and free those in debt from accumulated financial obligations.
In bankruptcy proceedings, the individual may be required to liquidate his or her assets (a process of collecting all non-exempt property which is then sold with the proceeds being distributed to the creditors), or enter an adjustment plan (a process in which the value of debts are adjusted and payments of those adjusted debts are paid over a specified period of time). There are two types of bankruptcy actions that an individual may file, specifically Chapter 7 and Chapter 13. A bankruptcy attorney is critical to helping to navigate the highly regulated filing and compliance process.
An action that frequently is associated with bankruptcy, or prompts a bankruptcy filing, is a foreclosure. Lenders may pursue equitable default actions, called foreclosures, against borrowers to secure the title to property for nonpayment or breach of a mortgage. The property is then put up for public sale or auction. If the sale does not cover the full debt owed, the borrower may face a deficiency judgment for the unpaid balance.
The process of foreclosure is stressful and complicated. An attorney can guide you through the process and ensure that you exercise all legal and equitable rights. Please contact Stern Law, PLLC for a free consultation today: (800) 462-5772.