The fairfax bankruptcy attorney Diaries
Secured debts involve collateral; illustrations consist of car loans and home loans. Filers must fork out secured lenders no less than the value from the collateral if they wish to retain it.
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Palms Off Retirement Funds — Frequently, retirement designs and accounts are shielded from bankruptcy proceedings. Hold them Secure while looking at bankruptcy; don’t even contemplate making use of those cash to pay down credit card debt.
Chapter 7 is a comparatively short procedure, normally lasting only three to six months. Throughout this time, your trustee oversees the liquidation of one's assets, and utilizes the earnings to repay what debts you owe.
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Get in advance of the process, and perhaps stay clear of it altogether, by carving out all but absolute necessities.
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