A Peek Into The List Of Dischargeable Debts Under Chapter 13
Filing bankruptcy Chapter 13 can eliminate a many debts. When it comes to stop a foreclosure with bankruptcy, the concept of filing Chapter 13 is to acquire a repayment plan that can stop a foreclosure of your property by stretching the repayment period, reducing the amount of payment, or giving up on an asset to get rid of debts. Consumer Action law Group is a leading legal advisory company assists the debtors with expert highly professional bankruptcy attorney. Once you hire their attorney, they will handle your entire legal matter and be your first to response when it come to legal action.
Non Priority Debts
Some of the most common dischargeable non priority debts that can be eliminated with the help of Chapter 13 are
- Medical Bills
- Lawsuit judgments
- Credit card bills
- Personal loan
- Utility bills
However eliminating debts does not necessarily mean complete redemption from payment of bills. A proficient Los Angeles bankruptcy attorney will definitely clarify this point before submission of bankruptcy filing Chapter 13, that on acquiring a repayment plan, you would need to pay a portion of the amount till the elongated repayment period after which the remaining amount may be excused.
Remove a Second Mortgage with Chapter 13 Filing
Chapter 13 Bankruptcy Filing enables you to strip a second mortgage on your house. Thereby if you have become a defaulter for foreclosure a bankruptcy attorney Los Angeles would definitely recommend a filing of Chapter 13 to eliminate a junior mortgage lien. Eliminating a second or third mortgage makes your debt an unsecured non priority debt, which could be discharged at the end of your repayment plan.
However, in case of car possession on bankruptcy filing, this secured debt is divided into unsecured and secured part. Wherein you need to pay your secured portion, the other portion could be discharged after repayment plan termination.
Consumer Action Law Group is a preeminent name when it comes to hiring bankruptcy attorney. These expert attorneys deal with complex and adverse bankruptcy cases and debt cases. You need to take legal action if you find yourself plugged with debts from credit cards, medical bills or personal loans. Stop all those troubling collection and creditors call immediately with the help of the best bankruptcy lawyer in California. Since the company charges fair fee structure you need not be afraid of huge and bulky legal advisory fees. The best part is the first evaluation offered y the company is complete free of charges.