Bankruptcy Lawyer Snellville GA Lists Down Debts That Proceedings Will Not Discharge

By Michael Hamilton

Sinking in debt is already bad enough without the harassment from creditors. In case you have tried regaining your financial footing in vain and your creditors are turning your life into a nightmare by consistently calling your office, home and private cell phone, it may be time for you to consider filing for bankruptcy. This will not just stop the calls from creditors, but also get the majorities of unsecured debts erased. During the hunt for an outstanding bankruptcy lawyer Snellville GA is a good place to begin your investigations.

There are certain debts that not even a successful bankruptcy petition can erase. Unpaid custom duties and taxes will in the majorities of cases have to be settled. Even so, if your case meets specified standards that are outlined in the bankruptcy laws and you have more than a three year tax debt, you may be relieved of the obligation.

The Chapter 7 laws specifically exclude alimony payments and child support arrears from discharge. If you are filing for Chapter 13, these back payments can be settled through a restructured payment plan. It is also important to know that students loans are never discharged unless you can demonstrate that making the necessary payments is extremely challenging and perhaps even impossible.

Secured loans, including mortgages must be settled. Any loan that included a lien on property has to be settled lest you lose home. However, if the equity in the property in question is lesser that what is allowed in the state laws, you may have a chance of saving your home from foreclosure.

Lawsuit debts are also not erased during bankruptcy proceedings. This is more so the case if the debts in question stem from fraud charges, recklessness that attracted a personal injury lawsuit or theft. Auto loans also have to be settled and if you are unable to continue making the needful payments, your lender will be allowed to repossess your car. You may however get into an agreement that involves paying a portion of the debt in order to keep the automobile.

If a petition is under your name, this means that it will aim at debts secured under your name. The debts of your spouse or kids will therefore not be erased and in fact, the courts will not even consider them. Your loved one who is unable to repay certain debts can choose to personally file for bankruptcy.

Making huge purchases right before filing a petition is not a good idea. Not only do recent credit card debts not get erased, but they could also cripple your chances of being declared bankrupt. If you are already in money problems and bankruptcy is an option you could consider, it is best to stop using credit cards.

The hunt for an ideal lawyer to represent you when filing for bankruptcy will not be easy. It is in your best interests to do a keen research and find a specialist that you can trust with your case and your future. Any ideal expert will begin by analyzing your situation in detail and providing invaluable guidance on the type of bankruptcy that you should file for.

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