A discharge under Chapter 7 Bankruptcy San Antonio means you are no longer responsible for the repayment of debts. You can walk as a free man and none of the creditors can take any legal action against you. You are also free from all the follow-up calls and emails for the collection of debt. Even if any of your creditors try to harass, you can complain to the court through your attorney. The court can take legal action against those responsible for the harassment. But there are also many limitations. Let’s see how they work.
Chapter 7 Bankruptcy San Antonio – Foreclosure
The creditor has the right to foreclose your mortgage loan and take possession of your home. The other creditor can do the same on your automobile like the car. It is also difficult to get a discharge if there are any irregularities in repaying your debts before applying for the bankruptcy.
Your attorney can get you the discharge if your property value is much lower than the debts you owe to your creditors. However, it takes much effort and more time to do it.
If you don’t have any valuable property or personal assets, it could be easier to get out of the debt trap using the Chapter 7 Bankruptcy San Antonio regulations.
Chapter 13 Bankruptcy San Antonio – Better Options to Retain Property
When you apply for Chapter 13 Bankruptcy San Antonio, there is no discharge. Your attorney can try and save your assets like your home, estate, and other property towing San Antonio. But you have to repay the debt according to the terms and conditions of the court.
The trustee appointed by the court shall inspect your assets, which include the estate, residential home, and other liquid assets. You can let the court know about the property details through the forms and schedules of Chapter 13 Bankruptcy San Antonio.
In some cases, you may not be able to repay the entire debt within five years. Then your attorney can talk to your creditors and reduce the debt value to your affordability level.
Chapter 7 Bankruptcy or Chapter 13 Bankruptcy San Antonio – Chapter Choice
Before deciding on the selection of Chapter 7 Bankruptcy or Chapter 13 Bankruptcy San Antonio, you have to go through credit training. Choose a training center that is approved by the federal and state governments. There, you can get to know about the various ways in which you can handle the present crisis.
You may not get any specific guidelines and formulae for solving the problem. But your mind will become clear about how to find the right attorney who can solve your problems. In some cases, you may have to agree for selling a part of your assets to settle the debts. Then you can talk to your attorney and find the best option.
Before deciding on discharge, you have to evaluate all the possible options to save your property from liquidation. Your Bankruptcy San Antonio attorney will be the right person for consultations.