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The Importance of Bankruptcy Laws in Keeping Your Property and House.

legaladviceguide401Jan 11, 2019, 4:24:58 PM

Many homes were lost in 2009 housing bubble to foreclosure that hurt several American families. It was unfortunate that many of these families did not realize that they can stop foreclosure in a definite way with the use of Federal Bankruptcy Laws. By applying the Laws of Federal Bankruptcy, individuals will have the protection against those unscrupulous and greedy creditors. The concept of these laws may seem fairly straight forward to an ordinary citizen but the execution of these laws is rather an extremely complex one.

First is that the process itself would take a four page "voluntary petition" that one should file at the District Courthouse. Read more about Bankruptcy Laws from Buck county family law. In the petition, you will be asked to put your basic information such as your name, address, phone, and financial information.

The second step is the filling out of "mailing matrix" where it will show the list of creditors who are holding on you collateral loans, using your real property, your home, your car, and others that are of value that you owe money on.

The next step is you declare your social security number. For those who are filing to save their homes, they will file the Credit Counseling Certificates which will hold all collection actions, since this and the petition will make an "automatic stay" active.

After the above forms are filed, you then have 14 days to file other forms that are required, from schedule A to J forms.

The information then that you have supplied will have you declare that they are all true and correct to the best of your knowledge, and the form is a declaration concerning debtors schedules, of which your declaration will be under the penalty of perjury.

There is also a summary of schedules where each schedule has amounts summarized under Summary of Schedules, and must report these information in Statistical summary of Certain Liabilities and related data.

Other forms to be completed are like an application to pay in installment basis your filing fee, making of a statement of financial affairs, and a Chapter 13 where your disposable income and commitment period will be calculated in reference to your current monthly income. To learn more about Bankruptcy Laws, visit Bucks County bankruptcy law

There is also the process of Debtors Certification of Completion of Post-Petition, and Amendment Cover Sheet, the Repayment Plan of Chapter 13, which is the most important part of the Bankruptcy Laws.

Subjecting yourself to the above processes will help you and give you the chance to avoid foreclosure of your home, and you can make a repayment of your debts for over comfortable time since you will only be paying small amounts of money.

It is important then that you consult a bankruptcy lawyer to assist you about your specific case so you will have the right information and action.