Unpaid debt is a condition which can make you vulnerable to debtors’ filing lawsuits. When you are unable to clear the loans, you can opt for Chapter 7 Bankruptcy San Antonio. It can protect you from having to lose all your property to the trustee appointed by the court. The first thing you have to do is to file a petition through your attorney. He can protect your exempted property from the hands of your debtors. Let’s see how it happens.
Chapter 7 Bankruptcy San Antonio – What is it?
Chapter 7 Bankruptcy San Antonio is a legal way to protect your assets from being sold to pay for your debts. Every state in America has its version of the act, though the federal regulations apply to the maximum extent. You need to understand the clauses and sections in the law before filing the petition.
Consult your attorney and brief him about your condition. He will assess your property and compare its value with your net debts. Then he will suggest you the best way of filing the petition and getting the protection from the court.
The exemptions in Colorado are insurance, child support, domestic support, wages, personal property, pension, retirement benefits, and equipment used for business and industry.
For example, let’s consider the personal property exemption. It covers your car, jewels, livestock, clothes, household items, appliances, and gadgets, etc. Child support includes the money you set aside for taking care of your children from foods to the education plans. That means your debtors cannot take away these possessions from you to pay for the debts.
The exemptions may vary over the different states in America from Alabama to Wyoming. You have to consult your attorney to know which state law is applicable for your personal and commercial property.
Bankruptcy San Antonio – What is not Exempted
The trustee allocates a maximum value of exemption to your personal property. Any asset which is above that value will not be exempted from applicability of the law. He can sell them and distribute the money to your debtors.
The collateral property is also not exempt from the applicability of the law. The net profit you earn from your business every month can also be considered by the trustee to be non-exempted.
Chapter 13 Bankruptcy San Antonio – The Way Out
Chapter 13 Bankruptcy San Antonio gives you an option to keep your property and repay the debts over a period. The trustee will decide on how much you have to pay and what is the maximum lead time for the repayment. But before that, you decide on choosing from 24 hr tow truck or Chapter 13 Bankruptcy San Antonio.
Bankruptcy San Antonio – Petition
Consult your attorney to file the Bankruptcy San Antonio petition. It is an online form in which you have to input your personal, professional, and other related security details. There are many attached forms and schedules which require details of your assets. Once you fill and file the form, your assets will be protected from the debtors until the trustee intervenes and the court gives its final judgment.