A creditor might have credited a huge amount of money using a credit card or you have to pay back a huge amount of hospital bill then sometimes if he or she fails to pay it back due to running out of the amount. Under such situations the Bankruptcy plan can be chosen by the debtor to place a case against the creditor. There are many other processes of debt collection even and only the best lawyers can help you go through them.
The Chapter 13 Of The Bankruptcy Plan
You can be charged under many kinds of bankruptcy plan. One of the common ones is the Chapter 13 Bankruptcy. This plan asks you to pay bank the amount that is left from the credit card bills and the medical bills. Your house or car is often not involved for auction to pay back the money. Sometimes the creditor might not need to pay the entire amount if all the bills show that the claim for the money as a period of 5 years. This is only applied for Section 1322C. The part ‘A’ of Section 1322 asks the creditor to pay the whole of the priority claim.
The Chapter 7 Of The Bankruptcy Plan
This plan also leaves any kind of loaned property like the house or car of the creditor but only asks to pay the bills of the credit cards and other debts. Chapter 7 Bankruptcy can be filed by any company. If the debtor’s family doesn’t exceed the claim then this can else he or she has to opt for Chapter 13 of Bankruptcy plan. If the debtor uses his or her credit cards a lot or has taken a huge advance, then he or she cannot file this plan against the creditor.
All of the above information and the proper steps that can be taken to gain the money shall be given by the lawyers. The lawyers will suggest you the best possible way to get your money back. Even the creditors are helped by the lawyers to choose the best method so that bankruptcy charges are not applied on them. The Tampa Bay area Bankruptcy Attorney of www.jayweller.com has been serving the people of the area very faithfully since a long time. The lawyers know the rules and conditions of the area and thus can help every client very well.