Many people understand how difficult it can be to juggle financial responsibility with the natural shifts of the market and other life-events. At times, it may seem as if mounting responsibilities and debts are too much to handle, and some individuals may find themselves in danger of not being able to meet the demands of their creditors. Persons who are in serious financial trouble may consider filing for bankruptcy to discharge unsecured debts and formulate a plan to regain their financial standing.
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When it comes to bankruptcy filings, the main goal for most individuals is to remove harmful and unsurmountable debts and negotiate the payment of essential obligations. While some debts may be discharged through bankruptcy, it is important to note that certain obligations like spousal and child support, tax liabilities, and student loans cannot be released through bankruptcy proceedings.
For persons who decide to file for bankruptcy, it is wise to be educated about the overall process and the consequences of filing for bankruptcy. An experienced bankruptcy lawyer can help explain your legal options and can help you with important parts of the process like the first meeting of creditors and the statement of intention.
When a person decides to file for Chapter 7 bankruptcy, he or she must determine what course of action must be taken with secured consumer debts like auto loans, mortgages, and other items. The person is usually required to issue at Statement of Intention to determine what is to be done with the property. The individual usually has the option to retain his or her home or vehicle, or may surrender the collateral on the loan.
The due date on the Statement of Intention is typically thirty days after the filing of the application, or by the first meeting of creditors (whichever is first). This means that the decisions must be made and the creditors should be alerted of the applicant's intentions regarding his or her assets and bankruptcy. This allows the creditors time to examine the proposals and help both parties come to a resolution regarding the treatment of debts during the meeting.
For more information on Chapter 7 bankruptcy, contact the Austin bankruptcy attorneys of Slater, Kennon, & Jameson, LLP.
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