The law provides people who have huge amounts of debt an opportunity to have a financial fresh start. This process is known as filing for bankruptcy. After a successful petition, the court will decide whether to offer you protection from creditors and give you a chance to settle your debts or offer discharge. It is also possible to get back property lost in say a foreclosure after filing for bankruptcy through repossession. To understand these processes, you need to hire a competent Repossession Attorney.
What does discharge in bankruptcy mean?
When you get a bankruptcy discharge, you are released from personal liability for certain specific types of debts. This simply means that after a discharge, the law will no longer require you to pay the particular debts. The discharge is a permanent order that prohibits debtors from attempting to collect from the creditor. The discharge also prohibits a creditor from any form of communication with the debtor.
What is repossession?
In case you lost property in a foreclosure, or it had been held as a lien for a debt and was auctioned off to secure a debt, it is possible to get back the property through repossession. After a house has been auctioned off in a foreclosure process, the owners may come to you wanting to buy your repossession rights. You should avoid selling these rights if you want to re-own the house. Get a repossession lawyer and get money to get the property back.
Which debts can get discharged?
The types of debts that can get discharge depend on the type of bankruptcy you filed for and the types of debts that you owe. For instance, if you incurred debts because of a certain irresponsible behavior, you may not get a discharge for the particular type of debt. Note that it is the right of the creditor to object to debt discharge. However, if the court moves to discharge the debt and no one comes forward to challenge the motion, the process will be carried out.
Only with the help of a competent bankruptcy and Repossession Attorney can one understand how the process of getting discharge for debts and getting back their auctioned off property. Visit Brent Sorenson & Associates P.C. for details about these processes.
