Some Tips in Keeping Your House and Property through Bankruptcy Laws

Many homes were lost in 2009 housing bubble to foreclosure that hurt several American families. There could have been a definite way to stop these foreclosures if people had known the use of Federal Bankruptcy Laws. By using the Federal Bankruptcy Laws, people are protected against creditors who are greedy and unscrupulous. Be aware though that the execution of the laws is extremely complex even if the idea seems to be fairly straight forward.

For the process to start, there is a four page 'voluntary petition" that the person has the file at the District Couthouse. Click here to get more info. What contains in the petition are basic information like 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 third step is stating your social security number. If you are filing in order to save your home, you will now file the Credit Counseling Certificates together with the petition, and this will make the "automatic stay" active which will hold all collection actions.

Once the above forms are filed, the person has 14 days to file the other forms required, like 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.

You will have to summarize amounts in every schedule using the Summary of Schedules, and must report these information of certain liabilities and related data using statistical summary.

Be aware too of these forms or processes or documentations that will show for example how much you want to pay your filing fee through installment basis, a statement of financial affairs, and a Chapter 13 where basing on your current income per month, your commitment period and your disposable income will be calculated.

You then have to go through the process of Debtors Certification of Completion of Post-Petition, fill up the Amendment Cover Sheet, and make your Chapter 13 Repayment Plan, a very important part of the Laws of Bankruptcy. Find out more here.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.

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