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Non Applicability of Discharge under chapter 7 bankruptcy San Antonio

Non Applicability of Discharge under chapter 7 bankruptcy San Antonio

Overview

Chapter 7 Bankruptcy San Antonio discharge can happen, only when your finances are broken beyond repair. That means you neither have the sufficient income nor the asset which as the value for repayment. Getting such discharge from the court can keep you safe for the rest of your life from the creditors. They will not be able to make any claims or legal cases against you at any point in the future.

Chapter 7 Bankruptcy San Antonio – Non Applicability

Education loans don’t come under the applicability zone. That means you can’t avoid repaying them, no matter what your financial position is. Similarly, there are many other situations in which the chapter 7 will not be applicable.

Improving Income

Your creditor or his trustee may prove that your income improving. Then you will not have any other option than agreeing to repay the debts. But you don’t need to worry, because your attorney can always convert the case into chapter 13. For this, he may have to hold negotiations with your creditor or his trustee. If that is not possible, he can directly approach the court and apply the petition on your behalf. Then it is possible to get a reprieve for a few months. You can get a maximum reprieve for up to six months, before having to start the repayment procedures.

Asset Value

If the value of your asset is higher than the maximum ceiling determined by the court, there could be no option for protecting it from sales. The court can give explicit permission for the sale under its supervision. The creditor will have to take the maximum credit limit for repayment set by the court. Then he has to return the rest of the money to you. In such cases, you may end up on the profit side, if the property value is on the rise.

Bankruptcy San Antonio – Prerequisites

Filling and filing the petition could be simple and fast. However, the other forms are more complex and time consuming. You and your attorney should sit and work together to decide on applicability and non-applicability regulations.

Your Bankruptcy San Antonio attorney will have all the answers to your queries and doubts regarding the applicability clauses.

Non Applicability of Discharge under chapter 7 bankruptcy San AntonioBankruptcy

Chapter 13 Bankruptcy San Antonio – Safe Option

If the applicability of Chapter 7 Bankruptcy San Antonio is non-existent, you can choose Chapter 13 Bankruptcy San Antonio. Then your attorney can negotiate with your creditors and get you the reprieve from having to repay the debts immediately. He may also try and reduce the repayment amount considerably. In some cases, the Bankruptcy San Antonio attorneys have been able to reduce the net repayable debt by more than 60%.

The time you get for repayment of Chapter 13 Bankruptcy San Antonio debts is also very comfortable. You may get exemptions from having to pay the interest and fines also.

Conclusion

Chapter 13 Bankruptcy San Antonio attorneys can help you to repay all your debts and keep your assets with you. The fee you pay for such services is also economical and affordable.