The filing of a petition under Chapter 7 Bankruptcy San Antonio can offer you immediate protection from liquidating or acquiring your property by your creditors. The law applies equally to all the proceedings against you which might have started before petition filing. It also includes nullification of any judgments that might have been made against you before or after the filing of the petition.
Bankruptcy San Antonio – Property Possession
You can consider the estate or other forms of fixed assets which you might have purchased with or without the help of a loan. For example, the estate property which you have inherited from your ancestor’s other relatives is one type of asset. The creditors may try to get a transfer, liquidation, or possession by legal means. Section 541 of the Chapter 7 Bankruptcy San Antonio can legally prevent the creditors from taking any further action.
Bankruptcy San Antonio – Property Liquidation
The creditors may wish to liquidate your assets when you file for Bankruptcy San Antonio. Their efforts could be backed by their attorney who files a legal case against you. cataloging is one such method to sell your assets at the highest possible price. In this bargain, they may get more money than you actually owe them.
The assets up for liquidation may include estate and moveable property including your automobile. You can file a Chapter 13 Bankruptcy San Antonio through your attorney. It can prevent the creditors from liquidating any of your property.
Chapter 7 Bankruptcy San Antonio – Petition Filing
The problem with petition preparation is that you can’t do it yourself or take the help of a layman to do it. You have to take the help of an attorney with a license to practice Bankruptcy cases. He has to give you copies of documents and explain the pros and cons of applying. He should also brief you about the court proceedings clearly before applying the petition on your behalf.
Make sure that you choose a Bankruptcy attorney with experience and specialization in your case. He will know how to stay the recovery of a debt in any form by the creditors. If your attorney makes any mistakes while preparing the petition knowingly, you can file a case against him in the same court in which you wanted to apply for Bankruptcy.
Chapter 7 Bankruptcy or Chapter 13 Bankruptcy San Antonio
The trustee shall conduct an impartial examination of your income, assets, and liabilities. He shall determine whether you have the capacity for the repayment of debts or not. His primary objective is to check whether the asset value is less than or more than the maximum ceiling limit set by the court.
Any property which is lower than the ceiling limit will be exempted from the Asset-Bankruptcy case. So, the creditors will not be able to claim them for liquidation or possession. Otherwise, the case may shift to Chapter 13 Bankruptcy San Antonio.
You can save your property and assets from being put to liquidation when you contact the professional Bankruptcy San Antonio attorneys.