Rancho Cucamonga, CA (PressExposure) September 23, 2009 -- Stonehavenlaw.com, STONE HAVEN LAW GROUP, LLC venture, has an expert team of Bankruptcy attorneys to help with bankruptcy issues. Bankruptcy is the federal court process of helping individuals deal with their debt, either through liquidation or reorganization, under the protection of the bankruptcy court. While there are many chapters in the bankruptcy code, which one is the best suited is well determined by a bankruptcy attorney. Bankruptcy creates an automatic stay that serves to stop, or put a hold on all legal actions and proceedings that a debtor is facing. This includes a foreclosure proceeding.
Sahaar Ann Azariah, of STONE HAVEN LAW GROUP, LLC, comments on this issue and says, âThe most common bankruptcy sections for distressed homeowner searching for temporary or permanent relief are Chapters 7 and 13. The debtor's legal liability to pay unsecured debt is totally eliminated in Chapter 7 bankruptcy but in Chapter 13 debtor's unsecured debt does not get eliminated leaving on option for the debtor to repay a portion of the debt.â
It is best to seek services of a bankruptcy lawyer when facing any difficulty in declaring bankruptcy and starting over again. Bankruptcy proceedings have to be initiated and proceeded in adherence to all relating legal laws and requirements and is known by a bankruptcy attorney. Filing of a Chapter 7 bankruptcy petition will halt foreclosure proceedings, wage garnishment, creditor harassment, and other causes of stress for distressed homeowners. A Chapter 13, on the other hand, can stop a foreclosure proceeding permanently. A Chapter 13 bankruptcy consolidates debt and reorganizes it into an affordable monthly payment plan approved by the court. In order to determine the best one it is worthwhile to consult a bankruptcy attorney at www.stonehavenlaw.com