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Secured and Unsecured Debt

Protecting Your Rights and Interests

 

Bankruptcy laws treat secured and unsecured debts quite differently. In a Chapter 7 bankruptcy, for example, unsecured debts such as credit card debts and medical bills can be completely discharged. On the other hand, the rights of a lender of a secured debt such as a mortgage or car loan will be upheld, unless other measures are taken during the Chapter 7 bankruptcy process.

 

If you are facing financial difficulties that could lead to foreclosure or repossession, you need sound advice and assertive legal representation. Without that representation, you could be subject to a deficiency judgment on a secured loan (even if you give up the property) or face other legal problems.

 

Giovanni Orantes is a Los Angeles bankruptcy attorney with extensive experience in debt relief matters, ranging from straightforward bankruptcy filings to complex bankruptcy litigation. Mr. Orantes is highly knowledgeable about bankruptcy laws, and he works diligently to protect his clients’ rights in bankruptcy proceedings and related litigation.

 

For a free consultation about a bankruptcy or creditor rights’ matter, contact Orantes Law Firm

 

Secured Debts

 

Mortgages and car loans are the two most common types of secured loans. The lender has certain lien rights, including the right to foreclose on a mortgage or repossess a car in case of default. While filing bankruptcy causes an automatic stay on foreclosure or repossession actions, the lien continues to be in effect, until something is done during the bankruptcy to lift the lien. If our firm files bankruptcy on your behalf, we will thoroughly examine the secured issues in your case. If necessary, we will take measures to prevent the possibility of a deficiency lawsuit.

 

Unsecured Debts

 

Most unsecured loans are dischargeable in Chapter 7 bankruptcy, including credit card debts, medical bills and payday loans. Personal property taxes, student loans and child support obligations are not dischargeable. In a Chapter 13 bankruptcy, the filer will receive a repayment plan under which the filer will usually repay a portion of unsecured debts. At the end of a Chapter 13 repayment plan, the remaining unsecured debts will be discharged. When our firm represents you we will seek the most advantageous arrangements we can obtain. In some Chapter 13 cases we have handled, our clients have had all unsecured debts discharged with no repayment.

 

Contact a Lawyer

 

Contact Orantes Law Firm, for a free consultation about a debt relief matter.

 

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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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