During the course of a lifetime, individuals go through times of financial crisis. The loss of a job, injury or disability, sickness, divorce, and other life-changing events may have a serious effect on a person's finances. If a person finds himself or herself falling behind on payments to creditors, he or she may not know where to turn to escape the burden of debt.
If a person is unable to make timely payments on his or her debt, bankruptcy may be the right option to help them gain control of their lives. Although some individuals may fear the process of filing for bankruptcy and may be unsure of it's long-term effect on their lives, it may be the right option for people who are struggling to make ends meet and are hounded by back-debt.
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If the individual in question decides to file for bankruptcy, he or she typically must assess the overall financial situation and should make a complete list of all debts and assets that he or she is responsible for. Then, the application for bankruptcy must be filed and all information should be completed in an honest and thorough manner. When the application is accepted, the court will typically impose an "automatic stay" on the person's debts, which means that he or she does not have to make payments and cannot be harassed by collectors who are looking to settle the debt.
There are several exceptions to the order for automatic stay, including family claims like spousal support, child support and other obligations that are related to providing financial assistance to family members. This can include efforts to establish paternity, child support, and alimony payments. Such family claims establish priority for making support payments over payments for unsecured debts.
In addition, any property settlement claims filed by children, spouses, or former spouses may take priority over other claims and may become a non-dischargeable debt. In some cases, a hearing may be required for individuals to make their claims and for a judge to determine what action should be taken to remove or reaffirm the debt.
If you are considering filing for bankruptcy, an experienced bankruptcy attorney may be able to help with the process. If you would like to know more about family claimants and bankruptcy, visit the website of the Austin bankruptcy lawyers of Slater, Kennon, & Jameson, LLC.
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