Bankruptcy Attorneys In Los Angeles County: The Discharge Of Debts
by Ivy Catubig
The process of going bankrupt is usually unhappy for all parties concerned. Creditors lose money and employees lose their jobs. However, sometimes the bankrupt company or individual is simply unable to meet their liabilities, and in such instances they may approach bankruptcy attorneys in Los Angeles County in order to discharge their debts.
A discharge is granted by the judge, and it signifies that the indebted party is exempt from any further liability for some or all of the debts that arose before the court process was instituted. Those who are owed money cannot oppose this order. The debts are no longer of any effect.
There are exceptions to this order. These are debts which cannot legally be discharged. Some types of tax debt, student loans, alimony and maintenance of kids cannot be canceled. It is also not possible to eliminate criminal fines or personal damage liability associated with driving under the influence of alcohol or drugs.
The application for a discharge order requires the utmost integrity on the part of the applicant. Any debt must be specified, otherwise it may not be discharged with the others. Perjury or the destruction or concealment of business records, as an example, may also cause the court to reject the application.
Also, debts associated with crime or fraudulent operations obviously cannot be discharged. Any money or goods obtained through such measures will obstruct the discharge proceedings. It is bad in law to assume that restitution in criminal prosecutions can be evaded through an official bankruptcy order.
If a secured debt is discharged, the creditor is still allowed to reclaim the asset, such as a motor vehicle or appliance. Should the debtor desire to keep the asset, they will still have to pay it off.
Bankruptcy is not an easy situation to handle. Sometimes, repayment is simply impossible. Professional legal representation can make this easier for other parties to accept.
Find an overview of the benefits you get when you work with <a href="http://www.goldbachlaw.com/">bankruptcy attorneys in Los Angeles County</a> and more information about a well-respected lawyer at http://www.goldbachlaw.com/ now.
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New Unique Article!
Title: Bankruptcy Attorneys In Los Angeles County: The Discharge Of Debts
Author: Ivy Catubig
Email: jaadenator@gmail.com
Keywords: Bankruptcy Attorneys in Los Angeles County,bankruptcy law attorney Whittier,chapter 11 bankruptcy attorney Whittier,Foreclosure attorney el monte,Foreclosure lawyer Norwalk,affordable bankruptcy Long Beach,bankruptcy attorney Long Beach,bankruptcy law attorney Long Beach,bankruptcy lawyer Long Beach,
Word Count: 316
Category: Legal
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