A situation of bankruptcy is a condition where a person fails to pay his or her own dues and payments, and after it is filed it becomes a legal process in which the debtors are helped in paying their dues and the lenders are also paid back what they deserve.
Wage garnishment is one of the most preferred ways for creditors in San Jose to recover their debts. For this they have to obtain a favorable judgment from the courts which allows them to recover debts such as pay day loan, credit card dues, medical loans and personal loans.
Debt settlements and declaring bankruptcy are two common methods of dealing with lack of credit in your bank account. Basically debt settlement means hiring a debt settlement company to negotiate with the creditors the pending debt amount and reach a settlement which is much lower than the initially agreed percentage.
In bankruptcy cases a bankruptcy trustee is a court-appointed impartial officer who is charged with administering the debtor's estate. The trustee is appointed by the Department of Justice's United States Trustee and serves as a representative of creditors and protects their interests both in cases filed under Chapter 13 and Chapter 7.