Living in Mission Valley is indeed a dream.
Owning a beautiful house in this place with a small garden or lawn in front..
sounds great doesn't it? Your children can play in the gardens while you sit and sip tea.
Or do you want to buy a building to open a new business? Whatever be your purpose, buying a property is easier said than done.
Very few people can actually buy a house or any other property with their own money.
The most common approach to buying any kind of property is to take a loan from a bank or mortgage lender.
Your property will be used as collateral in case you fail to repay the loan amount.
A lot of people make the mistake of borrowing a large amount of money as loan and then they repent when they are not able to pay it back.
The bank or lender then starts a foreclosure procedure against the person under which he has to vacate the premises and the property is generally resold to cover the cost of the loan amount.
The best way out of such a situation is to file for bankruptcy.
Bankruptcy is basically a legal agreement which is obtained because you are unable to pay your debts to the bank or the lender.
However, this is just a temporary measure and it can't go on forever.
It is a method to give a "fresh start" to the debtor.
There are 2 ways to file for bankruptcy: * Voluntary - The debtor files for it voluntarily.
* Involuntary - The creditor asks the debtor to file for bankruptcy.
It is advised that you follow all the bankruptcy proceedings even if you are going against the creditors claim.
If you want to make any kind of settlement it should be done before the petition for bankruptcy is submitted to the court, or else you could end up paying a huge amount of money.
Trained attorneys will ensure that you know all about the different kinds of bankruptcy chapters.
Before buying a property, you should be completely aware of all the legal formalities.