Under normal circumstances, nobody would ever wish to become bankrupt. This is because there are many adverse effects of bankruptcy. The worst thing about the process is that the filer may not even get the type of outcome he or she is seeking. Ideally, financially-distressed consumers should hire a competent chapter 7 attorney Prince William County to provide legal advice and representation throughout the process.
This bankruptcy chapter entails disposal of assets belonging to the debtor by the trustee. The money that is recovered from the sale is used to pay off the outstanding debts, starting with the court fees and taxes. Once all the assets have been liquidated, all outstanding debts are written off. This means that you will become debt-free. However, you might lose your car and other valuable assets.
It is important to note that this process does not cover all types of debt obligations. For instance, if you have student loans and child support payments, or spousal support payments, you will be required to continue paying your dues. Most debts are covered, but you should prepare yourself to continue making these payments.
While you can have most of your personal debts forgiven through bankruptcy, you should know that debt relief comes with a catch. For instance, you will be blacklisted by creditors. This will make it almost impossible for you to access any low-interest credit facility. In fact, your only option might be to get a bad credit loan if you need a loan.
Every legal debt relief option has strict requirements that applicants must satisfy. For instance, A chapter 7 is only available to individuals who either have little or no income, or a large estate. This means that if you do not have any asset of value, but have a job that gives you a decent income, you will not qualify for this chapter.
It is important to note that the bankruptcy court will appoint a trustee to oversee the entire process. Since the trustee wants to recover as much money as possible from the process, he or she might sell assets that are classified as exempt, such as the family car, which may not even have a significant monetary value. For this reason, it is important you hire a competent lawyer to protect your interests.
Before filing for bankruptcy, there are a couple of things that you should know. For instance, the bankruptcy will appear on your credit report for a couple of years. Since employers, landlords and car leasing companies normally run credit checks, getting a job and renting a house, or car, will be incredibly difficult until the bankruptcy is removed from your credit report.
Experience is perhaps the most important thing to consider when looking for a lawyer. The ideal attorney must have a lot of experience handling bankruptcy cases in Prince William County, VA. After all, you want the best legal representation and competent counsel during the entire process. Another key consideration is the legal cost, so you may want to ask different lawyers to give you their hourly rate and compare them.
This bankruptcy chapter entails disposal of assets belonging to the debtor by the trustee. The money that is recovered from the sale is used to pay off the outstanding debts, starting with the court fees and taxes. Once all the assets have been liquidated, all outstanding debts are written off. This means that you will become debt-free. However, you might lose your car and other valuable assets.
It is important to note that this process does not cover all types of debt obligations. For instance, if you have student loans and child support payments, or spousal support payments, you will be required to continue paying your dues. Most debts are covered, but you should prepare yourself to continue making these payments.
While you can have most of your personal debts forgiven through bankruptcy, you should know that debt relief comes with a catch. For instance, you will be blacklisted by creditors. This will make it almost impossible for you to access any low-interest credit facility. In fact, your only option might be to get a bad credit loan if you need a loan.
Every legal debt relief option has strict requirements that applicants must satisfy. For instance, A chapter 7 is only available to individuals who either have little or no income, or a large estate. This means that if you do not have any asset of value, but have a job that gives you a decent income, you will not qualify for this chapter.
It is important to note that the bankruptcy court will appoint a trustee to oversee the entire process. Since the trustee wants to recover as much money as possible from the process, he or she might sell assets that are classified as exempt, such as the family car, which may not even have a significant monetary value. For this reason, it is important you hire a competent lawyer to protect your interests.
Before filing for bankruptcy, there are a couple of things that you should know. For instance, the bankruptcy will appear on your credit report for a couple of years. Since employers, landlords and car leasing companies normally run credit checks, getting a job and renting a house, or car, will be incredibly difficult until the bankruptcy is removed from your credit report.
Experience is perhaps the most important thing to consider when looking for a lawyer. The ideal attorney must have a lot of experience handling bankruptcy cases in Prince William County, VA. After all, you want the best legal representation and competent counsel during the entire process. Another key consideration is the legal cost, so you may want to ask different lawyers to give you their hourly rate and compare them.
About the Author:
Get a summary of the things to keep in mind when selecting a Chapter 7 attorney Prince William County area and more information about a reputable lawyer at http://jpg3law.com now.
Aucun commentaire:
Enregistrer un commentaire