The three bankruptcy options available to debtors in the United States include; chapters 7, 11 and 13. Chapter 7 is the most common type of bankruptcy since both individual consumers and businesses qualify. It entails liquidation of assets to offset the outstanding debt. Chapter 11 is simply debt reorganization for businesses, while chapter 13 is debt reorganization for individual consumers. Chapters 11 and 13 are beneficial to the debtor as they allow debtors to retain their assets. To find the best bankruptcy lawyer Prince William County has to offer, there are numerous factors that you must consider.
If you run a business that has accumulated a lot of bad debt, you have two options. The first is to seek debt reorganization through chapter 11. This will ensure you keep your doors open for business, and might save your business. The second is to file a chapter 7, which will lead to winding up of the business.
Individual debtors have two main options for getting rid of their bad debts. They can file a chapter 13 and use their income to make convenient monthly installments. This option allows them to retain all their assets. Chapter 7 is the second option, which requires the trustee to liquidate the assets belonging to the debtor.
When preparing the petition, your attorney will need to know about your assets, debts and income sources. These are the figures that will determine whether or not you qualify for the chapter you are applying for. The trustee will take time to analyze your financial position before approving your bankruptcy.
It is important to note that regardless of the option you choose, all kinds of bankruptcies will cause damage to your credit rating. For this reason, you need to prepare yourself for what is to come. Furthermore, a chapter 7 will leave you without your car or home among other assets. While you will have most of you debts forgiven, your bad credit will make it difficult for you to rent a house, get your dream job or access affordable credit facilities.
Consumers need to consider other debt resolution options before resorting to liquidation or debt reorganization. For instance, they should try to refinance their loans to make them easier to service. Those with multiple debts should consolidate them through a registered debt consolidation company.
Bankruptcies are usually time-consuming processes that require a lot of attention to detail. That is why legal and financial experts are normally appointed as trustees in these cases. Once your lawyer submits the petition in court, the judge will appoint a qualified trustee to handle the case. The trustee will handle all payments, auctions and communication between creditors and the debtor.
The first step in the process of finding a suitable lawyer to handle your case is making a list of around ten reputable lawyers who normally handle bankruptcy cases in Prince William County, VA. Ideally, you should give preference to the top ranking firms on major search engines. Next, look at the experience each of those attorneys has and give preference to the most experienced attorney. Be sure to take your time to avoid making mistakes.
If you run a business that has accumulated a lot of bad debt, you have two options. The first is to seek debt reorganization through chapter 11. This will ensure you keep your doors open for business, and might save your business. The second is to file a chapter 7, which will lead to winding up of the business.
Individual debtors have two main options for getting rid of their bad debts. They can file a chapter 13 and use their income to make convenient monthly installments. This option allows them to retain all their assets. Chapter 7 is the second option, which requires the trustee to liquidate the assets belonging to the debtor.
When preparing the petition, your attorney will need to know about your assets, debts and income sources. These are the figures that will determine whether or not you qualify for the chapter you are applying for. The trustee will take time to analyze your financial position before approving your bankruptcy.
It is important to note that regardless of the option you choose, all kinds of bankruptcies will cause damage to your credit rating. For this reason, you need to prepare yourself for what is to come. Furthermore, a chapter 7 will leave you without your car or home among other assets. While you will have most of you debts forgiven, your bad credit will make it difficult for you to rent a house, get your dream job or access affordable credit facilities.
Consumers need to consider other debt resolution options before resorting to liquidation or debt reorganization. For instance, they should try to refinance their loans to make them easier to service. Those with multiple debts should consolidate them through a registered debt consolidation company.
Bankruptcies are usually time-consuming processes that require a lot of attention to detail. That is why legal and financial experts are normally appointed as trustees in these cases. Once your lawyer submits the petition in court, the judge will appoint a qualified trustee to handle the case. The trustee will handle all payments, auctions and communication between creditors and the debtor.
The first step in the process of finding a suitable lawyer to handle your case is making a list of around ten reputable lawyers who normally handle bankruptcy cases in Prince William County, VA. Ideally, you should give preference to the top ranking firms on major search engines. Next, look at the experience each of those attorneys has and give preference to the most experienced attorney. Be sure to take your time to avoid making mistakes.
About the Author:
You can get fantastic tips for choosing a bankruptcy lawyer Prince William County area and more information about a well-respected attorney at http://jpg3law.com today.
Aucun commentaire:
Enregistrer un commentaire