Numerous businesses and individuals have become the victims of a poor economy, increasing job losses, higher taxes and a number of other factors. This has resulted in a major increase in people and businesses that find themselves unable to manage their debts. Of course, debtors want to be paid and they therefore place those in trouble under great pressure. This can be very stressful and that is when many people start thinking about liquidation. With a bankruptcy lawyer Snellville GA residents hope to solve their problems.
It would be foolhardy to file for insolvency in terms of chapters 7 or 13 without some help from an experienced attorney. The courts review all applications meticulously and this process may take some time. The court will not accept an application if there is the slightest chance that the applicant will be able to honor his obligations by making lifestyle changes or by making alternative arrangements.
It would be a very big mistake to think that official insolvency is an easy and instant solution to all financial problems. It is certainly not the case. The concern of the court is to make sure that the claims of the debtors of the applicant are honored as far as possible. The court is not concerned with the well being of the applicant and it is not the aim of the court to make things easier either.
If the court decides to hear an application, a trustee will immediately be appointed to oversee the process. His priority is to raise as much cash as he can in order to pay the debtors of the applicant. To this end he will seize all the assets of the applicant and sell them on an open auction. In the case of businesses the trustee may decide to sell the business as a going concern, but he is not obliged to do so.
Once the trustee has done his work, the court will issue a final insolvency order. After this debtors may no longer make any demands upon the applicant. This does not mean that the applicant goes liability free, however. He will still be liable for the payment of child support, other payments previously ordered by the court, back taxes and any loans that were secured with assets as surety.
Experienced lawyers will do everything possible to help their clients to find an alternative to filing for insolvency. Liquidation is a very serious matter. To this end the attorney may enter into negotiations with the debtors of the applicant to try and arrange a new payment plan. They can even ask the court to force the debtors to negotiate. Another alternative is to consolidate the debt.
Bankrupt individuals and business will face many serous challenges for years after the fact. They will not be allowed to make debt and for at least ten years they will not be able to obtain financing for anything. A bad credit record can impact upon their career prospects and make it extremely difficult to obtain some measure of financial independence once more. This will certainly lead to many negative long term ramifications.
If there is no alternative other than to file in terms of chapters 7 and 13 then it is vital to obtain legal help. The process can be humiliating, drawn out and extremely stressful. An attorney can take on the burden and try to obtain the best possible outcome for his client.
It would be foolhardy to file for insolvency in terms of chapters 7 or 13 without some help from an experienced attorney. The courts review all applications meticulously and this process may take some time. The court will not accept an application if there is the slightest chance that the applicant will be able to honor his obligations by making lifestyle changes or by making alternative arrangements.
It would be a very big mistake to think that official insolvency is an easy and instant solution to all financial problems. It is certainly not the case. The concern of the court is to make sure that the claims of the debtors of the applicant are honored as far as possible. The court is not concerned with the well being of the applicant and it is not the aim of the court to make things easier either.
If the court decides to hear an application, a trustee will immediately be appointed to oversee the process. His priority is to raise as much cash as he can in order to pay the debtors of the applicant. To this end he will seize all the assets of the applicant and sell them on an open auction. In the case of businesses the trustee may decide to sell the business as a going concern, but he is not obliged to do so.
Once the trustee has done his work, the court will issue a final insolvency order. After this debtors may no longer make any demands upon the applicant. This does not mean that the applicant goes liability free, however. He will still be liable for the payment of child support, other payments previously ordered by the court, back taxes and any loans that were secured with assets as surety.
Experienced lawyers will do everything possible to help their clients to find an alternative to filing for insolvency. Liquidation is a very serious matter. To this end the attorney may enter into negotiations with the debtors of the applicant to try and arrange a new payment plan. They can even ask the court to force the debtors to negotiate. Another alternative is to consolidate the debt.
Bankrupt individuals and business will face many serous challenges for years after the fact. They will not be allowed to make debt and for at least ten years they will not be able to obtain financing for anything. A bad credit record can impact upon their career prospects and make it extremely difficult to obtain some measure of financial independence once more. This will certainly lead to many negative long term ramifications.
If there is no alternative other than to file in terms of chapters 7 and 13 then it is vital to obtain legal help. The process can be humiliating, drawn out and extremely stressful. An attorney can take on the burden and try to obtain the best possible outcome for his client.
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