There are three main types of bankruptcies. These are chapters 7, 11 and 13. The first chapter involves liquidation of property belonging to the distressed debtor to settle their credit account. Chapter 11 provides for debt reorganization for businesses while the last chapter provides debt reorganization for individual consumers. Whichever option you choose, you need to hire the best bankruptcy lawyer Prince William County has to offer.
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 drafting your petition, your attorney will require detailed financial information about your debts, income, expenses and assets. These details must be included in the petition. The trustee will go through the details and decide whether or not the option you are applying for is suitable for your situation.
There are many options that debtors can choose from as far as bankruptcies are concerned. However, all of them will damage your credit report. If you are listed as a bankrupt consumer, you may not get that dream job you have been looking for. Renting a house or car will also be a daunting task. In case of a chapter 7, you will lose most of your property and personal belongings. That is why experts recommend a second thought before seeking to become bankrupt.
Before deciding to get into bankruptcy, consumers should consider other options. This includes debt consolidation and debt renegotiation. You can work with a debt consolidation company to try and make your debts easier to service. You can also refinance to make it easier for you to honor your debt obligations.
Bankruptcies are usually tedious and time consuming processes. That is why the court normally delegates the responsibility of overseeing these processes to trustees. Once your petition has been received by the court, a trustee will be appointed to oversee the entire process. This is the person or organization that will make arrangements for the auction and organize meetings with creditors.
When looking for a bankruptcy lawyer, you need to make a shortlist of reputable lawyers operating in Prince William County, VA. The next step is to check the amount of experience these attorney have and give preference to lawyers who have a lot of experience dealing in bankruptcy. The ideal attorney must charge a competitive rate for their services and have a track record of getting clients through bankruptcy successfully. You should never be in a hurry to hire a lawyer as you can easily make a mistake.
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 drafting your petition, your attorney will require detailed financial information about your debts, income, expenses and assets. These details must be included in the petition. The trustee will go through the details and decide whether or not the option you are applying for is suitable for your situation.
There are many options that debtors can choose from as far as bankruptcies are concerned. However, all of them will damage your credit report. If you are listed as a bankrupt consumer, you may not get that dream job you have been looking for. Renting a house or car will also be a daunting task. In case of a chapter 7, you will lose most of your property and personal belongings. That is why experts recommend a second thought before seeking to become bankrupt.
Before deciding to get into bankruptcy, consumers should consider other options. This includes debt consolidation and debt renegotiation. You can work with a debt consolidation company to try and make your debts easier to service. You can also refinance to make it easier for you to honor your debt obligations.
Bankruptcies are usually tedious and time consuming processes. That is why the court normally delegates the responsibility of overseeing these processes to trustees. Once your petition has been received by the court, a trustee will be appointed to oversee the entire process. This is the person or organization that will make arrangements for the auction and organize meetings with creditors.
When looking for a bankruptcy lawyer, you need to make a shortlist of reputable lawyers operating in Prince William County, VA. The next step is to check the amount of experience these attorney have and give preference to lawyers who have a lot of experience dealing in bankruptcy. The ideal attorney must charge a competitive rate for their services and have a track record of getting clients through bankruptcy successfully. You should never be in a hurry to hire a lawyer as you can easily make a mistake.
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.
No comments:
Post a Comment