Bankruptcy is a debt resolution option provided under the law. It can be used by both businesses and individual consumers for debt resolution purposes. It is important to note that bankruptcy can help you settle bad debts. If you have loans that you are not able to pay off, you can consider hiring a bankruptcy attorney to help you file a chapter 13 Oakland, CA. Be sure to take your time.
Bankruptcy has advantages and disadvantages. The main advantages include; debt forgiveness and peace of mind since creditors will be forced to stop contacting debtors or sending debt collectors to go after debtors. As a result, the debtor can work on how they can settle their debts under the bankruptcy act.
This type of bankruptcy is only for individual debtors. Businesses and corporates cannot use this option to get rid of their debts. To have your debts forgiven through this option, you have to send monthly payments to the trustee at the end of every month for a certain number of years. In return, your bad debts will be written off.
The best thing about this chapter is that it allows the debtor to retain all their assets. Nothing is sold to pay off debts as is usually the case with chapter 7, which provides for liquidation. This means that it will give you a chance to put your affairs in order to ensure that you will be able to afford the monthly payments.
Before you consider bankruptcy, it may be a good idea to consult a bankruptcy lawyer. This legal professional will give you the advice and guidance needed to ensure you make a well-informed decision. Please note that there are other debt resolution options that you can use before you consider bankruptcy. Having a competent lawyer by your side will help to ensure the trustee does not take advantage of you.
Your credit rating will suffer once the court declares you bankrupt. This will prevent you from accessing affordable loans, getting a decent job or renting a car/house. After all, many businesses nowadays carry out background checks on potential clients when they are about to make important business decisions. Therefore, you should know that your life may be significantly affected.
Knowing how bankruptcy works is important and can affect whether or not you will be successful. When you file the bankruptcy petition in court, a qualified trustee will be appointed to go through your application and oversee the entire process. Your total debts, income sources, assets owned and personal finances will also be looked into before the bankruptcy can be granted.
Once the bankruptcy petition has been approved, you will be expected to propose a plan to repay your debts under improved terms. The plan must be presented to creditors. If approved, you will only need to send the monthly payments to the trustee to enjoy all the bankruptcy protections and have your bad debt forgiven.
Bankruptcy has advantages and disadvantages. The main advantages include; debt forgiveness and peace of mind since creditors will be forced to stop contacting debtors or sending debt collectors to go after debtors. As a result, the debtor can work on how they can settle their debts under the bankruptcy act.
This type of bankruptcy is only for individual debtors. Businesses and corporates cannot use this option to get rid of their debts. To have your debts forgiven through this option, you have to send monthly payments to the trustee at the end of every month for a certain number of years. In return, your bad debts will be written off.
The best thing about this chapter is that it allows the debtor to retain all their assets. Nothing is sold to pay off debts as is usually the case with chapter 7, which provides for liquidation. This means that it will give you a chance to put your affairs in order to ensure that you will be able to afford the monthly payments.
Before you consider bankruptcy, it may be a good idea to consult a bankruptcy lawyer. This legal professional will give you the advice and guidance needed to ensure you make a well-informed decision. Please note that there are other debt resolution options that you can use before you consider bankruptcy. Having a competent lawyer by your side will help to ensure the trustee does not take advantage of you.
Your credit rating will suffer once the court declares you bankrupt. This will prevent you from accessing affordable loans, getting a decent job or renting a car/house. After all, many businesses nowadays carry out background checks on potential clients when they are about to make important business decisions. Therefore, you should know that your life may be significantly affected.
Knowing how bankruptcy works is important and can affect whether or not you will be successful. When you file the bankruptcy petition in court, a qualified trustee will be appointed to go through your application and oversee the entire process. Your total debts, income sources, assets owned and personal finances will also be looked into before the bankruptcy can be granted.
Once the bankruptcy petition has been approved, you will be expected to propose a plan to repay your debts under improved terms. The plan must be presented to creditors. If approved, you will only need to send the monthly payments to the trustee to enjoy all the bankruptcy protections and have your bad debt forgiven.
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