If you have would like to get rid of your bad debts in a legal way, you can consider filing for bankruptcy. There are three common types of bankruptcies that you can decide to seek legal protections under. These are chapters 7, 11 and 13. These bankruptcy chapters are meant for different types of debtors. When thinking about filing a chapter 7 Monterey residents should spend some time looking for a top-rated bankruptcy lawyer to help them out.
When looking for a competent bankruptcy lawyer to handle your case, there are several key factors to consider. The first, however, is the experience of the lawyer with similar cases. Secondly, you need to carry out some research on the reputation of the lawyer and compare their fees to what other lawyers are charging. This will help you to make an informed decision.
Chapter 7 bankruptcy can be looked at as the default bankruptcy. This is because virtually anyone with a lot of bad debt can qualify. In addition to that, if bankrupt businesses or individuals fail to honor their chapter 11 or 13 repayment plans, they will be declared bankrupt under this chapter, and their property will be liquidated to recover funds to pay off a portion of their debts.
Before thinking about bankruptcy, debtors should first consider all the other available options before making a decision. This is crucial because bankruptcy has many negative effects. Therefore, it should never be looked at as the first option. After all, your life will be turned upside down once you are listed as a bankrupt consumer.
To qualify for this bankruptcy option, you must have a lot of bad debt and no way of paying it. If you have a source of income, the court may decide to declare you bankrupt under different chapters. This means that if you lose your job or your business gets into a position where raising revenue is impossible, you can use this option to get rid of your debts. However, this may mean that you have to wind up the business.
After bankruptcy has been granted, you should know that you may not be able to rent a car or house in the next couple of years, accessing low-interest credit facilities will also be next to impossible. In fact, you may even lose your job because some organizations do not want to work with financially-irresponsible individuals.
After filing the necessary paperwork in court, a trustee will be appointed to ensure that you do not want to misuse bankruptcy provisions to get rid of your debts. After all, many people have been misusing these laws in the past. Therefore, the trustee will have to put your finances under the microscope to ensure that you are truly unable to service your loans.
This chapter basically allows the court to liquidate the assets belonging to the debtor to recover funds to pay off their debts. The proceeds of the sale do not need to be equal to the outstanding debts, so a $100,000 debt can be paid with just $10,000. The balance will be written off.
When looking for a competent bankruptcy lawyer to handle your case, there are several key factors to consider. The first, however, is the experience of the lawyer with similar cases. Secondly, you need to carry out some research on the reputation of the lawyer and compare their fees to what other lawyers are charging. This will help you to make an informed decision.
Chapter 7 bankruptcy can be looked at as the default bankruptcy. This is because virtually anyone with a lot of bad debt can qualify. In addition to that, if bankrupt businesses or individuals fail to honor their chapter 11 or 13 repayment plans, they will be declared bankrupt under this chapter, and their property will be liquidated to recover funds to pay off a portion of their debts.
Before thinking about bankruptcy, debtors should first consider all the other available options before making a decision. This is crucial because bankruptcy has many negative effects. Therefore, it should never be looked at as the first option. After all, your life will be turned upside down once you are listed as a bankrupt consumer.
To qualify for this bankruptcy option, you must have a lot of bad debt and no way of paying it. If you have a source of income, the court may decide to declare you bankrupt under different chapters. This means that if you lose your job or your business gets into a position where raising revenue is impossible, you can use this option to get rid of your debts. However, this may mean that you have to wind up the business.
After bankruptcy has been granted, you should know that you may not be able to rent a car or house in the next couple of years, accessing low-interest credit facilities will also be next to impossible. In fact, you may even lose your job because some organizations do not want to work with financially-irresponsible individuals.
After filing the necessary paperwork in court, a trustee will be appointed to ensure that you do not want to misuse bankruptcy provisions to get rid of your debts. After all, many people have been misusing these laws in the past. Therefore, the trustee will have to put your finances under the microscope to ensure that you are truly unable to service your loans.
This chapter basically allows the court to liquidate the assets belonging to the debtor to recover funds to pay off their debts. The proceeds of the sale do not need to be equal to the outstanding debts, so a $100,000 debt can be paid with just $10,000. The balance will be written off.
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Get an overview of the factors to consider when choosing a Chapter 7 Monterey bankruptcy attorney and more information about a reliable lawyer at http://www.centralcoastbankruptcy.com now.
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