When you have decided that you are not able to pay your debts, it is important you look for a competent lawyer to help you explore all your options. For instance, you can become bankrupt to get rid of your debt. Bankruptcy Oakland residents should know, is not always the best option, so consumers need to consider all the available options to ensure they can make an informed decision.
One of the most common options for businesses and individual debtors is chapter 7. To qualify for this option, there is only one requirement that debtors will be required to satisfy. You must prove that you do not have a reliable income to be able to service your debts. Usually, assets belonging to the debtor are liquidated to offset their credit accounts. The liquidation is usually done through a public auction, which can be embarrassing for the debtor and their family.
Chapter 11 is an option that has been designed specifically for businesses. With this chapter, a business or company only needs to show that they have a lot of bad debt and a reliable income source they can use to service their debt under improved terms and conditions. If approved, the management of the business will have to come up with a payment plan based on their disposable income. After a few years, all unpaid debts will be forgiven.
Chapter 13 is a bankruptcy option for individual consumers. It entails reorganization of debts. The debtor is only required to show that they have a reliable source of income and qualifying debts they are unable to service under existing terms and conditions. The debtor will also have to come up with a payment plan to service their debts under improved terms and conditions. At the end of the process, unpaid debts will be written off.
It is always a good idea to hire an attorney to offer advice and guidance throughout the proceedings. Your lawyer will also help you with the paperwork, which will make your work much easier. To get the best legal services, be sure to spend time comparing the reputation, experience and fees charged by different lawyers operating in the city. This will help you make a well-informed decision.
After becoming bankrupt, there are several things that you should expect. The first is that your credit will be tainted. This means that you will not be able to get affordable loans from mainstream lenders. You will also be unable to secure a better-paying job. Renting a house or car will also become a huge challenge for you.
There are many debts that cannot be written off. The first is student loan debts. If you have a lot of student loans, you will have to continue servicing them. Child support must also be paid unless the family court makes amendments to the divorce settlement agreement. Spousal support must also be paid in full without delays. Therefore, you should know what kind of debt forgiveness you are going to get before you decide to become bankrupt.
When you file a chapter 7, you should know that you will have to wind up your business. In case you are an individual debtor, the public auction will taint the image and reputation of your family. Therefore, you should consider other options before you decide to file the necessary paperwork.
One of the most common options for businesses and individual debtors is chapter 7. To qualify for this option, there is only one requirement that debtors will be required to satisfy. You must prove that you do not have a reliable income to be able to service your debts. Usually, assets belonging to the debtor are liquidated to offset their credit accounts. The liquidation is usually done through a public auction, which can be embarrassing for the debtor and their family.
Chapter 11 is an option that has been designed specifically for businesses. With this chapter, a business or company only needs to show that they have a lot of bad debt and a reliable income source they can use to service their debt under improved terms and conditions. If approved, the management of the business will have to come up with a payment plan based on their disposable income. After a few years, all unpaid debts will be forgiven.
Chapter 13 is a bankruptcy option for individual consumers. It entails reorganization of debts. The debtor is only required to show that they have a reliable source of income and qualifying debts they are unable to service under existing terms and conditions. The debtor will also have to come up with a payment plan to service their debts under improved terms and conditions. At the end of the process, unpaid debts will be written off.
It is always a good idea to hire an attorney to offer advice and guidance throughout the proceedings. Your lawyer will also help you with the paperwork, which will make your work much easier. To get the best legal services, be sure to spend time comparing the reputation, experience and fees charged by different lawyers operating in the city. This will help you make a well-informed decision.
After becoming bankrupt, there are several things that you should expect. The first is that your credit will be tainted. This means that you will not be able to get affordable loans from mainstream lenders. You will also be unable to secure a better-paying job. Renting a house or car will also become a huge challenge for you.
There are many debts that cannot be written off. The first is student loan debts. If you have a lot of student loans, you will have to continue servicing them. Child support must also be paid unless the family court makes amendments to the divorce settlement agreement. Spousal support must also be paid in full without delays. Therefore, you should know what kind of debt forgiveness you are going to get before you decide to become bankrupt.
When you file a chapter 7, you should know that you will have to wind up your business. In case you are an individual debtor, the public auction will taint the image and reputation of your family. Therefore, you should consider other options before you decide to file the necessary paperwork.
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