Bankruptcy is a legal way to declare the inability of a person or a business to pay off his debts to creditors. It is usually the last option that anyone chooses. Bankruptcy gives a chance to a person to start over afresh with his finances by clearing all the debts or allowing a debtor to pay back all the debts over a certain period of time.
By filing for a bankruptcy case, one gets to avail several bankruptcy options.
The two most preferred bankruptcy options are explained as follows:
Chapter 7 - This chapter is also known as 'liquidation of debts'. This option of bankruptcy allows an individual to give up all his non-exempt assets to a court-appointed trustee. This trustee is in charge of liquidating all the assets and reasonably distributing them among the creditors involved. This is the most common preference when it comes to filing for bankruptcy.
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Chapter 13 - This chapter of bankruptcy is perfect for those individuals who have a stable source of income and thereby, have a way to get rid of the debts sometime in near future. This chapter of bankruptcy is also known as 'reorganization of finances'. Through this option, a debtor needs to chalk out a plan of repaying all his debts in a time span of 3-5 years. This plan needs to get approval from the court.
It is not possible for a common person or a business firm to realize the implications of filing a bankruptcy case. Hiring a bankruptcy lawyer can be of great help as a legal representative would be able to decide as to which bankruptcy option is suitable for you.
You must take care of a few crucial details while looking for an attorney for your case. Following tips may be useful in this regard:
Qualification - An attorney must be qualified enough to take up a case. You should do a thorough check on the certifications of a lawyer before hiring him.
Experience - Hiring an experienced attorney can be advantageous as he is the person who has spent a lot of time in the field of law. He ought to know the possible implications involved in a legal affair. He also holds good contacts with higher legal authorities. This could be an advantage to a client.
Referrals - Ask your known ones regarding good bankruptcy lawyers. This could be an effective way to shortlist a few people and then choosing the best among them.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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