When you want to get a legal solution for your bad debts, you should always seek legal counsel. This will help to ensure that you know exactly what you are getting yourself into. For instance, hiring the best bankruptcy attorney Oakland has to offer is recommended when seeking to become bankrupt. Since bankruptcy has serious legal implications, it is always a good idea to arm yourself with a competent lawyer.
A lawyer will take you through all the available options for resolving your debt problem and tell you about the pros and cons. They will also tell you whether or not you qualify for your preferred option. If you can qualify for two options, the lawyer will help you come up with reasons why you should be declared bankrupt under the chapter you prefer.
Chapter 13 will only be prescribed by your lawyer if you have a reliable income source. After all, this chapter requires the debtor to make regular monthly payments over a period of several years to get debt forgiveness. If you have a reliable source of income, you will have to draft a repayment plan and propose an installment that you can afford to pay every month. If you honor the terms of the plan, you will get debt forgiveness.
Chapter 11 will be prescribed by your attorney if your business is unable to service its business debts. This chapter is similar to chapter 13 except for the fact that it is meant for corporate entities, such as registered businesses. It provides debt forgiveness to businesses that manage to repay a portion of their debts through regular installments.
The default bankruptcy option, your lawyer will tell you, is chapter 7. If you cannot qualify for either chapter 13 or chapter 11, you will be declared bankrupt under chapter 7. If you are declared bankrupt under chapters 11 or 13, but you default on the repayment plan, your assets will be liquidated under chapter 7. As you can see, it is the default option.
Anyone can qualify for chapter 7. After all, the only requirement is having bad debts and an inability to pay the debt. Assets are usually liquidated to pay off the debt. The proceeds, no matter how significant or insignificant, it may be, is then distributed by the trustee to all the creditors. However, court fees and taxes are usually prioritized during distribution.
When comparing lawyers, be sure to pay attention to their experience. You want to hire the most experienced lawyer because you want to get the highest quality of service. Therefore, you should spend some time analyzing both the number of cases and number of years that different lawyers have been in business before making a decision.
Please note that bankruptcy may have many benefits, but it also has disadvantages. For starters, the bankrupt debtor will be blacklisted. This means that they will not be able to procure any loan in the future. In fact, renting a car or house will become a challenge. Getting a better job or a promotion at work will also be a challenge. The reputation of the debtor will also be affected adversely since everyone will know about their financial situation.
A lawyer will take you through all the available options for resolving your debt problem and tell you about the pros and cons. They will also tell you whether or not you qualify for your preferred option. If you can qualify for two options, the lawyer will help you come up with reasons why you should be declared bankrupt under the chapter you prefer.
Chapter 13 will only be prescribed by your lawyer if you have a reliable income source. After all, this chapter requires the debtor to make regular monthly payments over a period of several years to get debt forgiveness. If you have a reliable source of income, you will have to draft a repayment plan and propose an installment that you can afford to pay every month. If you honor the terms of the plan, you will get debt forgiveness.
Chapter 11 will be prescribed by your attorney if your business is unable to service its business debts. This chapter is similar to chapter 13 except for the fact that it is meant for corporate entities, such as registered businesses. It provides debt forgiveness to businesses that manage to repay a portion of their debts through regular installments.
The default bankruptcy option, your lawyer will tell you, is chapter 7. If you cannot qualify for either chapter 13 or chapter 11, you will be declared bankrupt under chapter 7. If you are declared bankrupt under chapters 11 or 13, but you default on the repayment plan, your assets will be liquidated under chapter 7. As you can see, it is the default option.
Anyone can qualify for chapter 7. After all, the only requirement is having bad debts and an inability to pay the debt. Assets are usually liquidated to pay off the debt. The proceeds, no matter how significant or insignificant, it may be, is then distributed by the trustee to all the creditors. However, court fees and taxes are usually prioritized during distribution.
When comparing lawyers, be sure to pay attention to their experience. You want to hire the most experienced lawyer because you want to get the highest quality of service. Therefore, you should spend some time analyzing both the number of cases and number of years that different lawyers have been in business before making a decision.
Please note that bankruptcy may have many benefits, but it also has disadvantages. For starters, the bankrupt debtor will be blacklisted. This means that they will not be able to procure any loan in the future. In fact, renting a car or house will become a challenge. Getting a better job or a promotion at work will also be a challenge. The reputation of the debtor will also be affected adversely since everyone will know about their financial situation.
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You can get an overview of important things to consider when selecting a bankruptcy attorney Oakland area at http://www.centralcoastbankruptcy.com/bankruptcy-overview.html right now.
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