If you have accumulated a lot of bad debt in your business or personal life over the years, you need to think about ways to settle your debts. Otherwise, they will keep growing to unsustainable levels over time. You can consolidate or refinance the debts. You can also decide to file for bankruptcy, which is always the option of last resort. You can decide to file for chapter 7, 13 or 11 bankruptcy depending on your debt obligations. Whatever the case, be sure to look for the best chapter 7 Monterey lawyer to represent you during the case.
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 you have filed the necessary paperwork, the court will appoint a trustee to oversee the entire process. This includes performing due diligence on your finances to ensure that you are truly unable to service your debts properly. If you have a source of income, the trustee may recommended to the court that you may qualify for other more suitable options.
Liquidation of assets is usually what happens when a person or business has been declared bankrupt. This is usually done at a public auction, which means that the reputation of the debtor, whether corporate or individual, will be severely damaged. That is why it is always a good idea to consider other options before deciding to file for bankruptcy.
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 you have filed the necessary paperwork, the court will appoint a trustee to oversee the entire process. This includes performing due diligence on your finances to ensure that you are truly unable to service your debts properly. If you have a source of income, the trustee may recommended to the court that you may qualify for other more suitable options.
Liquidation of assets is usually what happens when a person or business has been declared bankrupt. This is usually done at a public auction, which means that the reputation of the debtor, whether corporate or individual, will be severely damaged. That is why it is always a good idea to consider other options before deciding to file for bankruptcy.
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