There are three main types of bankruptcies. These are chapters 7, 11 and 13. The first chapter involves liquidation of property belonging to the distressed debtor to settle their credit account. Chapter 11 provides for debt reorganization for businesses while the last chapter provides debt reorganization for individual consumers. Whichever option you choose, you need to hire the best bankruptcy lawyer Prince William County has to offer.
Business owners who have accumulated unsustainable amounts of debt can get legal debt relief through a chapter 11. By going to court, these businesses can get the chance to repay their debts stress-free as well as retain all their assets. Filing a chapter 7 will wind up the business, so it may not be the best option.
Individual debtors have two main options for getting rid of their bad debts. They can file a chapter 13 and use their income to make convenient monthly installments. This option allows them to retain all their assets. Chapter 7 is the second option, which requires the trustee to liquidate the assets belonging to the debtor.
When drafting your petition, your attorney will require detailed financial information about your debts, income, expenses and assets. These details must be included in the petition. The trustee will go through the details and decide whether or not the option you are applying for is suitable for your situation.
While you may have three options to choose from, what you should keep in mind is that all the options you have will taint your credit report. Chapter 7 will also lead to loss of property. The good news is that a large portion of the debt will be written of. The damage to your credit report may be so significant that you may not be able to borrow a low interest loan for years. Renting a car or house might also become incredibly difficult.
Consumers need to consider other debt resolution options before resorting to liquidation or debt reorganization. For instance, they should try to refinance their loans to make them easier to service. Those with multiple debts should consolidate them through a registered debt consolidation company.
Bankruptcies are usually tedious and time consuming processes. That is why the court normally delegates the responsibility of overseeing these processes to trustees. Once your petition has been received by the court, a trustee will be appointed to oversee the entire process. This is the person or organization that will make arrangements for the auction and organize meetings with creditors.
The first step in the process of finding a suitable lawyer to handle your case is making a list of around ten reputable lawyers who normally handle bankruptcy cases in Prince William County, VA. Ideally, you should give preference to the top ranking firms on major search engines. Next, look at the experience each of those attorneys has and give preference to the most experienced attorney. Be sure to take your time to avoid making mistakes.
Business owners who have accumulated unsustainable amounts of debt can get legal debt relief through a chapter 11. By going to court, these businesses can get the chance to repay their debts stress-free as well as retain all their assets. Filing a chapter 7 will wind up the business, so it may not be the best option.
Individual debtors have two main options for getting rid of their bad debts. They can file a chapter 13 and use their income to make convenient monthly installments. This option allows them to retain all their assets. Chapter 7 is the second option, which requires the trustee to liquidate the assets belonging to the debtor.
When drafting your petition, your attorney will require detailed financial information about your debts, income, expenses and assets. These details must be included in the petition. The trustee will go through the details and decide whether or not the option you are applying for is suitable for your situation.
While you may have three options to choose from, what you should keep in mind is that all the options you have will taint your credit report. Chapter 7 will also lead to loss of property. The good news is that a large portion of the debt will be written of. The damage to your credit report may be so significant that you may not be able to borrow a low interest loan for years. Renting a car or house might also become incredibly difficult.
Consumers need to consider other debt resolution options before resorting to liquidation or debt reorganization. For instance, they should try to refinance their loans to make them easier to service. Those with multiple debts should consolidate them through a registered debt consolidation company.
Bankruptcies are usually tedious and time consuming processes. That is why the court normally delegates the responsibility of overseeing these processes to trustees. Once your petition has been received by the court, a trustee will be appointed to oversee the entire process. This is the person or organization that will make arrangements for the auction and organize meetings with creditors.
The first step in the process of finding a suitable lawyer to handle your case is making a list of around ten reputable lawyers who normally handle bankruptcy cases in Prince William County, VA. Ideally, you should give preference to the top ranking firms on major search engines. Next, look at the experience each of those attorneys has and give preference to the most experienced attorney. Be sure to take your time to avoid making mistakes.
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You can get fantastic tips for choosing a bankruptcy lawyer Prince William County area and more information about a well-respected attorney at http://jpg3law.com today.