It is not only businesses and corporations that can file for bankruptcy. An individual can also file for one if he is burdened with debts and can no longer pay his creditors because of unemployment, medical expenses, or other unexpected expenses. Filing for bankruptcy can be the solution to relieve an individual from eligible debts and to give him a fresh start to manage his finances better.
Options for filing
One has the option to file for a Chapter 7 or a Chapter 13 bankruptcy. A chapter 7 bankruptcy enables one to pay off his creditors by the liquidating all the non-exempt assets such as automobiles, real estates, boats, and the like. This will be done by the bankruptcy trustee who will then distribute the converted cash from liquidation to the creditors. This will discharge the debtor from all eligible debts. A chapter 13 bankruptcy, on the other hand, allows one to propose a payment scheme of three to five years to pay all his debts.
Corporate Bankruptcy, Dallas Bankruptcy Attorney, Bankruptcy Attorney Fees,
Hiring a lawyer
Although it is not absolutely necessary to hire a lawyer when filing for bankruptcy, it is still highly recommended. Bankruptcy laws can be complicated and it is always best to seek legal advice. Lawyer's fees can range from $1,600 to $2,000 so go ahead and hire one if you can afford to.
Fees
A Chapter 7 usually costs around $274 while a Chapter 13 usually costs $189 to file. Aside from these, there are still other court fees to pay like appeal fees and requests for certification among others. Rates are subject to change and may vary from state to state.
The disadvantage
Although the debtor can be relieved of his debts when filing for bankruptcy, it is not without a disadvantage. The move will reflect on his credit report and it will make it hard for him to get credit.
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.
Rating of Sacramento Bankruptcy Lawyers
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment