When looking for cheap bankruptcy College Park, GA, residents should gather as much information about these legal options as possible. This will enlighten them about exactly what it is they are getting themselves into. There are numerous types of bankruptcies for different types of debtors. Continue reading to find out which one is suitable for you.
There are basically three types of bankruptcies. These are chapters 7, 11 and 13. The requirements for each of these chapters differ greatly. For this reason, debtors should always consult with attorneys and other financial experts before they file any of these chapters.
Individuals who have unmanageable levels of debt may qualify for Chapter 13 if they have a reliable source of income. Once declared bankrupt these debtors will be required to make monthly payments for a certain number of years. Any debt that would not have been settled when this period ends will be written off. Chapter 13 is perfect for stopping foreclosure proceedings.
Chapter 11 is the business equivalent of the Chapter 13. Businesses and companies that have a stable source of income can apply for this chapter if they are unable to service their loans under the prevailing terms and conditions. In College Park, GA, it is commonly referred to as business debt reorganization.
The Chapter 7 is the most popular of all bankruptcies. This is where non-exempt assets are sold by the trustee through a public auction and the proceeds forwarded to creditors. When debtors default on their new repayment plans under chapters 11 and 13, the proceedings are immediately converted to liquidation. It applies to both individual and corporate debtors.
In all the different types of bankruptcies, a trustee is usually appointed to oversee the process. This is a person who is appointed by the court to oversee the proceedings. The trustee is an expert in legal and financial issues. This is the person who receives monthly payments and forwards the same to creditors. He or she must be unbiased when discharging the duties of this office.
Some people rush into bankruptcy without finding out what it entails. This is not recommended. Bankruptcy has some serious ramifications. In fact, it should only be sought if all the other options have failed to bear any fruit. For instance, debtors should first ask creditors to adjust the terms of their loans to make it easy for them to continue servicing it. If this fails, they can start the process of declaring their insolvency.
When looking for cheap bankruptcy College Park residents should not be in a hurry. This is because becoming bankrupt will lower their credit rating, thereby making it impossible for them to access affordable credit facilities in the future. Renting a house or leasing a vehicle may also be difficult after declaring bankruptcy. Other options should be explored first, and if all else fail, this option may be considered. A qualified attorney can help consumers to choose the right chapter, file the necessary paperwork and offer guidance throughout the process.
There are basically three types of bankruptcies. These are chapters 7, 11 and 13. The requirements for each of these chapters differ greatly. For this reason, debtors should always consult with attorneys and other financial experts before they file any of these chapters.
Individuals who have unmanageable levels of debt may qualify for Chapter 13 if they have a reliable source of income. Once declared bankrupt these debtors will be required to make monthly payments for a certain number of years. Any debt that would not have been settled when this period ends will be written off. Chapter 13 is perfect for stopping foreclosure proceedings.
Chapter 11 is the business equivalent of the Chapter 13. Businesses and companies that have a stable source of income can apply for this chapter if they are unable to service their loans under the prevailing terms and conditions. In College Park, GA, it is commonly referred to as business debt reorganization.
The Chapter 7 is the most popular of all bankruptcies. This is where non-exempt assets are sold by the trustee through a public auction and the proceeds forwarded to creditors. When debtors default on their new repayment plans under chapters 11 and 13, the proceedings are immediately converted to liquidation. It applies to both individual and corporate debtors.
In all the different types of bankruptcies, a trustee is usually appointed to oversee the process. This is a person who is appointed by the court to oversee the proceedings. The trustee is an expert in legal and financial issues. This is the person who receives monthly payments and forwards the same to creditors. He or she must be unbiased when discharging the duties of this office.
Some people rush into bankruptcy without finding out what it entails. This is not recommended. Bankruptcy has some serious ramifications. In fact, it should only be sought if all the other options have failed to bear any fruit. For instance, debtors should first ask creditors to adjust the terms of their loans to make it easy for them to continue servicing it. If this fails, they can start the process of declaring their insolvency.
When looking for cheap bankruptcy College Park residents should not be in a hurry. This is because becoming bankrupt will lower their credit rating, thereby making it impossible for them to access affordable credit facilities in the future. Renting a house or leasing a vehicle may also be difficult after declaring bankruptcy. Other options should be explored first, and if all else fail, this option may be considered. A qualified attorney can help consumers to choose the right chapter, file the necessary paperwork and offer guidance throughout the process.
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