Filing bankruptcy can often be a heartbreaking decision. Bankruptcy can affect individuals for many years to come. Having to declare bankruptcy simply means the terms of the financial agreements have not been satisfied and the debts to the creditor cannot be repaid. There are two types of bankruptcy that can be filed. Here are a few guidelines to follow when choosing.
Types of Bankruptcy
- Chapter 7. When the individual files for a Chapter 7, all debts are wiped away and creditors can no longer try to contact a debtor for repayment. A trustee is often hired and is in charge of selling what non-exempt assets they can to help repay the debt. To qualify for this chapter, certain income requirements must be met. If the individual does not have enough in debt, has few to no assets, and an income that is too high, Chapter 13 must be filed.
- Chapter 13. This is for individuals who do not qualify for Chapter 7 but still need some sort of debt relief. They often have some funds left over at the end of the month to repay the creditors. With Chapter 13 the individual is able to keep all over their belongings.
Filing as an individual or a business requires time and effort to making sure the process is done correctly, as it can take months to complete. Any mishap that may occur can start the process all over again or have a denied decision. Here are a few additional advantages of hiring a bankruptcy law attorney in Wellington FL to represent the particular case.
Advantages of Attorneys
- Experience. Bankruptcy law is complicated and requires knowledge of both state and federal laws. Along with laws, cases for bankruptcy require a lot of documents that involve details of the individual’s liabilities and assets. Attorneys are experienced in the rules that govern the paperwork as well as filing requirements.
- Communicators. Attorney’s act as a representation for the individual(s). They will contact the creditors directly and work out any details regarding settlements as well as submit offers to repay the debt.
While it may be hard and damaging to one’s pride, a Bankruptcy Law Attorney in Wellington FL wants to help and will ensure the process is done fairly as well as quickly. For more information about bankruptcy and what an attorney may do for you or a loved one, visit Website
