The Bankruptcy Process - Different Types of Filing Options
If you are considering bankruptcy, it is important to choose a reputable bankruptcy attorney. There are many things to consider when choosing an attorney, so it is important to do a little research before hiring the first one that comes along. This article will discuss the differences between these two types of lawyers, as well as what to look for in a bankruptcy attorney. First, there are two types of bankruptcy lawyers at Meredith Law Firm: personal bankruptcy lawyers who will assist you with filing for bankruptcy on your own, or commercial bankruptcy lawyers who will assist you with filing for bankruptcy as part of a partnership with one or more other commercial companies. If you have a large amount of unsecured debt, and your only source of income are your wages, then a personal bankruptcy attorney may be your best option. However, if you have a smaller amount of debt and your only source of income is monthly or bi-monthly paychecks, then a commercial bankruptcy attorney may be better for you.
Your bankruptcy attorney will be able to determine exactly what type of bankruptcy option is right for you, depending on your situation. One of the most common types of filings is chapter seven, which involves liquidating all of your unsecured debt. However, before filing, you should be aware that this is a very drastic step and you may not be able to do it on your own.
is best to hire a bankruptcy attorney who can assist you in planning what you need to do once you have filed, so you can avoid bankruptcy. Some of the common types of actions that are advised before filing are selling the stock holdings of your business or buying new equipment and property, which will make your business more solvent, as well as getting rid of some of your personal assets, such as art collections and investments. Make sure to check out this website at http://www.dictionary.com/browse/lawyer for more details about lawyers. Another type of filing is chapter thirteen, which involves the complete liquidation and reorganization of your business. In order to do this, it is important that you hire an experienced bankruptcy attorney from a reputable law firm.
Chapter thirteen involves many complex financial issues, such as selling your assets, reorganizing your business, paying off some of your debts, and reducing your personal expenses. While it may not seem like a good option, it is often one of the best available to those who are struggling with large amounts of debt. For example, if you are facing foreclosure actions 7 bankruptcy law firm, you will need to be sure that you are fully aware of any tax obligations associated with the property that you are selling, as well as any obligations to your employees. A final common type of filing is chapter eight, which is designed for those who are not sure that they will be able to repay their debt. To do this, it is necessary that you hire a bankruptcy attorney, who can help draft a plan that will allow you to repay your creditors over a certain period of time. chapter eight involves reorganizing your debts, negotiating repayment agreements with your creditors, and creating a trust fund in order to pay off your creditors over time. chapter eight has two main requirements, which are that you must disclose all of your assets, and that you must create a trust fund.
Both of these requirements will differ based on your particular situation. It is important to understand the differences between the different chapters that are involved in the bankruptcy process, as well as the different types of north charleston bankruptcy attorney that are capable of assisting you throughout the process. While this process can be a little overwhelming, it can be made easier with the right legal counsel. You should always consult with a bankruptcy attorney before you decide what chapter to file, and the most important thing to remember is that if you make a mistake, you don't have to suffer financially. This is especially true if you get a good bankruptcy lawyer on your side.
