Going through financial constraints can be an extremely disheartening, and more so when one contemplates filing for bankruptcy. Many individuals who find themselves in these dire circumstances seem at a loss of what to do.
Normally such persons are often at the receiving end of vicious creditors, most of whom employ ruthless means offsetting the debt. While some people have the temperament needed to face such challenges, many sadly crumble under this heavy yoke. Such circumstances might at first sight seem to be untenable; however, there is still hope.
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By enlisting the services of a bankruptcy attorney to represent you, the chances of getting the reprieve you wish, are infinitely higher. Like all legal proceedings, bankruptcy lawsuits are extremely convoluted, and without the right representation, the petition can be easily denied.
Consequently, this can eventually mean that the case has to be filed again. As filing such suits is relatively dear this result in waste of the precious resources, which can prove fatal to most financially estranged persons. For the most part bankruptcy lawsuits can be subdivided into two major categories: chapter 7 or chapter 13.
A successful Chapter 7 lawsuit usually culminates with the court appointing a trustee charged with the task of liquidating the applicant's assets, and settling debt.
However, this does not necessarily denote that all his or her debt is going to be squashed.
For instance, if the debtor is servicing secured loans with some of his or her creditors; the court approves of the liquidation of such assets.
The up shot of this bankruptcy proceeding is that it is usually relatively fast, and gives the applicant the opportunity of starting afresh.
The mandatory qualifications for filing such a suit are:
• The debtor completes credit counselling.
• Be willing to forego his or her assets, primarily to settle his non-exempt debts
On the other hand, chapter 13 bankruptcy lawsuits involve the court restructuring the debt payment over a lenient duration, normally five years.
This is open to individuals that might possess valuable assets they desire to retain, or whose income is above the chapter 7 prerequisites.
This option leaves a lot of room for debt reduction, but is nevertheless relatively dear due to its complex legal procedures. The conditions of filing chapter 13 bankruptcy lawsuits are:
• The applicant should have gone through credit counselling
• The applicant possesses a regular income that can allow restructuring of the debt payment.
• The applicant meets the mandatory debt-limit, which varies depending on the country you reside.
• The applicant desires his or her co-debtors, if any, to be exempt from their personal debts.
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.
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