Bankruptcy is an unfortunate situation, which can occur in the lives of both seasoned entrepreneurs and novice businessmen. While filing insolvency at the court has many benefits like getting relief from harassing creditors' calls and burden of loans; it also has a negative impact on the credit ratings. In a personal insolvency case, there are basically two types of proceedings - under Chapter 7 and Chapter 13. Both the types have their own unique conditions and clauses. Are you also thinking of filing insolvency? You might not be aware of those complex legal clauses and conditions but, a lawyer does. A bankruptcy attorney deals with both the types of proceedings (Chapter 7 and Chapter 13). Although it is very difficult to mention all the legal clauses and explain the happenings of both the cases, here's a brief introduction to both the types that a lawyer deals with:
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Chapter 7
This is also known as straight bankruptcy. It is basically a liquidation process that the bankruptcy attorney supervises. In this proceeding a trustee is appointed by the court to liquidate your property. Your bankruptcy attorney will make a list of your non-exempt property and will provide it to the trustee. The trustee then converts the property into cash with which s/he pays off your loans. It will take a few months to get discharged from the case. But, remember - you should file a case under Chapter 7 only if you have no assets of immense value to lose. Many people tend to file for Chapter 7 proceedings without consulting with an experienced lawyer. Do not make the same mistake and let an expert represent you at the court of law.
Chapter 13
It is basically known as reorganization bankruptcy. Those who have a steady income and wish to pay off their debts over a stretched period of time file for proceedings under Chapter 13. A bankruptcy lawyer is competent to handle litigation and other tasks related to the cases under Chapter 13. An attorney will handle all the paperwork related to the case. Moreover, documents related to your income and debts have to be collected. All these tedious tasks are handled professionally by a bankruptcy attorney.
So, you can see that appointing an experienced attorney is the right decision to make if you want to get relief from your unsecured debts and start your life afresh. S/he is competent enough to deal with every type of legal proceedings related to bankruptcy law. Do you need a bankruptcy attorney? Worchester County comprises is the address of a few of the renowned and experienced attorneys whom you can approach for necessary consultation and representation.
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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