Bankruptcy is the procedure of placing a legal declaration through which an individual appeals for bankruptcy. It is when a person or a business firm does not have proper monetary resources to pay his/ its debts that such an option is viable. It is considered to be the last resort among all the other debt relief options but has its own benefits.
Bankruptcy cases are usually filed under the following three codes:
Chapter 7 - It is also called 'liquidation of assets'. Under this bankruptcy code, a debtor's non-exempt assets are completed liquidated to pay off the creditors. The court usually appoints a trustee who does the evaluation of the assets and cash distribution among the creditors. A major advantage of filing under this code is that you can get rid of any amount of debts. It usually takes a maximum of six months for a chapter 7 bankruptcy case to resolve.
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Chapter 11 - This code allows an individual to reorganize his debts. It is ideal for business firms, both sole proprietorship and corporation. Under this code, the court appoints a trustee who has the power to drive the indebted business. There are multiple options to restructure a business.
Chapter 13 - This code is mainly ideal for those who have a steady source of income. An individual is made to undergo financial reorganization. People who are capable of paying up for their debts after a certain period of time can apply for this code. It allows a person to pay a part of his debts right away and provides an option of paying up the remaining part of the debt over a period of time. A major advantage of this code is that it provides protection from the foreclosures on your home.
All the aforementioned bankruptcy codes have their own complications and it is not possible for a common person to decide which chapter is appropriate for his case. A bankruptcy attorney is the person who is trained in the field of law and holds expert knowledge. A person who is thinking of filing a bankruptcy case must seek help from a professional to make the legal proceedings smoother for him.
While choosing a bankruptcy attorney for your case, you must ensure that he is qualified enough to fight your case. Also, check how long he has been in the field. Experience is a major quality of a good attorney. Lastly, verify that your lawyer holds a valid license to fight your case.
Do a proper research before choosing a bankruptcy attorney. Puyallup, WA citizens can get professional legal help from David Smith Law.
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