Every citizen or legal resident of the United States, or any other country around the world, is expected to know the law. When charged in court, claiming that you did not know something was illegal will not get you anywhere. Similarly, when declaring bankruptcy, you are expected to know the procedures and consequences of bankruptcy. Since you may not have this type of information, you may want to hire the best Chapter 7 lawyer Prince William County has to offer.
Chapter 7 is the most popular type of bankruptcy but there are many others, such as Chapters 11 and 13. This option basically entails disposal of all nonexempt assets belonging to the debtor. It is the default bankruptcy, which comes into effect when a debtor defaults on the other bankruptcy options.
In this bankruptcy option, the assets of the bankrupt debtor are sold to recover funds to pay off their debts. The value of the estate does not have to be the same or anywhere close to the outstanding debt for this option to be considered. What matters is that the debtor has non-exempt assets that have real monetary value.
There are two main requirements for this debt settlement option. The first is that the debtor needs to have some assets. The second condition is that the debtor should not have a considerable source of income. It is important to note that this option can be used by both individual debtors as well as institutional debtors. The trustee is the one to advise the court on the best option.
It is important to note that becoming bankrupt has many adverse consequences. For one, the bankruptcy will be included in your credit report, and will remain there for several years. This means that you will not be able to get an affordable loan from a bank. Renting a car or house will also be difficult due to your poor credit rating.
Debtors should never rush to file for bankruptcy. This option should be considered when all else has failed. Ideally, consumers should take their time to negotiate their debt, and possibly have the loan refinanced. Refinancing will help to extend the term of the loan. This will reduce the amount of money you are supposed to pay every month.
Since you may know little about bankruptcy, it is crucial you hire a bankruptcy attorney to guide you through the process. The lawyer can help you do the paperwork as well as file the petition on your behalf. While you may be seeking debt forgiveness, you still have rights, and your attorney will ensure that these rights are not violated. For instance, you are entitled to certain exemptions during the liquidation process. Your attorney will ensure you get all the exemptions.
The number of years an attorney has been in business is a key factor to consider. Be sure to also check the number of cases the attorney has handled in the recent years. This is because the most experienced lawyers normally offer quality services and they always manage to meet client expectations. Therefore, you should take your time to identify the right professional.
Chapter 7 is the most popular type of bankruptcy but there are many others, such as Chapters 11 and 13. This option basically entails disposal of all nonexempt assets belonging to the debtor. It is the default bankruptcy, which comes into effect when a debtor defaults on the other bankruptcy options.
In this bankruptcy option, the assets of the bankrupt debtor are sold to recover funds to pay off their debts. The value of the estate does not have to be the same or anywhere close to the outstanding debt for this option to be considered. What matters is that the debtor has non-exempt assets that have real monetary value.
There are two main requirements for this debt settlement option. The first is that the debtor needs to have some assets. The second condition is that the debtor should not have a considerable source of income. It is important to note that this option can be used by both individual debtors as well as institutional debtors. The trustee is the one to advise the court on the best option.
It is important to note that becoming bankrupt has many adverse consequences. For one, the bankruptcy will be included in your credit report, and will remain there for several years. This means that you will not be able to get an affordable loan from a bank. Renting a car or house will also be difficult due to your poor credit rating.
Debtors should never rush to file for bankruptcy. This option should be considered when all else has failed. Ideally, consumers should take their time to negotiate their debt, and possibly have the loan refinanced. Refinancing will help to extend the term of the loan. This will reduce the amount of money you are supposed to pay every month.
Since you may know little about bankruptcy, it is crucial you hire a bankruptcy attorney to guide you through the process. The lawyer can help you do the paperwork as well as file the petition on your behalf. While you may be seeking debt forgiveness, you still have rights, and your attorney will ensure that these rights are not violated. For instance, you are entitled to certain exemptions during the liquidation process. Your attorney will ensure you get all the exemptions.
The number of years an attorney has been in business is a key factor to consider. Be sure to also check the number of cases the attorney has handled in the recent years. This is because the most experienced lawyers normally offer quality services and they always manage to meet client expectations. Therefore, you should take your time to identify the right professional.
About the Author:
To see if it's appropriate for you to file for bankruptcy, come and consult with our highly experienced chapter 7 lawyer Prince William County office. To sign up for more information, click here http://jpg3law.com.
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