If you are between a rock and a hard place financially, you may decide to file a bankruptcy petition. Before you do so, make sure that you get yourself properly educated about the different options you will have. For individuals, the most ideal options to consider are Chapter 7 as well as Chapter 13. On the other hand, there are additionally clauses that are ideal for farmers, businesses and municipalities. If you are thinking about filing for bankruptcy Santa Cruz could provide you with a good number of competent attorneys.
Before getting started and filing a petition, you need to first know about the various forms of bankruptcy. To begin with, you can file under Chapter 7 and this is also known as liquidation. When an individual or an entity files under Chapter 7, they get to surrender their assets and then get rid of most of their debts in a legal manner. Your attorney can help you to find out whether you are eligible for filing under this chapter.
Then again, municipalities that fall deep into debt issues can consider filing under Chapter 9. This is a clause commonly used by municipalities such as towns, counties, district schools and cities. It is necessary for a plan to be forged that will outline how some debts shall be settled while retaining certain assets.
Chapter 11 also goes by the name reorganization. It contains clauses that are ideal for businesses that require protection from their creditors. A business is allowed to create a plan that demonstrates how debts can get paid while retaining assets and control of the company. Thanks to the expensive nature of filing under this chapter and also the complexities involved, only rich individuals and businesses find it ideal.
You could also decide to file under Chapter 12, though you would need to be a farmer or a fisherman who enjoys regular income. If you are in money problems and you are unable to handle your debt issues in a graceful manner, a successful petition would allow you to get your debts reorganized and settled in less than three years.
Another common type of bankruptcy is Chapter 13. It allows individuals who successfully file a petition to restructure their debts. There are certain creditors that will have to be paid and full, together with their interest. On the other hand other creditors will simply need to get the outstanding debts settled. It is also possible to have certain creditors whom you will be allowed to pay partially.
The need to work with a proficient attorney should not be overlooked. The expert will take your special circumstances into consideration and inform you about the best bankruptcy option to choose. This will be done after your financial situation is keenly evaluated. Bear in mind that the wrong Chapter may not afford you the solutions you need.
Then again, it makes sense to get assistance, especially when handling the relevant paperwork. It remains crucial for you to understand that even a minor mistake can lead to the dismissal of your petition. Apart from saving you from the horrors of making costly mistakes, your attorney will also ensure that you are well represented in court.
Before getting started and filing a petition, you need to first know about the various forms of bankruptcy. To begin with, you can file under Chapter 7 and this is also known as liquidation. When an individual or an entity files under Chapter 7, they get to surrender their assets and then get rid of most of their debts in a legal manner. Your attorney can help you to find out whether you are eligible for filing under this chapter.
Then again, municipalities that fall deep into debt issues can consider filing under Chapter 9. This is a clause commonly used by municipalities such as towns, counties, district schools and cities. It is necessary for a plan to be forged that will outline how some debts shall be settled while retaining certain assets.
Chapter 11 also goes by the name reorganization. It contains clauses that are ideal for businesses that require protection from their creditors. A business is allowed to create a plan that demonstrates how debts can get paid while retaining assets and control of the company. Thanks to the expensive nature of filing under this chapter and also the complexities involved, only rich individuals and businesses find it ideal.
You could also decide to file under Chapter 12, though you would need to be a farmer or a fisherman who enjoys regular income. If you are in money problems and you are unable to handle your debt issues in a graceful manner, a successful petition would allow you to get your debts reorganized and settled in less than three years.
Another common type of bankruptcy is Chapter 13. It allows individuals who successfully file a petition to restructure their debts. There are certain creditors that will have to be paid and full, together with their interest. On the other hand other creditors will simply need to get the outstanding debts settled. It is also possible to have certain creditors whom you will be allowed to pay partially.
The need to work with a proficient attorney should not be overlooked. The expert will take your special circumstances into consideration and inform you about the best bankruptcy option to choose. This will be done after your financial situation is keenly evaluated. Bear in mind that the wrong Chapter may not afford you the solutions you need.
Then again, it makes sense to get assistance, especially when handling the relevant paperwork. It remains crucial for you to understand that even a minor mistake can lead to the dismissal of your petition. Apart from saving you from the horrors of making costly mistakes, your attorney will also ensure that you are well represented in court.
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