Attorney Bankruptcies Near Me Chapter 7 Lawyer Bankruptcies Near Me

You may be surprised to know that there are six types of bankruptcy in the United States. When an individual files for bankruptcy it falls under two chapters; Chapter 7 or Chapter 13. The Law Offices of SRIS, P.C. has extensive knowledge and experience in handling bankruptcy under these two types. Bankruptcy chapter 7 lawyer near me come with local understanding and have the skill to give you relief under these provisions.

Before getting into the intricacies, let us understand what these two chapters mean to individuals taking a decision of insolvency.

Liquidation Bankruptcy: Chapter 7 or liquidation bankruptcy removes debts and is specially designed for those who are not able to clear their monthly repayments. The court appoints a trustee to liquidate your assets and repay your debtors with cash. The assets could be your car, household appliances, furniture, expensive curios, etc. Once the debt is repaid, Chapter 7 discharges you of the debt responsibility. Speak to your Bankruptcy Lawyers Near Me immediately. Call bankruptcy chapter 7 near me now.

Wage earner’s plan: Chapter 13 is a repayment plan approved by the court to clear your debt within a period of time, for instance, 3 or 5 years. Once the debts are cleared you are relieved of the responsibility of repayment. This protects your assets, still giving you an opportunity to clear your debts without foreclosure of your property. The catch here is to make mortgage payments on time during the time period. Your lawyer for bankruptcy Near Me can explain on this option

The Pros and Cons of filing bankruptcy

Individuals or businesses file for insolvency only during extreme situations, when they have no other alternative to repay their debts. It could be helpful to clear off their existing debt burden and start life from scratch to achieve financial stability in a positive way. Your Bankruptcy Lawyers Near Me can explain the nuances of filing insolvency. The decision may be overwhelming yet could be right decision to get out of financial stress. Your Bankrupt Lawyers Near Me can help you understand the pros and cons of filing insolvency.

The advantages of filing bankruptcy

1. Automatic Stay: With automatic stay you can prevent your creditors to collect debts from you. Once this is initiated you will not be contacted by your creditors. You can now work out ways and means to clear the outstanding without being harassed by your lenders. It is a tool to protect you from your debtors. Automatic stay can protect you from foreclosure of your home as the court stops current cases against you. Contact your Bankruptcy Lawyers Near Me for more details.
2. Acquit a debt: The Bankruptcy Lawyers Near Me gives you an opportunity to set right your finances and devise a strategy to repay your existing debts. It can help improve your financial position when debts are overriding you. With debts disposed you are no longer under stress. Not all debts are dischargeable, though medical and credit card debts can be forgiven. Find a bankruptcy lawyer near me to guide you in this matter.
3. Credit score: Your credit score would be badly affected post-bankruptcy. The bankruptcy record appears on your report for 7-10 years. You may have to start all over again to stabilize your credit score. After clearing your debts and stabilizing your finances, you can rebuild you scores a fresh. Discuss with Bankruptcy Lawyers Near Me for clarity on the subject.

Though, filing insolvency does not pose a rosy picture for the debtor. There are some disadvantages that come with it. Unearthing the cons can help take the right decision. Talk to your Bankruptcy Lawyers Near Me to find out if it is the right option.

You should not have filed Chapter 7 in the last 8 years Clear the mean test Submit the paperwork and file for Chapter 7 exemptions Be prepared to meet the creditors