Bankruptcy cases are generally filed under Chapter 7 or Chapter 13 of the Bankruptcy Code. Filing for bankruptcy can be very intimidating and confusing for most people. When filing for bankruptcy, it is very important that the information and paperwork are filed correctly to ensure that your bankruptcy claim is successful. An experienced bankruptcy lawyer can assist you with your bankruptcy claim, and help to make sure that the proper steps and precautions are being made when filing.
Chapter 7 of the bankruptcy code is used to liquidate assets so that debts can be paid. This option allows those struggling with debt to obtain a fresh start and new financial beginning. Repayment plans are also available to get those struggling with debt back on track.
Unlike Chapter 7, Chapter 13 of the bankruptcy code does not involve the liquidation of assets. Chapter 13 allows the debtor to keep property and negotiate bills so that they can be consolidated. This method of bankruptcy requires more time than that of chapter 7 due to the repayment process. The repayment plan allows those struggling with debt to keep their assets as, well as pay off their bills.
Filing for Bankruptcy can be a very time consuming process, and it is crucial that paperwork is filed correctly. Assistance from an experienced Bankruptcy Lawyer is highly recommended when considering filing for Bankruptcy. An experienced Bankruptcy attorney can provide you with detailed information regarding your options, as well as assist you with the execution of your claim. A Bankruptcy Lawyer can also help to make sure that your paperwork is properly filed and completed, as well as assist you with any discrepancies that may arise.