Your Attorney Will Evaluate Your Bankruptcy Case And History Ahead Of You Filing

Category: Finance.

For most people, declaring bankruptcy is not something they plan on doing and the thought of it is even hard to imagine. These options include chapter 11, 13, The general idea of entering a position of bankruptcy is to allow a person some relief from the financial pressure while they get things sorted out financially.

If you are faced with the prospect of bankruptcy there are a few options under the bankruptcy statutes that are available to you. The bankruptcy options most used are chapters 7 and 1Consulting with your attorney is the best route to take to determine which option works best for your situation and work out a schedule of payment for the debt. Also, at this point your creditors will be issued a notice that they will no longer be able to contact you concerning your current debt. If your situation is such that you are going into the bankruptcy system, both chapter 7 and chapter 13 ensure that you won t be forced to pay further debt once you have completed your filings. As a part of the bankruptcy procedure, your financial situation will be reviewed and the court and payment schedules for your debt will be determined. The nuances between the different types of bankruptcies will be discussed with you once you begin your consultations with your attorney.

They types of payments required from you will depend upon the type of bankruptcy you have filed. Essentially with a chapter 7 filing you agree to have liquidated all of your disposable non- exempt assets. The court person responsible for the handling of this is known as the trustee. In other words, you turn them over to the court so they can be turned into cash to use against the debt that you owe. Once your assets have been sold for cash the funds are distributed amongst your creditors for payment. This type of bankruptcy proceeding will affectively wipe out all of your debt except for any debt that is non- dischargeable. As a part of the proceedings, you and your attorney will develop a list of all of your debt and the creditors to which the liquidated assets will be divided among.

Again, the details and the options available via the bankruptcy courts is something that you should carefully consider and discuss with your attorney. Your attorney will evaluate your bankruptcy case and history ahead of you filing. With a chapter 13 bankruptcy you will be allowed to make arrangements as a part of the filing to pay off your debts as best you can. Once the details of this type of filing have been completed you ll have 5 years to pay off your debt. By doing this, you will be directed down the proper path of the bankruptcy filing. The key to filing for any type of bankruptcy protection under the law is to spend due time consulting your bankruptcy attorney.

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