For most people in business, they look forward to operating into the unforeseen future. However, that is not always the case as they are faced with capital and financial challenges that may force them to terminate the business. That consequently makes them fall into liquidation. The hardest decision is also to decide whether to use the Chapter 7 or 13 bankruptcy process. The article enlightens on reasons to use the chapter 7 attorney Prince William county expert and process.
It takes the shorter duration than chapter 13. In various courts, the time taken might be above six months from the moment when the case is filed. This ultimately takes a shorter period as compared to chapter 13 which might take up to five years. You can thus make the situation easier with an experienced attorney to help you.
You do not have to pay back for most of your unsecured debts. During liquidation, there are different kinds of debts and all of such debts are treated differently. For instance, you have the secured debts that have some collateral and the unsecured debts which include credit cards, personal loans, and medical debts among others. With this part, your unsecured debts except for the taxes and the student loans are eliminated.
With this part, your future is not part of the bankruptcy. The court might want to dig into the amount of earnings that you have been getting in the previous six months before you filing the bankruptcy case. You, therefore, become safe since the money that you get after filing the case is not subject to the bankruptcy estate. There might, however, be exceptions like inheritance money you get during the six months duration after filing the case.
You are not restricted from retaining your assets and settling your debts. Retaining your assets is one benefit that is not with part 13. In many instances when using schedule 7, you will be allowed to keep your assets because you will lose no assets to your creditors. Losing assets can prove to be hurtful, therefore; you would want to avoid this however you can.
You pay less legal fees using this process. Using this alternative, you only need to hire an attorney for up to six months. However, with the part 13, you could have to hire experts for half a decade. That will call for a lot of legal fees, and also you wasting a lot of time that you could spend trying to get back on your financial position.
There is no paperwork and monthly payments to worry about with this method. Using part 13, you shall be required to pay monthly disposable income to your court to the advantage of your creditors. If you happen to be self employed person, you shall also be required to submit a monthly profit and loss payment plan to your creditors detailing your monthly income. That is not necessary with schedule 7 as your future income is not a segment of the procedure.
It assists you to recover faster from your financial crisis. Most people have an excellent credit standing and score half an year after going for the process. It will thus help you maintain your assets and take a short time to complete what is required of you.
It takes the shorter duration than chapter 13. In various courts, the time taken might be above six months from the moment when the case is filed. This ultimately takes a shorter period as compared to chapter 13 which might take up to five years. You can thus make the situation easier with an experienced attorney to help you.
You do not have to pay back for most of your unsecured debts. During liquidation, there are different kinds of debts and all of such debts are treated differently. For instance, you have the secured debts that have some collateral and the unsecured debts which include credit cards, personal loans, and medical debts among others. With this part, your unsecured debts except for the taxes and the student loans are eliminated.
With this part, your future is not part of the bankruptcy. The court might want to dig into the amount of earnings that you have been getting in the previous six months before you filing the bankruptcy case. You, therefore, become safe since the money that you get after filing the case is not subject to the bankruptcy estate. There might, however, be exceptions like inheritance money you get during the six months duration after filing the case.
You are not restricted from retaining your assets and settling your debts. Retaining your assets is one benefit that is not with part 13. In many instances when using schedule 7, you will be allowed to keep your assets because you will lose no assets to your creditors. Losing assets can prove to be hurtful, therefore; you would want to avoid this however you can.
You pay less legal fees using this process. Using this alternative, you only need to hire an attorney for up to six months. However, with the part 13, you could have to hire experts for half a decade. That will call for a lot of legal fees, and also you wasting a lot of time that you could spend trying to get back on your financial position.
There is no paperwork and monthly payments to worry about with this method. Using part 13, you shall be required to pay monthly disposable income to your court to the advantage of your creditors. If you happen to be self employed person, you shall also be required to submit a monthly profit and loss payment plan to your creditors detailing your monthly income. That is not necessary with schedule 7 as your future income is not a segment of the procedure.
It assists you to recover faster from your financial crisis. Most people have an excellent credit standing and score half an year after going for the process. It will thus help you maintain your assets and take a short time to complete what is required of you.
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