Bankruptcy provisions were designed to help consumers and businesses that are not in a position to repay their bad debts. There are different chapters that debtors can use to get rid of their debts. The requirements, procedures and types of debts that can be written off through these chapters are different. To choose the right chapter for your needs, you must hire the best NJ bankruptcy lawyers to help you out.
The most important thing to check when searching for a suitable lawyer is experience. You want to be represented by the most experienced legal professional who has handled many similar cases in the past. Be sure to check the number of similar cases a lawyer has handled as well as the number of years they have been in business.
Any individual consumer who has a stable job, but is unable to service their debts can file a chapter 13 to make it possible for them to clear their debts. Through this chapter, the monthly payments can be reduced considerably. After making the monthly payments throughout the prescribed repayment period, all unpaid debts will be written off.
Chapter 7 usually provides for disposal of assets owned by the debtor to clear their debts. It can be used by both individual and corporate debtors to get rid of their debts. When the court receives the application, a trustee will be appointed to oversee the process of liquidating assets belonging to the debtor. Afterwards, the debtor will be discharged of all debts that were subject to the bankruptcy proceedings.
Chapter 11 is meant for businesses and corporate entities. It covers all unsecured bad debts the organization might have accumulated over the years. After filing the necessary paperwork, the trustee will help the debtor restructure their debts and oversee the day to day running of the business. No assets can be sold until the repayment period lapses, after which all unpaid debts are forgiven.
The most competent attorneys in the industry often have many satisfied clients. Consequently, they have many reviews and testimonials. You can learn a great deal about these lawyers by simply reading some of the comments and testimonials written about them.
Whether you file a chapter 13, chapter 11 or chapter 7, you will need to hire a lawyer to explain the pros and cons of each option as well as check whether or not you qualify for any of these options. The lawyer will also help you with the paperwork . They will also represent you in court whenever you are needed.
The fees charged by a lawyer, their reputation in the industry, success rate and assurances they provide are all key factors to consider before signing any paperwork. You want your bankruptcy petition accepted, so you should choose the best lawyer you can find. Searching the internet can help you pick the right lawyer. However, you should also consider talking to someone who has gone through the same problem for recommendations. Be sure to also use the referral service provided by the local bar association.
The most important thing to check when searching for a suitable lawyer is experience. You want to be represented by the most experienced legal professional who has handled many similar cases in the past. Be sure to check the number of similar cases a lawyer has handled as well as the number of years they have been in business.
Any individual consumer who has a stable job, but is unable to service their debts can file a chapter 13 to make it possible for them to clear their debts. Through this chapter, the monthly payments can be reduced considerably. After making the monthly payments throughout the prescribed repayment period, all unpaid debts will be written off.
Chapter 7 usually provides for disposal of assets owned by the debtor to clear their debts. It can be used by both individual and corporate debtors to get rid of their debts. When the court receives the application, a trustee will be appointed to oversee the process of liquidating assets belonging to the debtor. Afterwards, the debtor will be discharged of all debts that were subject to the bankruptcy proceedings.
Chapter 11 is meant for businesses and corporate entities. It covers all unsecured bad debts the organization might have accumulated over the years. After filing the necessary paperwork, the trustee will help the debtor restructure their debts and oversee the day to day running of the business. No assets can be sold until the repayment period lapses, after which all unpaid debts are forgiven.
The most competent attorneys in the industry often have many satisfied clients. Consequently, they have many reviews and testimonials. You can learn a great deal about these lawyers by simply reading some of the comments and testimonials written about them.
Whether you file a chapter 13, chapter 11 or chapter 7, you will need to hire a lawyer to explain the pros and cons of each option as well as check whether or not you qualify for any of these options. The lawyer will also help you with the paperwork . They will also represent you in court whenever you are needed.
The fees charged by a lawyer, their reputation in the industry, success rate and assurances they provide are all key factors to consider before signing any paperwork. You want your bankruptcy petition accepted, so you should choose the best lawyer you can find. Searching the internet can help you pick the right lawyer. However, you should also consider talking to someone who has gone through the same problem for recommendations. Be sure to also use the referral service provided by the local bar association.
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