ALL >> Legal >> View Article
Is Bankruptcy Your Best Option?
When you are facing the prospect of losing everything and struggling to determine how you might be able to resurrect yourself from beneath the mountains of debt you’ve amassed, it may be time to contact a bankruptcy attorney. Debt relief through bankruptcy should always be the last resort. However, when the phone doesn’t stop ringing with collection calls and you’re barely scraping by on your monthly budget, it’s probably time to investigate the bankruptcy process. Be mindful at the very onset that a bankruptcy will remain on your credit report for seven to ten years, depending upon the chapter of bankruptcy for which you file. A Chapter 7 Liquidation bankruptcy will remain on your credit report for ten years, while a Chapter 13 Reorganization or Payment Plan bankruptcy will show for only seven. The chapter of bankruptcy you choose as your debt relief solution will be dependent upon your financial situation and the value of your assets.
For consumers who own little to no real property, Chapter 7 Liquidation bankruptcy is the usual route. Individuals who qualify for Chapter 7 surrender most assets to an agent ...
... of the courts, who then arranges for the items to be sold for cash. The proceeds from the sale are utilized to pay off debts claimed by creditors. This, however, will not include debts such as student loans, child support and/or alimony, judgments of personal injury liability and loans guaranteed by a branch or body of government. For a comprehensive list debts not included under bankruptcy, contact a legal professional or your local bankruptcy court.
A Chapter 13 Reorganization or Payment Plan bankruptcy is ideal for individuals who have considerable investments in properties and earn a regular pay check. They may be struggling to make ends meet, but their debt relief needs may be better served by reorganizing their debts. Consumers who petition for a Chapter 13 bankruptcy agree to participate in a payment plan that lasts between three to five years. The payment plan is structured to allow debtors to make a single monthly payment, which is then distributed to creditors. And, following the three to five year period of re-payment, the remaining debts are discharged.
Bankruptcy should always be the last resort. However, when you are left feeling as though there is no other alternative to your financial despair, a bankruptcy attorney in Naples, FL can help you determine the best route to help get you back on the road to financial recovery.
Want to learn more about a bankruptcy attorney in Naples, FL?
Get more information:
http://www.wjc-law.com
Add Comment
Legal Articles
1. India Joint Ventures Demystified: Legal Structures, Tax Benefits, And MoreAuthor: Ahlawat and Associates
2. How Criminal Defense Attorneys Can Serve Clients From Diverse Backgrounds
Author: glennrroderman
3. Maximizing Investments: Legal Tips For Smart Real Estate Ventures
Author: Robert J. Incollingo
4. Xbrl Outsourcing: Streamlining Financial Reporting For Businesses
Author: seedling associates
5. How To Prepare For Your First Meeting With A Personal Injury Attorney In Phoenix
Author: charlottehenry
6. Online Gaming License In India: Navigating The Regulatory Landscape
Author: seedling associates
7. A Comprehensive Guide To Iso Company Registration In India
Author: seedling associates
8. Google Rolled Out Made In India Pixel 8 Smartphones For The First Time
Author: Dev kumar
9. A Simple Guide For Starting An Ecommerce Business In The Uk As A Foreigner
Author: The SmartMove2UK
10. Succession Certificate Simplified: How To Navigate The Application Process
Author: NRI Legal
11. From Planning To Execution: Comprehensive Business Setup Services In India
Author: Ahlawat and Associates
12. Your Complete Guide To Saudi Police Clearance
Author: anzilanx
13. How The Supreme Court Decides On Bail: Insights And Procedures
Author: Aditya shah
14. How To Choose The Right Fingerprint Agency In Surrey, Bc
Author: Hardik Shah
15. Qatar Pcc For Tourists: Is It Necessary?
Author: shareeba