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.
The procedure is shorter compared to the part 13. In most courts, it goes for a maximum half a year from the moment that it is filed. Chapter 13, on the other hand, can take up to five years hence it is shorter than this. Therefore, you can avoid this problem when you get a skilled advocate to take care of the issue.
There is no need for payment of many of the unsecured debts you have. There is a variety of debts during the liquidation process, and each debt is handled in its way. For example, some debts come with some collateral, the secured debts and the unsecured debts that encompass among others personal loans and credit cards. As per this part, the unsecured you have will be disregarded excluding student loans and taxes.
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.
The process will enable you to get back to your financial status quickly. In many cases after opting to file for this process, people have come out with a good credit rating. This is because it is shorter to complete and you will retain your assets.
The procedure is shorter compared to the part 13. In most courts, it goes for a maximum half a year from the moment that it is filed. Chapter 13, on the other hand, can take up to five years hence it is shorter than this. Therefore, you can avoid this problem when you get a skilled advocate to take care of the issue.
There is no need for payment of many of the unsecured debts you have. There is a variety of debts during the liquidation process, and each debt is handled in its way. For example, some debts come with some collateral, the secured debts and the unsecured debts that encompass among others personal loans and credit cards. As per this part, the unsecured you have will be disregarded excluding student loans and taxes.
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.
The process will enable you to get back to your financial status quickly. In many cases after opting to file for this process, people have come out with a good credit rating. This is because it is shorter to complete and you will retain your assets.
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