As a business, it is entirely possible that some bad debts have accumulated, and there is no way, one is able to get out of them. Your insolvency attorney may be advising you to turn to the section 13 bankruptcy. He should be telling all about 'what is bankruptcy' and what a section 13 bankruptcy is, but you might be under some apprehension about the better choice between the chapter 13 and the chapter 7 insolvency.
In the process of consolidating one's financial stability, having to file for insolvency becomes the most embarrassing and emotionally stirring procedures. However, this stress can be reduced largely by hiring the services of a professional bankruptcy attorney.
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When one is bankrupt, and has nothing from where something can be further borrowed, engaging the services on a bankruptcy lawyer may seem like a needless additional expense. However, in the long run, it will be found that an insolvency advocate has his own importance.
The maze of forms and procedures that one has to go through when filing insolvency case, could seem formidable to any person, but this is usual routine work for the liquidation lawyer. Creditors could be given the attorney's number, and he could even take the creditor phone calls for you, allowing a welcome respite.
There are several options available when looking for a reliable defalcation advocate. If anyone, among your friends or family, has filed for defalcation, they might already know a good advocate, and could refer him. You may be in touch with a lawyer, who does not represent defalcation cases, but could give a couple of referrals.
Other professionals, who are known, like financial consultants and accountants, might be able to suggest the names of some potential candidates. The local bar association, may also prove to be a good source for suitable referrals, for the names of defalcation attorneys in your area.
For choosing a suitable defalcation lawyer, a personal interview is one of the best options. Try to gain a firsthand impression of the personality of the lawyer and his method of working, by speaking to him either over the phone or in person. Some attorneys do give free consultations, but that should not be the deciding factor.
Lawyers, in general, charge by the hour. However, in cases of defalcation, attorneys often ask for a fixed fee, which includes all that is necessary, starting from filing the case, and including any hearings and paperwork. This factor may be discussed and settled during the interview phase.
Your liquidation attorney might be the best person to explain whether you should file for a chapter 13 or chapter 7 destituteness. The ch. 13 destituteness is also known as repayment plan or even as debt consolidation. Being one of the most inexpensive to file, the ch. 13 destituteness proceeding is used by people who are still able to repay their debts, and which they might be able to do for the next three to five years.
The two bankruptcies are very closely related, but have some important distinctions as well. If chapter 7 destituteness is effectively implemented, debts that are currently active will also be deleted. Therefore, your company as well as you, as an individual, can start life in a new way.
With chapter 13 destituteness, there might need to wait for some time before things finally get through. A systematized repayment plan is put in place to resolve the various debts. It may take as long as 3 or even 5 years, before the process completes entirely. Only after this period, an individual will be in a position to walk free.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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