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If you are interested in filing for bankruptcy, nothing will be as important as educating yourself about the available options. The majorities of people who qualify for debt relief choose between two distinct Chapters which are Chapter 7 and 13. Even so, there are various other options that are ideal for municipalities, farmers and businesses. If you want to file for bankruptcy Santa Cruz is an ideal place to begin research for a top rated attorney.
Before getting started and filing a petition, you need to first know about the various forms of bankruptcy. To begin with, you can file under Chapter 7 and this is also known as liquidation. When an individual or an entity files under Chapter 7, they get to surrender their assets and then get rid of most of their debts in a legal manner. Your attorney can help you to find out whether you are eligible for filing under this chapter.
Even municipalities like district schools, counties, towns and cities can get into money problems. In case they need to be declared bankrupt, then they will need to file for protection under the Chapter 9 clauses. This will allow them to retain specific assets and create a suitable debt repayment plan.
Chapter 11 is ideal for wealthy individuals and businesses. It is also called reorganization and a business is allowed to retain assets as well as control of operations while settling debts according to the approved debt reorganization plan. What makes Chapter 11 only ideal for businesses as well as wealthy individuals is the fact that it is both complex and expensive.
Chapter 12 is also found under the bankruptcy laws. It is specially designed for farmers and fishermen who are struggling with debt issues, but enjoy a regular income. After successfully filing a petition, an individual is allowed to reorganize the debts and pay them within the period of three years.
Another common type of bankruptcy is Chapter 13. It allows individuals who successfully file a petition to restructure their debts. There are certain creditors that will have to be paid and full, together with their interest. On the other hand other creditors will simply need to get the outstanding debts settled. It is also possible to have certain creditors whom you will be allowed to pay partially.
The need to consult with an attorney before filing a petition should not be underestimated. A competent expert can help you understand the bankruptcy option that is most ideal for your specific situation. This will be done after your current financial situation is looked into thoroughly. Filing under the wrong Chapter may not offer you the solutions you are after.
Your attorney of choice will also help you file the necessary paperwork and provide reliable court representation. Because of the unforgiving nature of the bankruptcy courts, you want to hire an attorney to ensure that you do not make mistakes that are bound to have a nasty outcome. The right attorney can make all the good difference in your case and better your chances of being declared bankrupt.
Before getting started and filing a petition, you need to first know about the various forms of bankruptcy. To begin with, you can file under Chapter 7 and this is also known as liquidation. When an individual or an entity files under Chapter 7, they get to surrender their assets and then get rid of most of their debts in a legal manner. Your attorney can help you to find out whether you are eligible for filing under this chapter.
Even municipalities like district schools, counties, towns and cities can get into money problems. In case they need to be declared bankrupt, then they will need to file for protection under the Chapter 9 clauses. This will allow them to retain specific assets and create a suitable debt repayment plan.
Chapter 11 is ideal for wealthy individuals and businesses. It is also called reorganization and a business is allowed to retain assets as well as control of operations while settling debts according to the approved debt reorganization plan. What makes Chapter 11 only ideal for businesses as well as wealthy individuals is the fact that it is both complex and expensive.
Chapter 12 is also found under the bankruptcy laws. It is specially designed for farmers and fishermen who are struggling with debt issues, but enjoy a regular income. After successfully filing a petition, an individual is allowed to reorganize the debts and pay them within the period of three years.
Another common type of bankruptcy is Chapter 13. It allows individuals who successfully file a petition to restructure their debts. There are certain creditors that will have to be paid and full, together with their interest. On the other hand other creditors will simply need to get the outstanding debts settled. It is also possible to have certain creditors whom you will be allowed to pay partially.
The need to consult with an attorney before filing a petition should not be underestimated. A competent expert can help you understand the bankruptcy option that is most ideal for your specific situation. This will be done after your current financial situation is looked into thoroughly. Filing under the wrong Chapter may not offer you the solutions you are after.
Your attorney of choice will also help you file the necessary paperwork and provide reliable court representation. Because of the unforgiving nature of the bankruptcy courts, you want to hire an attorney to ensure that you do not make mistakes that are bound to have a nasty outcome. The right attorney can make all the good difference in your case and better your chances of being declared bankrupt.
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You can get valuable tips on how to pick a bankruptcy Santa Cruz attorney and more information about an experienced lawyer at http://www.centralcoastbankruptcy.com now.
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