Up to date, many people in the U. S. Still find the economic situation quite unfavorable. Many of them have been laid off from their jobs, resulting to financial difficulties along the way. No wonder why Northern Kentucky bankruptcy lawyers continue to be relevant in the industry.
Many people think that once they declare themselves bankrupt, all their financial problems will be solved. That will actually depend on whether they qualify for the procedure and which Chapter they would fit when they apply for the process.
Thus, it is the role of your chosen lawyer to assess your financial condition to see if you can qualify. Your lawyer will be requiring you to present documents related to your income statements, employment and assets. You can fit either for a Chapter 7 filing or a Chapter 13 filing. For business entities, Chapter 11 and 12 filings may also be available.
Clients whose incomes are far below the average of the state may qualify for the Chapter 7 filing. Also called the liquidation process, the Chapter 7 filing allows the client to be discharged of most of his debts. The authorities though will confiscate his non exempt properties for selling. The amount raised would then be distributed to the creditors.
Otherwise, if a client is found out to be able to pay his debts, given time, he can be accepted for a Chapter 13 filing too. The authorities will require him to pay for one fixed amount every month until such time that all his debts are repaid. The authorities will take care of the division and distribution of this monthly amount to the client's creditors.
But then again, the process does not come without cons as well. If you are declared bankrupt, this information can appear on your accounts and credit history for as long as 15 years. This will make it difficult for you to apply for future loans and even get other employment.
To get the best results after all, you need to compare northern kentucky bankruptcy lawyers according to their performance. Do not hesitate to schedule initial consultations with all your prospects to get to know them better and make the right selection later on.
Many people think that once they declare themselves bankrupt, all their financial problems will be solved. That will actually depend on whether they qualify for the procedure and which Chapter they would fit when they apply for the process.
Thus, it is the role of your chosen lawyer to assess your financial condition to see if you can qualify. Your lawyer will be requiring you to present documents related to your income statements, employment and assets. You can fit either for a Chapter 7 filing or a Chapter 13 filing. For business entities, Chapter 11 and 12 filings may also be available.
Clients whose incomes are far below the average of the state may qualify for the Chapter 7 filing. Also called the liquidation process, the Chapter 7 filing allows the client to be discharged of most of his debts. The authorities though will confiscate his non exempt properties for selling. The amount raised would then be distributed to the creditors.
Otherwise, if a client is found out to be able to pay his debts, given time, he can be accepted for a Chapter 13 filing too. The authorities will require him to pay for one fixed amount every month until such time that all his debts are repaid. The authorities will take care of the division and distribution of this monthly amount to the client's creditors.
But then again, the process does not come without cons as well. If you are declared bankrupt, this information can appear on your accounts and credit history for as long as 15 years. This will make it difficult for you to apply for future loans and even get other employment.
To get the best results after all, you need to compare northern kentucky bankruptcy lawyers according to their performance. Do not hesitate to schedule initial consultations with all your prospects to get to know them better and make the right selection later on.
{ 0 comments... read them below or add one }
Post a Comment