Bankruptcy Types
The fact that there are six different types of bankruptcy in the US may surprise you. There are two chapters that apply when someone files for bankruptcy: Chapter 7 or Chapter 13.
The Law Offices of SRIS, P.C. has a wealth of information and experience with these two types of bankruptcy. Local bankruptcy office near me you have the knowledge and expertise to provide you with relief under these laws.
Bankruptcy by liquidation:
Chapter 7 bankruptcy, often known as liquidation bankruptcy, eliminates debts and was created especially for people who are unable to make their monthly installments. A trustee is chosen by the court to liquidate your assets and make financial payments to your creditors.
The assets could include things like your automobile, furniture, furnishings, pricey trinkets, etc. Chapter 7 releases you from financial obligations once the amount has been paid in full.
Contact your bankruptcy attorneys nearby right away. For a bankruptcy lawyers near me now, dial immediately.Let's first understand what these two chapters represent to people who are considering declaring insolvency before delving into the details.
Plan for wage earners:
A court-approved repayment plan known as Chapter 13 allows you to pay off your debt over a certain length of time, such as three or five years. You are released from the obligation of repayment after the debts have been paid in full.
This keeps your assets safe while still providing you a chance to pay off your obligations without losing your home to foreclosure. Making on-time mortgage payments during the time frame is the catch in this situation. Your local bankruptcy chapter 7 near me can clarify this choice.
After learning about the two sorts of bankruptcy rules for individuals, let's investigate whether bankruptcy attorneys nearby can convert a Chapter 13 case to a Chapter 7 filing.
With a 3-5 year waiting period, Chapter 13 could be difficult because a lot can happen during that time, including your work, income, medical costs, your children's education, etc. Your assets might need to be reevaluated as a result. Call Bankruptcy Lawyers Near Me right away if you are in a scenario similar to this one.
The Law Offices Of SRIS, P.C.'s attorneys have expertise in assisting clients in finding legal answers to their issues. Our clients come to us with a variety of legal problems, including those involving criminal law, family law, traffic law, personal injury, immigration problems, and bankruptcy.
Our exceptionally skilled lawyer for bankruptcy near me offers helpful direction on how to proceed. Based on the circumstances of your case, we will try our best to get you the best result possible because we are here to help you. To offer you the best legal representation possible, our attorneys will carefully examine your case. To find out how to proceed, get in touch with us straight now. Call 888-437-7747.
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