Today, the introduction of new bankruptcy laws has made it possible for individuals to reduce their exposure to risk and the dire effects of insolvency. There are primarily two chapters, chapters 7 and 13, under which you can apply for bankruptcy. If you lack bankruptcy information on these chapters of the bankruptcy laws, then this article will provide a few beneficial details about the chapters. Since chapter 7 is prevalent among defaulters, let's examine and comprehend it thoroughly prior to making a financial decision.
If you are willing to give up your assets, the court can assist you in filing for Chapter 7 bankruptcy. The creditor will liquidate your assets once the court grants permission to do so. To ascertain the actual chapter you have chosen, however, you must file a petition with the court. Chapter 7 of the bankruptcy laws is commonly referred to as liquidation bankruptcy, according to information provided by top financial analysts and bankruptcy attorneys. This law allows you to repay your creditors by selling a portion of your assets equal to the amount of debt you owe.
Do you know how much it costs to file for bankruptcy under Chapter 7? Well, if we include all the expenses incurred during chapter 7 filing, the total is $299. This includes the filing fees as well as the paperwork and documentation. Once a court petition has been lodged, the case will be resolved within six months. If you are a novice or inexperienced defaulter, the legal process of filing bankruptcy can be quite complicated. Before making this crucial financial decision, it is crucial and advantageous to seek assistance and acquire bankruptcy-related information.
You must be aware of the duration of court proceedings and the frequency of hearings. If you select chapter 7 of the bankruptcy laws, you will only have to appear in court once. However, credit counseling is required before filing for bankruptcy. You are only permitted to file chapter 7 of the bankruptcy laws after 6 to 8 years have passed since your previous bankruptcy filings.""
" - https://www.affordablecebu.com/
