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What Is The Involvement of Bankruptcy Attorneys In Chapter 7 And Chapter 13 Filing?

What Is The Involvement of Bankruptcy Attorneys In Chapter 7 And Chapter 13 Filing?
"""Trying to find unpaid debt relief by filing for insolvency will necessitate the assistance of a bankruptcy attorney, as they can counsel the type of insolvency proceeding that will work best for a person's financial situation. It's unfortunate that so many individuals have gone bankrupt. Filing for bankruptcy can provide individuals with debt relief, but it is expected that their credit rating will be negatively impacted. Personal bankruptcies can be filed under either Chapter 7 or Chapter 13 depending on the debtor's financial circumstances. Both Chapter 7 and Chapter 13 can provide debt relief, but their clauses and conditions are distinct. Filing for bankruptcy requires knowledge and comprehension of the various types of proceedings, which is already possessed by an attorney or lawyer. Even if Chapter 7 or Chapter 13 is the best option, a bankruptcy attorney will be able to provide assistance throughout the entire process. The Chapter 7 and Chapter 13 clauses and conditions are too complex to discuss in detail, but here is an overview of what bankruptcy attorneys do in personal bankruptcy cases:

Chapter 7 Bankruptcy

This type of bankruptcy proceeding is also known as direct bankruptcy. It permits businesses and individuals to declare bankruptcy. It primarily entails a liquidation process that is supervised by the bankruptcy attorney. The court would then appoint a trustee to oversee the liquidation of assets. The indebted individual's non-exempt assets will be outlined by the bankruptcy attorney and then transferred to the trustee. The specified assets will be used to pay off the liabilities. It is an error for individuals to file for Chapter 7 bankruptcy without the assistance and counsel of an experienced attorney. A legal professional should be able to comprehensively assist and represent a Chapter 7 petitioner.

Chapter 13 Bankruptcy

Reorganization bankruptcy is another common term for Chapter 13 bankruptcy. In Chapter 13, anyone with a consistent income may have the opportunity to repay debts over an extended period of time. Bankruptcy attorneys can competently manage the procedures involved in Chapter 13 proceedings. The attorney will also handle the necessary documentation for filing Chapter 13. To file for bankruptcy, a person must also collect documentation of their financial obligations and income. Each of these tedious duties would be handled by a bankruptcy attorney.""

" - https://www.affordablecebu.com/

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"What Is The Involvement of Bankruptcy Attorneys In Chapter 7 And Chapter 13 Filing?" was written by Mary under the Finance / Wealth category. It has been read 143 times and generated 0 comments. The article was created on and updated on 01 June 2023.
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