Many business people look forward to working into the unpredictable future. Unfortunately, this is not always what happens because of financial problems faced that consequently leads to the termination of their business. This subsequently results to the business persons going bankrupt. The most difficult decision to make is opting for either Chapter 7 or 13 liquidation procedure. This editorial highlights some benefits of opting for chapter 7 attorney Prince William county expert and procedure.
It takes the shorter duration than chapter 13. In various courts, the time taken might be above six months from the moment when the case is filed. This ultimately takes a shorter period as compared to chapter 13 which might take up to five years. You can thus make the situation easier with an experienced attorney to help you.
You do not have to pay back for most of your unsecured debts. During liquidation, there are different kinds of debts and all of such debts are treated differently. For instance, you have the secured debts that have some collateral and the unsecured debts which include credit cards, personal loans, and medical debts among others. With this part, your unsecured debts except for the taxes and the student loans are eliminated.
The liquidation process does not consider you future as part of the liquidation. The main interest of the court for this instance is your income for the last six months before you filed for insolvency. After filing for the case, the amount of cash that you acquire is not included as you bankruptcy estate. This, however, excludes inheritance cash acquired within the last half year after you filed for the case.
You become able to withhold your assets and get rid of your debts. With part 13 you do not stay to keep your assets. Schedule 7 will, however, allow you to keep your assets and thus they will not be vulnerable to the creditors. Losing your hard earned property and other assets might be devastating and should be averted at all costs.
You pay less legal fees using this process. Using this alternative, you only need to hire an attorney for up to six months. However, with the part 13, you could have to hire experts for half a decade. That will call for a lot of legal fees, and also you wasting a lot of time that you could spend trying to get back on your financial position.
No paperwork or monthly fees are required when using this process. With schedule 13, the court will require that you pay a monthly disposable fee. A monthly profit and loss payment plan with your monthly income will be necessary to your creditors in the case that you happen you are self-employed. This, however, will not be a requirement for the part 7 process because future income is not a factor to consider.
It assists you to recover faster from your financial crisis. Most people have an excellent credit standing and score half an year after going for the process. It will thus help you maintain your assets and take a short time to complete what is required of you.
It takes the shorter duration than chapter 13. In various courts, the time taken might be above six months from the moment when the case is filed. This ultimately takes a shorter period as compared to chapter 13 which might take up to five years. You can thus make the situation easier with an experienced attorney to help you.
You do not have to pay back for most of your unsecured debts. During liquidation, there are different kinds of debts and all of such debts are treated differently. For instance, you have the secured debts that have some collateral and the unsecured debts which include credit cards, personal loans, and medical debts among others. With this part, your unsecured debts except for the taxes and the student loans are eliminated.
The liquidation process does not consider you future as part of the liquidation. The main interest of the court for this instance is your income for the last six months before you filed for insolvency. After filing for the case, the amount of cash that you acquire is not included as you bankruptcy estate. This, however, excludes inheritance cash acquired within the last half year after you filed for the case.
You become able to withhold your assets and get rid of your debts. With part 13 you do not stay to keep your assets. Schedule 7 will, however, allow you to keep your assets and thus they will not be vulnerable to the creditors. Losing your hard earned property and other assets might be devastating and should be averted at all costs.
You pay less legal fees using this process. Using this alternative, you only need to hire an attorney for up to six months. However, with the part 13, you could have to hire experts for half a decade. That will call for a lot of legal fees, and also you wasting a lot of time that you could spend trying to get back on your financial position.
No paperwork or monthly fees are required when using this process. With schedule 13, the court will require that you pay a monthly disposable fee. A monthly profit and loss payment plan with your monthly income will be necessary to your creditors in the case that you happen you are self-employed. This, however, will not be a requirement for the part 7 process because future income is not a factor to consider.
It assists you to recover faster from your financial crisis. Most people have an excellent credit standing and score half an year after going for the process. It will thus help you maintain your assets and take a short time to complete what is required of you.
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