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When you are pushed to the corner, soaking in debt and financial planning gone haywire, bankruptcy could be a window of relief. Filing bankruptcy is completely a legal matter and it involves a host of legalities best known to expert bankruptcy lawyers. Here is what you should know before hiring Bankruptcy Lawyers Near Me.bk lawyer near me
You may be surprised to know that there are six types of bankruptcy in the United States. When an individual files for bankruptcy it falls under two chapters; Chapter 7 or Chapter 13. The Law Offices of SRIS, P.C. has extensive knowledge and experience in handling bankruptcy under these two types. A bankruptcy Chapter 7 lawyer near me comes with local understanding and has the skill to give you relief under these lawyers for bankruptcy near me.
Before getting into the intricacies, let us understand what these two chapters mean to individuals deciding insolvency.
Liquidation Bankruptcy: Chapter 7 or liquidation bankruptcy removes debts and is specially designed for those who are not able to clear their monthly repayments. The court appoints a trustee to liquidate your assets and repay your debtors with cash. The assets could be your car, household appliances, furniture, expensive curios, etc. Once the debt is repaid, Chapter 7 discharges you of the debt responsibility. Speak to your bankruptcy attorney near me immediately. Call bankruptcy chapter 7 near me now.
Wage earner’s plan: Chapter 13 is a repayment plan approved by the court to clear your debt within a period, for instance, 3 or 5 years. Once the debts are cleared you are relieved of the responsibility of repayment. This protects your assets, still allowing you to clear your debts without foreclosure of your property. The catch here is to make mortgage payments on time during the period. Your lawyer for bankruptcy Near Me can explain this option
Now that we have learned about the two types of individual bankruptcy laws, let us find out if bankruptcy lawyers nearby can change the Chapter 13 case to Chapter 7.
Chapter 13 could be challenging with a 3-5 year wait period and in between a lot of things may change; your job, income, medical expenses, children’s education, etc. This could lead to reevaluating your assets. If you are facing a similar situation, it is time to call a bankruptcy attorney near me.
Lawyers near me for bankruptcy shall explain to you that, if you qualify for Chapter 7, then it is simple to convert from Chapter 7 to Chapter 13, but the following requirements need to be fulfilled:
