It does not take long to accumulate unmanageable levels of debt, especially if you have financial indiscipline. You just need to charge your credit card several times and fail to pay your credit card debt. You might also have a personal loan, car loan and mortgage, which can increase your debt burden and make life difficult for you. If you have accumulated too much debt that you are not able to service, it is important you look for a competent Michigan bankruptcy attorney to help you seek legal protections and help you get rid of your bad debts.
Debtors have access to three types of bankruptcies. These are chapters 7, 11 and 13. Chapter 7 is available to both individual and corporate debtors. It provides for liquidation of property to recover funds to pay off debts. The second is chapter 11, which is basically debt restructuring for businesses. The last option is chapter 13, which is similar to chapter 11, but it is meant for individual debtors.
Of all the different forms of bankruptcies, chapter 7 is the most punitive, especially if you have a lot of property. However, all the other options also have serious consequences or shortcomings. Before making a decision, therefore, you need to check all the pros and cons to ensure you make a decision that you will not live to regret.
Chapter 13 is a debt resolution option available to individual debtors with a reliable income source. The debtor is only required to come up with a plan of how they are going to repay their debts with convenient monthly installments. Once the repayment period lapses, the debtor is forgiven of all pending debts.
In a chapter 7, the management of the organization or business is required to come up with a sustainable repayment plan for all their debts. By making monthly payments throughout the bankruptcy period, the business can keep its doors open and retain all their assets. After the stipulated time frame, any debts that might not have been paid will be written off.
There are some debts that consumers should know cannot be written off simply because they have become bankrupt. For instance, the only way your child and spousal support obligations can be amended is through an amendment to your divorce settlement agreement. Student loans, on the other hand, can only be written of when the borrower passes away before settling their debts.
If there is one thing that you need to pay attention to when looking for a suitable lawyer to help you out with the case it must be experience. You want to be advised and represented by someone who has handled many similar cases in the past. Therefore, you need to identify the most experienced lawyers and give them priority consideration.
Since you are already in money problems, be sure to choose an affordable legal services provider. Do not hire the most expensive lawyer just because you need competent legal counsel. After all, there are many competent lawyers who charge reasonable rates. Therefore, you should do your research prior to making a decision.
Debtors have access to three types of bankruptcies. These are chapters 7, 11 and 13. Chapter 7 is available to both individual and corporate debtors. It provides for liquidation of property to recover funds to pay off debts. The second is chapter 11, which is basically debt restructuring for businesses. The last option is chapter 13, which is similar to chapter 11, but it is meant for individual debtors.
Of all the different forms of bankruptcies, chapter 7 is the most punitive, especially if you have a lot of property. However, all the other options also have serious consequences or shortcomings. Before making a decision, therefore, you need to check all the pros and cons to ensure you make a decision that you will not live to regret.
Chapter 13 is a debt resolution option available to individual debtors with a reliable income source. The debtor is only required to come up with a plan of how they are going to repay their debts with convenient monthly installments. Once the repayment period lapses, the debtor is forgiven of all pending debts.
In a chapter 7, the management of the organization or business is required to come up with a sustainable repayment plan for all their debts. By making monthly payments throughout the bankruptcy period, the business can keep its doors open and retain all their assets. After the stipulated time frame, any debts that might not have been paid will be written off.
There are some debts that consumers should know cannot be written off simply because they have become bankrupt. For instance, the only way your child and spousal support obligations can be amended is through an amendment to your divorce settlement agreement. Student loans, on the other hand, can only be written of when the borrower passes away before settling their debts.
If there is one thing that you need to pay attention to when looking for a suitable lawyer to help you out with the case it must be experience. You want to be advised and represented by someone who has handled many similar cases in the past. Therefore, you need to identify the most experienced lawyers and give them priority consideration.
Since you are already in money problems, be sure to choose an affordable legal services provider. Do not hire the most expensive lawyer just because you need competent legal counsel. After all, there are many competent lawyers who charge reasonable rates. Therefore, you should do your research prior to making a decision.
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Find a summary of the benefits of consulting a Michigan bankruptcy attorney and more info about an experienced lawyer at http://www.hashleylawplc.com right now.
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