It can be a difficult realization to face the inability to repay your debts. When there is no other recourse for settling your debts, applying for a Chapter 7 bankruptcy may a good option. Once you have made the decision to petition for bankruptcy, it is important to find a good chapter 7 lawyer, who will help you navigate the associated legal proceedings.
It may seem counterproductive to your financial situation to pay expensive lawyer's fees to help you settle your debts, but a Chapter 7 bankruptcy lawyer can sometimes do a better job of settling debts and stopping foreclosures or wage garnishments in the event that you cannot immediately repay your creditors.
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There are several different legal categories associated with bankruptcy filings; Chapter 7 bankruptcy is the most common form of bankruptcy filing in the United States. Both businesses and individuals may file for this type of bankruptcy. Unlike the other forms of bankruptcy, which allow for reorganization to repay creditors, Chapter 7 bankruptcy governs the liquidation of assets in an attempt to repay debts. When beginning the search for a Chapter 7 bankruptcy lawyer, you will need to consider the costs, which will include the fees associated with having a bankruptcy lawyer to help settle your case.
Sometimes it is very simple to find a good Chapter 7 lawyer to handle your case; most people will find a suitable lawyer through word-of-mouth recommendations from their friends and family. Most people will not have any trouble finding the appropriate counsel for their bankruptcy case. However, there are some extreme cases, which will require a more experienced lawyer who can handle large amounts of debt and assets. A free consultation with a bankruptcy lawyer can help you and the lawyer understand one another's expectations and how much time it will take to complete the bankruptcy filings.
The lawyer's fees will be based on the amount of time they must spend on the case, as well as the amount of debt involved with the bankruptcy. During this free consultation visit, it is best to gather as much information about your debts as possible. The lawyer will need this information to evaluate your case and begin filing any paperwork associated with the bankruptcy. This visit is also important because you should have confidence in your legal counsel, and if you are not confident in the lawyer's abilities upon the first visit, then there is no obligation to hire them.
Chapter 7 bankruptcy is ideal for businesses and individuals with a lot of assets or divisions of their business. During a Chapter 7 bankruptcy, the lawyer works with a trustee to sell the individual's or business's assets. It is ideal to have a lawyer in this instance because the lawyer must help the debtor prove their assets, which will help the court determine if they have satisfied the terms of their bankruptcy filings. Filing for bankruptcy can carry a lot of confusion, but a good bankruptcy lawyer can help alleviate some of this stress. Chapter 7 bankruptcy lawyers can help with the most difficult cases, especially if you have a lot of assets.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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