Most people in the world today are affected by the global financial crisis. Many individuals lost their jobs because a lot of companies have closed down operations. Almost everyone is having a hard time coping with the many pressures from creditors. Others have opted to give up and embrace bankruptcy as the only means for survival.
Bankruptcy is a legal proceeding by which an individual makes a petition at the court and declares his or her incapacity, by any means, to pay off current and outstanding debts. Through this legal process a person can find protection against creditors or may be given an option to pay only a minimal amount for his debts.
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The United States Bankruptcy Code illustrates four different types of bankruptcy. The most common of all is Chapter 7. Under this provision, the debtor is required to sell his nonexempt assets and turn over the proceeds to creditors.
Another type of bankruptcy is Chapter 11. This is commonly applied to business people who seek to restructure their debts to keep their business operational and pay off their debts over time.
Chapter 12 is similar to Chapter 11, only that it caters to the needs of farmers and fishermen with a steady yearly income. This allows farmers and fishermen to pay back their debts in full or in part over a period of time.
Chapter 13 is basically a debt consolidation plan. Under this provision the debtor is given a payment scheme that extends the paying period up to five years.
Filing for bankruptcy requires a lot of preparations on your part. It is a process that will take a lot of your time, effort, and money in documentations and court hearings. Getting your desired result would be impossible without the expertise of a bankruptcy lawyer. A bankruptcy lawyer can offer you professional help so you can be guided accordingly on this legal proceeding.
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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