Every entrepreneur has the ultimate dream of operating their business successively into the future. This might however not go as planned as the business might be faced with financial challenges that can lead to the crippling of the business. This might eventually end up causing the business to go through the liquidation process. Below are some of the reasons you need to use chapter 7 attorney Prince William county expert and process.
The process takes a shorter duration than the part 13. In most cases and courts, it takes a maximum of six months from the time it is filed in a court. Compared to the Chapter 13 which can take up to five years; this is much shorter. Thus, you can get your way out of this mess if you have an experienced lawyer handling the matter.
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.
In this process, your future is not part of the bankruptcy. The court, in this case, is interested with the amount of income you have been earning within six months before filing for the bankruptcy. The money you receive after filing for the case is not part of your bankruptcy estate. However, there are some exceptions such as the inheritance money you receive within six months after filing for that 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.
Using this process will reduce the legal fees that you pay. When you choose to go with this process, you will require hiring a lawyer for a period of six months. With the schedule 13 however, you may hire professionals for up to 5 years which will consequently require more legal fees. You will also waste time that you could have spent getting back on your financial status.
There are minimal monthly payments and paperwork involved with this technique. With part 13, you might be required to be paying continuous monthly available money to the court thus being advantageous to your creditors. You will furthermore have to submit your gains and losses schedule plan to the creditors basing on your monthly income. Schedule 7, however, does not involve this as your forthcoming money is not a part of the process.
It allows you to recover quickly from the financial crisis. In most cases, people have had a good credit rating and score six months after filing for this process. This is because it will consume a short duration to complete and will also help you retain your assets.
The process takes a shorter duration than the part 13. In most cases and courts, it takes a maximum of six months from the time it is filed in a court. Compared to the Chapter 13 which can take up to five years; this is much shorter. Thus, you can get your way out of this mess if you have an experienced lawyer handling the matter.
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.
In this process, your future is not part of the bankruptcy. The court, in this case, is interested with the amount of income you have been earning within six months before filing for the bankruptcy. The money you receive after filing for the case is not part of your bankruptcy estate. However, there are some exceptions such as the inheritance money you receive within six months after filing for that 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.
Using this process will reduce the legal fees that you pay. When you choose to go with this process, you will require hiring a lawyer for a period of six months. With the schedule 13 however, you may hire professionals for up to 5 years which will consequently require more legal fees. You will also waste time that you could have spent getting back on your financial status.
There are minimal monthly payments and paperwork involved with this technique. With part 13, you might be required to be paying continuous monthly available money to the court thus being advantageous to your creditors. You will furthermore have to submit your gains and losses schedule plan to the creditors basing on your monthly income. Schedule 7, however, does not involve this as your forthcoming money is not a part of the process.
It allows you to recover quickly from the financial crisis. In most cases, people have had a good credit rating and score six months after filing for this process. This is because it will consume a short duration to complete and will also help you retain your assets.
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