Overwhelming debt counts as one of the biggest calamities that can befall anyone. Threats and legal actions are just some of the problems those with serious financial problems have to face. Many people are the architects of their own financial problems. They simply do not manage their finances properly. But other factors, such as the weak economy, also play a role. If it is deemed inevitable to file for bankruptcy Manhattan New York NY residents should be sure that there are no other options.
Individuals and businesses can file for liquidation in terms of either Chapter 7 or Chapter 13. The process is tedious and stressful and numerous criteria must be satisfied before an application is granted. Experts agree that applicants are better off hiring an experienced attorney to handle this type of case. Trying to manage a liquidation application without legal help almost always causes additional hardship.
Liquidation is not an easy way out of debt. The courts recognize the fact that the main priority during this process is to ensure that debtors are paid all or at least part of the money owed to them. The aim is certainly not to utterly ruin the applicant, but the applicant is nevertheless held responsible for the debt that finally led to his application.
Once an application for liquidation is filed the court will appoint a trustee. The main tasks of the trustee are to evaluate the estate of the applicant, to liquidate some assets in order to satisfy the demands of the debtors and to make sure that all the rules are followed. It is very important to fully cooperate with the appointed trustee and to be honest at all times.
Many applicants think that a liquidation will make all their financial obligations disappear, allowing them to start anew. This is not the case. Certain obligations, such as payments on secured loans, taxes, and child support remain in place. The applicant will be allowed to retain certain possessions, such as some furniture, clothes, tools and in some cases even a vehicle.
Bankruptcies should always be the very last resort. It is a serious step that will influence the life of the applicant for years to come. When liquidated, it is extraordinary difficult to obtain financing for up to ten years. If, during the rehabilitation period, the liquidated person experiences yet more serious financial difficulties he will not be eligible to apply for bankruptcy again.
Bankruptcies do not culminate in winners and losers. Everyone is a loser. Debtors seldom get all their money back and applicants lose their assets and good credit record. That is why it is very important to explore every possible alternative before filing for liquidation. In many cases it is possible to negotiate some sort of agreement whereby the applicant can honour his obligations if given time.
Far too many people end up liquidated because they did not act as soon as they realized that they have severe financial problems. Ignoring such problems is foolish in the extreme. The problem should be addressed in good time and this will often be enough to ward of long term financial hardship.
Individuals and businesses can file for liquidation in terms of either Chapter 7 or Chapter 13. The process is tedious and stressful and numerous criteria must be satisfied before an application is granted. Experts agree that applicants are better off hiring an experienced attorney to handle this type of case. Trying to manage a liquidation application without legal help almost always causes additional hardship.
Liquidation is not an easy way out of debt. The courts recognize the fact that the main priority during this process is to ensure that debtors are paid all or at least part of the money owed to them. The aim is certainly not to utterly ruin the applicant, but the applicant is nevertheless held responsible for the debt that finally led to his application.
Once an application for liquidation is filed the court will appoint a trustee. The main tasks of the trustee are to evaluate the estate of the applicant, to liquidate some assets in order to satisfy the demands of the debtors and to make sure that all the rules are followed. It is very important to fully cooperate with the appointed trustee and to be honest at all times.
Many applicants think that a liquidation will make all their financial obligations disappear, allowing them to start anew. This is not the case. Certain obligations, such as payments on secured loans, taxes, and child support remain in place. The applicant will be allowed to retain certain possessions, such as some furniture, clothes, tools and in some cases even a vehicle.
Bankruptcies should always be the very last resort. It is a serious step that will influence the life of the applicant for years to come. When liquidated, it is extraordinary difficult to obtain financing for up to ten years. If, during the rehabilitation period, the liquidated person experiences yet more serious financial difficulties he will not be eligible to apply for bankruptcy again.
Bankruptcies do not culminate in winners and losers. Everyone is a loser. Debtors seldom get all their money back and applicants lose their assets and good credit record. That is why it is very important to explore every possible alternative before filing for liquidation. In many cases it is possible to negotiate some sort of agreement whereby the applicant can honour his obligations if given time.
Far too many people end up liquidated because they did not act as soon as they realized that they have severe financial problems. Ignoring such problems is foolish in the extreme. The problem should be addressed in good time and this will often be enough to ward of long term financial hardship.
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