Are you on the verge of bankruptcy? Or, pehaps you are at your wit’s end when you think of the huge home loan you have to repay. With fluctuating market conditions, more and more people are filing for bankruptcy to stave off their creditors. But before you decide there are a lot of bankruptcy questions consider. The first thing to remember is that your credit records would retain the information for the next ten years, which would affect any future credit you require. Consider all your options carefully before you decide to make the choice for bankruptcy.
If you think you are in danger of becoming bankrupt sometime in the future, get in touch with a reputed law firm without wasting any time. The experienced attorneys at a good firm can handle all your questions related to bankruptcy and the provisions for it in US law. They can guide you to a way out of bankruptcy, and provide legal counsel is useful.
Here is a look at some of the common provisions in the US Bankruptcy Code:
- Bankruptcy can be declared under different clauses. A good law firm has bankruptcy attorneys to help study your situation. The attorneys thoroughly evaluate your situation and determine which is the appropriate clause under which you should file for bankruptcy.
- Chapter 7 is a common clause under which people file for bankruptcy. If you need to get a discharge quickly and do not have sufficient assets, an attorney may suggest that you proceed under Chapter 7. According to the provisions of this Chapter, all your assets would get liquidated, to raise money to pay off your creditors. This is one of the quickest ways that you can begin on a clean slate and get back to a life free of debt.
- Another common code used in bankruptcy is Chapter 13. If you would like to get free of debt over a period of three to five years, filing for bankruptcy under this clause could be a suitable choice. According to the provisions of this Chapter, you retain the non-exempt property and pay back your creditors over a time period. If you want to retain your hold over some of your property, such as a house or banking accounts, Chapter 13 allows you to do so.
If you have bankruptcy questions, Riverside residents recommend a law firm with more than two decades of experience.
