Chapter 7 in Schaumburg is an appealing option for business owners who have significantly large debts. This process enables them to undergo liquidation and sell off key properties to pay off these debts effectively. A bankruptcy attorney can assist business owners in initiating this process through court. It will additionally provide assistance in ensuring that the business owner does not lose his or her home in the process.
Debt-relief Through Liquidation
In chapter 7 bankruptcy, a business owner can utilize properties to pay off debts. This is beneficial if you have significantly large debts. However, in this process you are unable to operate your business in most cases until liquidation is complete and all debts are settled. Once the process is final and you are released of these requirements, you may begin operations again.
A bankruptcy attorney can assist you in determining which properties are exempt from bankruptcy and are protected against seizure. He or she will advise you of any debts that could become discharged through your bankruptcy claim. However, a judge has the final say as to which debts are eligible for discharge. In most bankruptcy cases, it is credit card debts that are discharged, however, a significantly large credit card debt is not a likely option for discharge.
Bankruptcy Attorneys
Ledford and Wu are well-versed in all forms of bankruptcy. These attorneys additionally provide counsel for individuals whose consumer rights have been violated by banks, mortgage companies, or other business entities. If you require debt-relief and have considered filing a bankruptcy claim, it is urgent that you contact these attorneys immediately to determine your rights and options within these legal proceedings.
Summary
Chapter 7 in Schaumburg is a form of bankruptcy that enables liquidation to settle debts. Through this process a trustee is assigned to your case. As the properties are sold and the proceeds are acquired, the trustee begins to distribute payments to your creditors to settle off your debts. This process will additionally allow you to claim your residence as an exempt property that is not included in this claim. The same is true of some automobiles that you use everyday.
