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.
With this part, your future is not part of the bankruptcy. The court might want to dig into the amount of earnings that you have been getting in the previous six months before you filing the bankruptcy case. You, therefore, become safe since the money that you get after filing the case is not subject to the bankruptcy estate. There might, however, be exceptions like inheritance money you get during the six months duration after filing the case.
You are not restricted from retaining your assets and settling your debts. Retaining your assets is one benefit that is not with part 13. In many instances when using schedule 7, you will be allowed to keep your assets because you will lose no assets to your creditors. Losing assets can prove to be hurtful, therefore; you would want to avoid this however you can.
You pay less legal fees using this process. Using this alternative, you only need to hire an attorney for up to six months. However, with the part 13, you could have to hire experts for half a decade. That will call for a lot of legal fees, and also you wasting a lot of time that you could spend trying to get back on your financial position.
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.
With this part, your future is not part of the bankruptcy. The court might want to dig into the amount of earnings that you have been getting in the previous six months before you filing the bankruptcy case. You, therefore, become safe since the money that you get after filing the case is not subject to the bankruptcy estate. There might, however, be exceptions like inheritance money you get during the six months duration after filing the case.
You are not restricted from retaining your assets and settling your debts. Retaining your assets is one benefit that is not with part 13. In many instances when using schedule 7, you will be allowed to keep your assets because you will lose no assets to your creditors. Losing assets can prove to be hurtful, therefore; you would want to avoid this however you can.
You pay less legal fees using this process. Using this alternative, you only need to hire an attorney for up to six months. However, with the part 13, you could have to hire experts for half a decade. That will call for a lot of legal fees, and also you wasting a lot of time that you could spend trying to get back on your financial position.
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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