In The Case That You Are Facing Bankruptcy, Then Why Not Consider Chapter 7 Attorney Prince William County Professional?
by Larry Edwards
Many business people look forward to working into the unpredictable future. Unfortunately, this is not always what happens because of financial problems faced that consequently leads to the termination of their business. This subsequently results to the business persons going bankrupt. The most difficult decision to make is opting for either Chapter 7 or 13 liquidation procedure. This editorial highlights some benefits of opting for <a href="http://jpg3law.com">chapter 7 attorney Prince William county</a> expert and procedure.
It takes the shorter duration than chapter 13. In various courts, the time taken might be above six months from the moment when the case is filed. This ultimately takes a shorter period as compared to chapter 13 which might take up to five years. You can thus make the situation easier with an experienced attorney to help you.
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 is no paperwork and monthly payments to worry about with this method. Using part 13, you shall be required to pay monthly disposable income to your court to the advantage of your creditors. If you happen to be self employed person, you shall also be required to submit a monthly profit and loss payment plan to your creditors detailing your monthly income. That is not necessary with schedule 7 as your future income is not a segment of the procedure.
The process will enable you to get back to your financial status quickly. In many cases after opting to file for this process, people have come out with a good credit rating. This is because it is shorter to complete and you will retain your assets.
Get a review of important factors to consider when picking a <a href="http://jpg3law.com">Chapter 7 attorney Prince William County</a> area and more information about a well-respected lawyer at http://jpg3law.com now.
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New Unique Article!
Title: In The Case That You Are Facing Bankruptcy, Then Why Not Consider Chapter 7 Attorney Prince William County Professional?
Author: Larry Edwards
Email: nathanwebster335@live.com
Keywords: chapter 7 attorney Prince William county
Word Count: 528
Category: Legal
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