Distressed consumers with too much bad debt can get legal protection through different types of bankruptcies. By petitioning the court to declare them bankrupt, debtors can get legal protections that will not only give them peace of mind, but also provide a pathway for debt forgiveness. When thinking about bankruptcy Santa Cruz residents should take their time to look for a suitable lawyer to advise them appropriately.
If you want to become bankrupt, you should not make any move without consulting a competent lawyer. The ideal attorney must have handled many similar types of cases in the past. The lawyer will tell you everything you need to know about the process and help you with the paperwork. When you have a competent legal adviser by your side, you can be assured of getting positive results time and again.
There are three types of bankruptcies. These are chapter 7, chapter 11 and chapter 13. Each of these chapters has been designed with a different type of debtor in mind. To get debt forgiveness and protection from creditors, therefore, you have to take your time to look at the pros and cons of different chapters and choose the right one for your needs.
If you are an individual debtor, there are two options that you can consider. For starters, you can seek to be declared bankrupt under chapter 7, in which case your assets will be sold to pay off your debts. Alternatively, you can seek to become bankrupt through chapter 13, in which case you will be asked to draft a plan on how you are going to pay part of your debt with regular monthly installments.
Business owners and corporate entities can use chapter 11 or chapter 7 to get rid of their business/corporate debts. However, proof of sufficient income must be provided before chapter 11 bankruptcy can be granted. With chapter 7, the business owner only needs to show that they do not have a reliable source of income, in which case, their inventory, vehicles and other assets will be liquidated.
There are many pros of becoming bankrupt. For starters, you will be able to get debt forgiveness. Secondly, you will be able to get protection from creditors. After all, they will be barred from communicating with you in any way as all their debts will now be handled by the court. This will give you peace of mind.
While you can get protection from creditors and debt forgiveness by becoming bankrupt, there are some cons that you should know about. For starters, you will be blacklisted by creditors. After all, your credit report will show that you are bankrupt. This means that no lender will be willing to lend you some money. Those that may be willing to do so may quote higher-than-normal interest rates and processing fees.
Once you have been declared bankrupt, you may not be able to rent a car. This is because most firms nowadays carry out credit checks before handing over keys to their clients. If you would like to live in a highly sought after rental building, your application will be rejected by the property manager or the landlord. This is because a credit check will show that you are bankrupt, which is a sign of financial irresponsibility.
If you want to become bankrupt, you should not make any move without consulting a competent lawyer. The ideal attorney must have handled many similar types of cases in the past. The lawyer will tell you everything you need to know about the process and help you with the paperwork. When you have a competent legal adviser by your side, you can be assured of getting positive results time and again.
There are three types of bankruptcies. These are chapter 7, chapter 11 and chapter 13. Each of these chapters has been designed with a different type of debtor in mind. To get debt forgiveness and protection from creditors, therefore, you have to take your time to look at the pros and cons of different chapters and choose the right one for your needs.
If you are an individual debtor, there are two options that you can consider. For starters, you can seek to be declared bankrupt under chapter 7, in which case your assets will be sold to pay off your debts. Alternatively, you can seek to become bankrupt through chapter 13, in which case you will be asked to draft a plan on how you are going to pay part of your debt with regular monthly installments.
Business owners and corporate entities can use chapter 11 or chapter 7 to get rid of their business/corporate debts. However, proof of sufficient income must be provided before chapter 11 bankruptcy can be granted. With chapter 7, the business owner only needs to show that they do not have a reliable source of income, in which case, their inventory, vehicles and other assets will be liquidated.
There are many pros of becoming bankrupt. For starters, you will be able to get debt forgiveness. Secondly, you will be able to get protection from creditors. After all, they will be barred from communicating with you in any way as all their debts will now be handled by the court. This will give you peace of mind.
While you can get protection from creditors and debt forgiveness by becoming bankrupt, there are some cons that you should know about. For starters, you will be blacklisted by creditors. After all, your credit report will show that you are bankrupt. This means that no lender will be willing to lend you some money. Those that may be willing to do so may quote higher-than-normal interest rates and processing fees.
Once you have been declared bankrupt, you may not be able to rent a car. This is because most firms nowadays carry out credit checks before handing over keys to their clients. If you would like to live in a highly sought after rental building, your application will be rejected by the property manager or the landlord. This is because a credit check will show that you are bankrupt, which is a sign of financial irresponsibility.
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You can get valuable tips for picking a bankruptcy Santa Cruz attorney and more information about an experienced lawyer at http://www.centralcoastbankruptcy.com now.
