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Individuals and a few businesses too, often file for Chapter 7 bankruptcy. This legal proceeding usually suits those that have no or very few assets. This category of bankruptcy allows debtors to dispose of all their unsecured assets, such as medical bills and credit card balances. Some nonexempt assets, for instance, second homes, family heirlooms and stocks must also be liquidated to pay off any unsecured debt. Simply put, if you plan to file Chapter 7 Bankruptcy, you will have to sell all your assets to pay any debts. However, if you don’t have assets and only own things such as clothing, tools or vehicles, you might get an exemption from paying any unsecured debt.

Also known as the “wage earner’s plan”, Chapter 13 Bankruptcy is for people and businesses who have made a lot of money to be eligible for a Chapter 7 Bankruptcy. If you are an individual or runs a business with consistent income, then Chapter 13 Bankruptcy can allow you to create repayment plans that are workable. These plans are installment-based and extend for a period of three to five years. If you are successful in paying off your creditors, the courts give you the liberty to keep all your nonexempt assets and property with you.

This bankruptcy is often filed by businesses, and gives them a chance to reorganize themselves and start earning profits. When a business files a Chapter 11 Bankruptcy, it gets an opportunity to curate profitability plans, find different chances to increase their revenue and reduce costs, where required. After filing this particular bankruptcy, the preferred stockholders might continue receiving payments, but the common stockholders do not get anything. So for instance, if you own a cleaning service business, after filing the Chapter 11 Bankruptcy, you can increase the rates of your services and earn more profits gradually. This bankruptcy category allows an entity to continue its business activity but at the same time, demands them to curate a debt repayment plan based on the court’s requirements. Also, in some rare cases, an individual rather than a company, may also be allowed to file a Chapter 11 Bankruptcy case.

This type is usually available for municipalities that are financially distressed. For instance, towns, cities and even some school districts can file Chapter 9 Bankruptcy. Under this proceeding, municipalities are not asked to liquidate their assets. However, they are obliged to curate a repayment plan to pay off all the debt over some years.

This bankruptcy works as a relief for fisheries and family farms. It allows them to keep their assets but orders them to design a plan to pay off their debts.

This bankruptcy deals with mostly cross-border cases and is often filed in the home country of the debtor.

If you haven’t dealt with a bankruptcy case before and do not have people around you who can guide you, you might find it very hard to get a good attorney on board. There are many experienced lawyers who might flaunt their experiences and persuade you to book them. But you can’t trust every professional who simply sounds perfect for this job. You will have to perform lots of research on your own to stay away from people who might trap you and provide nothing in return. Finding a compatible attorney on your own may take most of your time. And it might take too long that you may lose control over your debt situation. According to experts, it is wise to file a bankruptcy case as soon as you feel that things are getting out of control. Any delay might harm your financial and emotional condition.

It is so easy to make wrong decisions when selecting an attorney yourself. They may trick you into choosing them and you might regret only that after losing your bankruptcy battle. It is very common for unaccomplished and less popular attorneys to attract clients through fake certificates and testimonials. With a zero know-how of this industry, you may consider their certifications legitimate and might choose them for your case. Moreover, many fake attorneys woo new clients with low fees. Sometimes that’s a good thing if that attorney is accomplished, honest and has a strong background. However, in cases where an attorney has no certificates or degrees to show, a low fee structure does sound more fishy than attractive. So while you may want to hire a lawyer that charges less, it is also imperative to evaluate their performance and background to conclude whether a low fee is reasonable or not.

Finding an attorney who not only communicates well but also listens to every word coming out of your mouth, is pretty tough. You might get attracted to attorneys being over friendly with you on your first appointment. But how can you judge whether this behavior is honest or just a facade? Many people have experienced lawyers who are compatible at first, but eventually start losing interest in your case after attaining their fee. Additionally, attorneys that fail to provide you with solid support after the case is over are also not worth your time. If you haven’t dealt with a professional before, you may feel attracted to attorneys that promise to give you all the attention you deserve. But the risk of choosing a lawyer that only pretends to support you is also quite high. Considering the problems above, the only wise thing to do is to choose an attorney through Naples Asphalt Solutions. You will not only feel safe but will also get a lawyer who will give their best to get you out of your debts.