Accumulating unmanageable levels of bad debt takes time. You only need to charge your credit card a few times, get car financing, buy a big house and fail to make your monthly payments. It is usually the lack of financial discipline that forces people into bad debt. However, loss of a job, temporary or permanent disability and change of circumstances can also be blamed for the problem. Fortunately, you can hire a Michigan bankruptcy attorney to help you out when you are unable to meet your debt obligations.
Debtors have access to three bankruptcy chapters. However, the most popular is chapter 7 because anyone can qualify for this chapter, which calls for liquidation of assets. The second most popular option is chapter 13 because individual debtors with reliable income sources can apply to become bankrupt under this option. The other option is chapter 11, which is similar to chapter 13 except for the fact that it is meant for businesses and corporates.
Each of the different types of bankruptcies provided under the law have pros and cons. The ideal lawyer, should be able to explain all these benefits and shortcomings to you to help you make a well-informed decision on how to get rid of your debts. The ideal lawyer should be a certified expert in the field as this will go a long way in ensuring you get quality services.
In a chapter 13, the debtor is required to make a repayment plan to offset their debts. If accepted by the court, the debtor only needs to make monthly payments throughout the bankruptcy period to offset their debts. All unpaid debts after the bankruptcy period lapses are written off and no assets are sold. This is the main benefit of this chapter.
When filing a chapter 11, the management of a business or organization is required to formulate a repayment plan for their debts. Once the plan has been certified by the court, the business only needs to forward the monthly payments to the trustee. After the prescribed period lapses, all unpaid debts will be written off, thereby freeing the debtor from bad debts.
There are many types of debts that cannot be forgiven, so you need to check your bad debts to see if becoming bankrupt is a wise move. For example, if student loans, child support and spousal support back-payments and taxes form 70 percent of your outstanding debts, it may not make much sense to become bankrupt since you will still have a huge debt burden.
When looking for an attorney to hire, there is one important thing that you should pay attention to - experience. The years of experience of the attorney as well as the number of cases handled should be checked. Be sure to also check the number of similar cases the lawyer has handled in the recent years.
When you have financial problems, it is important you shop around for the most affordable products and services. Therefore, you should compare quotes provided by different lawyers to identify the most affordable lawyer. However, you should also check the success rate of the lawyer as well as the quality of service they normally offer before making a decision.
Debtors have access to three bankruptcy chapters. However, the most popular is chapter 7 because anyone can qualify for this chapter, which calls for liquidation of assets. The second most popular option is chapter 13 because individual debtors with reliable income sources can apply to become bankrupt under this option. The other option is chapter 11, which is similar to chapter 13 except for the fact that it is meant for businesses and corporates.
Each of the different types of bankruptcies provided under the law have pros and cons. The ideal lawyer, should be able to explain all these benefits and shortcomings to you to help you make a well-informed decision on how to get rid of your debts. The ideal lawyer should be a certified expert in the field as this will go a long way in ensuring you get quality services.
In a chapter 13, the debtor is required to make a repayment plan to offset their debts. If accepted by the court, the debtor only needs to make monthly payments throughout the bankruptcy period to offset their debts. All unpaid debts after the bankruptcy period lapses are written off and no assets are sold. This is the main benefit of this chapter.
When filing a chapter 11, the management of a business or organization is required to formulate a repayment plan for their debts. Once the plan has been certified by the court, the business only needs to forward the monthly payments to the trustee. After the prescribed period lapses, all unpaid debts will be written off, thereby freeing the debtor from bad debts.
There are many types of debts that cannot be forgiven, so you need to check your bad debts to see if becoming bankrupt is a wise move. For example, if student loans, child support and spousal support back-payments and taxes form 70 percent of your outstanding debts, it may not make much sense to become bankrupt since you will still have a huge debt burden.
When looking for an attorney to hire, there is one important thing that you should pay attention to - experience. The years of experience of the attorney as well as the number of cases handled should be checked. Be sure to also check the number of similar cases the lawyer has handled in the recent years.
When you have financial problems, it is important you shop around for the most affordable products and services. Therefore, you should compare quotes provided by different lawyers to identify the most affordable lawyer. However, you should also check the success rate of the lawyer as well as the quality of service they normally offer before making a decision.
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Find a summary of the benefits of consulting a Michigan bankruptcy attorney and more info about an experienced lawyer at http://www.hashleylawplc.com right now.
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