Even during the face of bankruptcy, it still remains true that one would certainly want their earnings to be placed inside their comfy pocket rather than lost forever. Unfortunate it may be for your business to face bankruptcy, it can still be turned around into something beneficial for you, if you avail the service of an bankruptcy attorney who’s the best at what he does. The public may see bankruptcy as the worst possible scenario but for people who are decisive with their decision and gets to file for it immediately, this bad scenario can even be turned around for the better.
Different Bankruptcy Filing Types
There are several types of filing that you must first understand and experts on the job can help you choose and go through the process a lot easier.
A 10-Point Plan for Professionals (Without Being Overwhelmed)
For many, the Chapter 7 Type is a preferable choice as this allows one to just suffer the penalty of monthly payment, but will still be capable of keeping their properties at hand which is very beneficial in many ways. By going for the Chapter 7, one will be able to go through the hardships of being in-debt quite easily while being protected by preventing debtors to push you in paying immediately.
Services – Getting Started & Next Steps
There are also those who would want to keep their dignity and responsibility at full blow by filing for the Chapter 13 type and hire a Chapter 13 Bankruptcy attorney to manage the plan more appropriately. This chapter involves the court to provide you a plan of payment through a mandate that will make sure that you pay with a new income for the span of 3 to 5 years.
If you’re in need to file bankruptcy for your business but you don’t want operations to be halted as you know that you can make a comeback, you can file with the 11 and 12 chapters as these two are the ones that will allow you the scenario you’re wishing for.
It is also noticeable just how many benefits such a rare condition could bring you, which is why businesses see them as the fittest option.
If you’re a fishermen or part of the agricultural scene, the Chapter 12 is the file type for you as it will basically allow you to pick the most advantageous season or date for you to make the payment.
Claiming Bankruptcy verbally doesn’t qualify you to the benefits of the different chapters as your qualification will basically be decided by the judge after petitioning and meeting in court.
Having a bankruptcy attorney deal with your problems regarding filing doesn’t just make it easy to go through different types of files – it also allows you to gain only the most minimal amount of damages while also being able to keep most of your properties.