If the mountains of bills seem to be burying an individual or business, a bankruptcy attorney Jacksonville may be able to help. In addition to guiding the individual or organization to the best chapter of the code for the circumstances, the lawyer can ensure all paperwork is filed correctly. Attorneys can also help to deal with those to whom money is due.
Many people find that they face mounting debt due to changes in the economy. Before the economic conditions changed, the person may have had a well paying job. At that time, it was easy to stay ahead of the debt. However, when the economy soured, those individuals faced unemployment and mounting debt.
The legal code offers relief for individuals unable to meet debt obligations any more. Most individual filers will choose either chapter seven or chapter thirteen of the code. Businesses have other options that may be more appropriate for their circumstances.
Chapter 7 filings are satisfied by selling of all assets, except those protected by law, and dividing the proceeds proportionately between creditors. This type of filing results is dismissal of all debts the individual owes once it has been discharged. It is best for those with few assets.
Chapter 13 is a type of financial reorganization. This type of proceeding requires the individual to continue to pay money owed for a length of time determined by the court. Once the payment plan is satisfied, remaining debts are dismissed. Homeowners often prefer this type of process as they are allowed to keep their home. In certain circumstances, the Chapter 13 filing is converted to a Chapter 7 filing.
A Bankruptcy attorney Jacksonville offers help for business and individuals. The lawyer can help to determine if the client is best served through this or another action as well as determine the chapter of the law that works best. The case will remain on one's credit rating for up to ten years and in court records indefinitely. It can affect future ability to obtain credit.
Many people find that they face mounting debt due to changes in the economy. Before the economic conditions changed, the person may have had a well paying job. At that time, it was easy to stay ahead of the debt. However, when the economy soured, those individuals faced unemployment and mounting debt.
The legal code offers relief for individuals unable to meet debt obligations any more. Most individual filers will choose either chapter seven or chapter thirteen of the code. Businesses have other options that may be more appropriate for their circumstances.
Chapter 7 filings are satisfied by selling of all assets, except those protected by law, and dividing the proceeds proportionately between creditors. This type of filing results is dismissal of all debts the individual owes once it has been discharged. It is best for those with few assets.
Chapter 13 is a type of financial reorganization. This type of proceeding requires the individual to continue to pay money owed for a length of time determined by the court. Once the payment plan is satisfied, remaining debts are dismissed. Homeowners often prefer this type of process as they are allowed to keep their home. In certain circumstances, the Chapter 13 filing is converted to a Chapter 7 filing.
A Bankruptcy attorney Jacksonville offers help for business and individuals. The lawyer can help to determine if the client is best served through this or another action as well as determine the chapter of the law that works best. The case will remain on one's credit rating for up to ten years and in court records indefinitely. It can affect future ability to obtain credit.
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