Tips For Hiring A Bankruptcy Lawyer Prince William County
by Martha Hughes
There are three main types of bankruptcies. These are chapters 7, 11 and 13. The first chapter involves liquidation of property belonging to the distressed debtor to settle their credit account. Chapter 11 provides for debt reorganization for businesses while the last chapter provides debt reorganization for individual consumers. Whichever option you choose, you need to hire the best <a href="http://jpg3law.com">bankruptcy lawyer Prince William County</a> has to offer.
If you are a business owner who has accumulated a lot of business debt, the best option for you is to declare your business bankrupt under chapter 11. This will keep your doors open and give you legal protection against debtors. If your business is no longer getting any revenue, however, your only option will be a chapter 7, which will effectively wind up your business.
Individual debtors have two main options for getting rid of their bad debts. They can file a chapter 13 and use their income to make convenient monthly installments. This option allows them to retain all their assets. Chapter 7 is the second option, which requires the trustee to liquidate the assets belonging to the debtor.
Your attorney will need to know a number of things when preparing your petition. These include; your personal loans, credit card debts and all other qualifying debts. The lawyer will also need to know about all the major assets you own. Your monthly income must also be provided. The trustee will look at these figures to determine whether or not you qualify.
While you may have three options to choose from, what you should keep in mind is that all the options you have will taint your credit report. Chapter 7 will also lead to loss of property. The good news is that a large portion of the debt will be written of. The damage to your credit report may be so significant that you may not be able to borrow a low interest loan for years. Renting a car or house might also become incredibly difficult.
There are several other options that consumers should consider before considering any of the available bankruptcies. For instance, refinancing loans can be incredibly helpful. Debt consolidation can also help consumers to get out of debt in time.
Bankruptcies are usually time-consuming processes that require a lot of attention to detail. That is why legal and financial experts are normally appointed as trustees in these cases. Once your lawyer submits the petition in court, the judge will appoint a qualified trustee to handle the case. The trustee will handle all payments, auctions and communication between creditors and the debtor.
The first step in the process of finding a suitable lawyer to handle your case is making a list of around ten reputable lawyers who normally handle bankruptcy cases in Prince William County, VA. Ideally, you should give preference to the top ranking firms on major search engines. Next, look at the experience each of those attorneys has and give preference to the most experienced attorney. Be sure to take your time to avoid making mistakes.
You can get fantastic tips for choosing a <a href="http://jpg3law.com">bankruptcy lawyer Prince William County</a> area and more information about a well-respected attorney at http://jpg3law.com today.
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