Filing for bankruptcy can help get you out of serious financial debt, but the process is not a short or easy one. You do not have to work with an attorney when filing for bankruptcy, but there are many good reasons to do so. Here are some notable reasons to consider finding a law firm to help you file for bankruptcy: They'll Help You Decide What Type of Bankruptcy to File For
10 November 2021
The American legal system has two basic forms of bankruptcy: liquidation, and restructuring. Liquidation is a process where the court sells a debtor's non-exempt assets and gives the proceeds to creditors. Once the sale is over, all of the debts from the filing are done, even if there is a significant unpaid amount. Chapter 7 bankruptcy covers liquidation. Restructuring is a process where the court adjusts the debt total to a lower amount in exchange for the debtor agreeing to pay in full within three to five years.
24 June 2021