Bankruptcy is a legal proceeding in which an individual who cannot afford his/her bills gets an opportunity to start a new beginning. A bankruptcy falls under the jurisdiction of the +Federal Court. Once an individual files bankruptcy, an “automatic stay” prohibits a creditor from collection efforts for a certain period of time.
The most common question asked is “What type of bankruptcy should I file?” One can file bankruptcy under
The answer to this question depends on the following –
A thorough examination and a “means test” will determine which type of bankruptcy a client should file. Do you qualify for Chapter 7 bankruptcy? If yes, then what are the advantages over Chapter 13?
The following are the advantages of filing a bankruptcy under Chapter 7 –
It is wise to consult a bankruptcy attorney to discuss your options before filing. This is because they are likely familiar with the legal proceedings and can provide sound advice. Lawyers normally recommend Chapter 7 bankruptcy if the debtor qualifies as it typically is in the debtor’s best interest to do so.
For more information on the same, one should speak to an attorney for more clarity and detail on bankruptcy. The best of the bankruptcy lawyers have a website. Browse the net and book an appointment today!
About The Author:
The Law Offices of Justin McMurray, P.A has the ability to effectively handle nearly every case. The Law Offices of Justin McMurray, P.A reviews your case and helps you to decide whether this is the best option for you or not. The firm guides you throughout the process to ensure that you get the most out of this opportunity to make a fresh start in life.
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