The internet has made life so much easier
for just about everyone and now so much time is saved when you are searching
for something. In the olden days it could take a whole day of traipsing around
offices to find a good bankruptcyattorney Orange. Then you would ask around and check out the references
given and the recommendations of other people suggesting an attorney bankruptcy lawyer Orange.
These days all you need to do is to log on
to the internet and search for an attorneybankruptcy Orange and you will be presented with a vast range of options.
The words attorney bankruptcy law Orange
will be sufficient for you to be able to make a selection from so many results
and you can even check out the reviews of other people regarding their
experiences with the bankruptcy lawlawyer Orange that you are considering.
Types
of Bankruptcies
When a business faces insurmountable
financial problems, it can petition the courts for one of several types of
bankruptcies. The most common are Chapter 7, which liquidates a business,
discharging debts you cannot pay and obligations you cannot meet, and Chapter
11, which helps a business temporarily suspend certain obligations while it
prepares a reorganization plan. A Chapter 7 bankruptcy allows you to start a
new business with no burdens or obligations from the one you closed. Chapter 11
helps you take steps to stop your downward slide so you can save the business
profitably and re-emerge from bankruptcy.
Chapter 11 is commonly referred to as
business reorganization. Although individuals can file a Chapter 11, most
filings are for businesses. Under a Chapter 11 case, the business or individual
debtor remains in possession of the assets and formulates a plan to pay
creditors over a period of time. The debtor in possession may divide creditors
into different classes, rearrange or sell certain assets, and have certain
protection while formulating a plan while remaining in business. There is no
limit on the amount of debt an individual or business may have under this
chapter.
Under Chapter 13, a lawyer can provide
assistance in maximizing your fresh start through motions with the court to
revalue assets, strip liens and provide you the relief you are seeking. The
eligibility limits on filing a Chapter 13 change on a yearly basis and you
should consult the Bankruptcy Code or an attorney for the limitations.
The thing that you need to be aware of is
the fact that although bankruptcy is a common part of life these days and there
is no longer any shame involved, it can still be upsetting and things are made
worse when the filing is done wrong and problems arise. This is why it is
important to not cut corners by trying to do everything yourself, but instead
to hire the services of a bankruptcy lawyer Orange, or wherever. In this way you can at least rest assured that
you are in good hands and the chances of success are increased.
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