As a matter of fact, whether you are stuck with loans or struggling to meet your growing obligations, many people always think about ditching their debts. Although there are different reasons for filing bankruptcy, many people claim losing a job or a source of income as a major source for filing bankruptcy. However, this is usually a complex legal procedure that requires the help of a bankruptcy lawyer dc.
Generally, bankruptcy is usually a court process designed to help an individual or a business eliminate their debts or pay such debts while being protected by an insolvency court. The insolvency can be said to be of two kinds the reorganization or liquidation. On the part of liquidation, a person requests the court to eliminate the debt, while for the reorganization, a person files a plan on the way to repay the debts. Nevertheless, there are debts that you would be required to repay fully, partially, or avoid paying the said debt completely depending on a person can actually afford.
Once you file either type of insolvency, the court immediately issues an automatic stay order. The order normally prohibits creditors for taking action against the debtor in collecting the debts the order has been lifted by the court to permit the creditors to continue with the collections. At the same time, you continue owing some of the as if you had not filed for insolvency. Examples of such debts are like some types of taxes, child support, and alimony.
Normally, there are some reasons which may force an individual to end up filing for insolvency. One reason is expenses arising from medical care. Basically, some serious diseases and injuries can result in diverting thousands of dollars on medical bills. This may result to exhaustion of home equity, savings, college education fund, and retirement account. Once these sources of funds are completely exhausted, the remaining option would be to request for insolvency in order to deal with the debts.
The other common reason for seeking insolvency is the loss of employment. An individual can lose their job from termination, resignation or layoffs. If an individual had no emergency funds previously planned for use during the loss of a job, their situations may be worsened when using credit cards in settling their bills. Nevertheless, filing for insolvency will offers some relief.
On the other hand, unexpected expenses may lead a person to bankruptcy. Such unexpected expenses are such as loss of property as a result of theft or even casualty such as floods, or earthquakes and where the owner does not have an insurance cover on them. Because of the unexpected expenses, a victim may not be able to service his or her debts.
Nevertheless, trying to pursue insolvency or any other debt relief before consulting a skilled bankruptcy attorney in Washington DC can be a huge mistake. This is because filing for insolvency is often a complex process. This is because of the changing laws and the paperwork involved in the process.
Also, hiring an attorney helps in getting the appropriate advice and representation of your interests. As a result, anxiety and fear are eliminated since the attorney performs the task on your behalf.
Generally, bankruptcy is usually a court process designed to help an individual or a business eliminate their debts or pay such debts while being protected by an insolvency court. The insolvency can be said to be of two kinds the reorganization or liquidation. On the part of liquidation, a person requests the court to eliminate the debt, while for the reorganization, a person files a plan on the way to repay the debts. Nevertheless, there are debts that you would be required to repay fully, partially, or avoid paying the said debt completely depending on a person can actually afford.
Once you file either type of insolvency, the court immediately issues an automatic stay order. The order normally prohibits creditors for taking action against the debtor in collecting the debts the order has been lifted by the court to permit the creditors to continue with the collections. At the same time, you continue owing some of the as if you had not filed for insolvency. Examples of such debts are like some types of taxes, child support, and alimony.
Normally, there are some reasons which may force an individual to end up filing for insolvency. One reason is expenses arising from medical care. Basically, some serious diseases and injuries can result in diverting thousands of dollars on medical bills. This may result to exhaustion of home equity, savings, college education fund, and retirement account. Once these sources of funds are completely exhausted, the remaining option would be to request for insolvency in order to deal with the debts.
The other common reason for seeking insolvency is the loss of employment. An individual can lose their job from termination, resignation or layoffs. If an individual had no emergency funds previously planned for use during the loss of a job, their situations may be worsened when using credit cards in settling their bills. Nevertheless, filing for insolvency will offers some relief.
On the other hand, unexpected expenses may lead a person to bankruptcy. Such unexpected expenses are such as loss of property as a result of theft or even casualty such as floods, or earthquakes and where the owner does not have an insurance cover on them. Because of the unexpected expenses, a victim may not be able to service his or her debts.
Nevertheless, trying to pursue insolvency or any other debt relief before consulting a skilled bankruptcy attorney in Washington DC can be a huge mistake. This is because filing for insolvency is often a complex process. This is because of the changing laws and the paperwork involved in the process.
Also, hiring an attorney helps in getting the appropriate advice and representation of your interests. As a result, anxiety and fear are eliminated since the attorney performs the task on your behalf.
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Find a list of the advantages of consulting a bankruptcy lawyer DC area and more info about a reliable attorney at http://www.capitaljustice.com today.
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