When your business reaches poor economic conditions, filing for bankruptcy is the last thing that will come to your mind. Every businessman dreads the condition of bankruptcy and plans his investments accordingly. However, a good businessman will not only plan his investments keeping in mind the predictable conditions of the market, but will also know the best way to survive rough financial conditions. Therefore, if you suddenly feel that you have missed out on proper planning and management of finances, fear not. It is always possible to bounce back in business with timely legal help.
Filing for bankruptcy is one such option that can give you a second chance at reviving your finances. Bankruptcy laws in America are carefully chalked out and give you the option of filing under different categories of bankruptcy. Chapter 7 and Chapter 13 are the most commonly filed bankruptcy case types. The clauses and case requirements of filing under these chapters are different and adopt different approaches to attaining a solution to a situation of bankruptcy. While Chapter 7 focuses on clearing your debts with your unsecured property, Chapter 13 fetches you more time to clear your debts.
So how do you go about filing for a bankruptcy condition? Well, it may sound to complicated but the process is not complicated. Firstly, you have to hire an attorney who will first assess the extent of debt. Then the lawyer will document your petition. The amount of debt mentioned will be directly corresponding to the loan amount and the interest that is being demanded by your creditors.
Thus, filing for bankruptcy is a convenient way of getting legal aid to support you as you fight the debts. Usually, your lawyer tries to buy you more time by filing for Chapter 13 bankruptcy. However, not all petitioners are lucky enough to be granted the status of bankruptcy as they may wish. This is because, if the court finds you capable of repaying your loans over an extended duration, it will cancel your petition for filing under Chapter 7.
The same could happen if you are found not to possess sufficient property that can help you repay your debts. To correctly decide which would be the best way to deal with the bankruptcy situation you are facing, you must hire an experienced bankruptcy attorney. Lawrence, KS residents need to make an idea of the offices of bankruptcy lawyers operating in their area in order to take their help in a financial emergency.
Bankruptcy attorney in Lawrence, KS – The only way you can correctly file for a petition of bankruptcy is by hiring an experienced bankruptcy attorney. Lawrence, KS residents can easily avail expert services of lawyers working in Joseph I. Wittman, Attorney at Law, a firm recognized in the field of legal services.
