Navigating the Complicated World of Bankruptcy

How To Choose The Right Type Of Bankruptcy

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When you pursue bankruptcy, you will have to decide what sort of case you will pursue. There are two options, liquidation and restructuring. Each has its strengths and weaknesses, so a bankruptcy lawyer will want you to understand both so you can exercise the right option for you. Liquidation vs. Restructuring Liquidation refers almost exclusively to the Chapter 7 process. It is available to both individuals and businesses. The idea is that the court will liquidate your non-exempt assets, meaning a court-appointed trustee will sell non-essential items and use the proceeds to pay your creditors.…

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Things Your Bankruptcy Lawyer Wants You To Avoid

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Filing for bankruptcy isn’t as easy as most people think. There are certain laws and regulations to follow, and one shouldn’t make any accidental or innocent errors that may hurt their bankruptcy case further.  One of the best solutions you can consider when filing for liquidation is getting a bankruptcy lawyer. These pros understand the ins and outs of bankruptcy law and will ensure the process is handled smoothly, regardless of the circumstances.…

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Chapter 7 Bankruptcy: The 341 Meeting and After

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Filing for Chapter 7 bankruptcy requires attending a court hearing called a 341 meeting of the creditors. You and your bankruptcy lawyer must attend this meeting since it is required for all Chapter 7 cases. Here is some information to help you learn more about this meeting and the things that happen after it. The Basics of the 341 Meeting Once you submit your bankruptcy documents, you can expect to have your 341 meeting within approximately three weeks.…

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