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Bankruptcy is significantly defined as the situation of ‘’financial insecurity’’. There is this constant fear of losing out on all your assets, starting from real estate, vehicles and personal items. However, bankruptcy has more merits than its disadvantages. Individuals suffering from bankruptcy can be divided into two categories, namely-
- Chapter 7
- Chapter 13
While both these bankruptcies vary in nature, it is necessary that you follow the rules for filing, so as to receive outstanding representation from the best New York bankruptcy lawyer. However, with years, the rules of bankruptcy have changed slightly. Therefore, down below are some of the major points that you need to stay clear with, with regards to your bankrupt situation!
Important features of bankruptcy that individuals should be aware of!
It is a wise idea to come to terms with the rules and regulations of bankruptcy. No one should turn a blind eye to the whole prospectus of filing for bankruptcy. Therefore, the most vital factors for bankruptcy in 2020 are as follows:
- The nature of chapter 7 bankruptcy:
Chapter 7 bankruptcy is also known as ‘’automatic stay’’. This is because of the repayment plans, which are scheduled by your attorney, to solve the financial insecurities over a period of time. However, there is no legal taxation available here as well.
- The category of chapter 13 bankruptcy:
On the other hand, one of the most important things that you should know about chapter 13 bankruptcy is its ability to secure all mortgage payments, without making you too weak. One portion of your actual debt is solved slowly, with the help of your attorney!
- The fees vary with the law firm you opt for:
It is very important for individuals to understand that there is no fixed fee for solving bankruptcy issues. The fee for the case is charged by the lawyer, and it differs from the experience and sense of professionalism showcased as well. On the other hand, the law firm is also responsible for structuring the bankruptcy fee variation as well.
- Qualification for chapter 7:
Before filing for bankruptcy in the year 2020, it is important you know chapter 7 qualifications. Here, both common individuals, as well as business owners, can file under this category. However, there should be a stable flow of income as well.
- The payment terms and conditions:
The conditions of payment are also present for both chapter 7 as well as chapter 13 bankruptcy. The conditions of income, unsecured debt, etc., practically play a huge role in securing the limitations of bankruptcy.
- Eligibility of chapter 13 bankruptcy:
For chapter 13, individuals with more of an unsecured debt fall under this category. You should identify the type of bankruptcy with the help of your lawyer.
- The time of execution:
Execution time is less than 3 months, for both the categories.
- Special benefits:
Situations of bankruptcy can create stable financial conditions once again.
There are no special drawbacks present, expect that monthly payments must be scheduled on time. Failure to do so can cause huge trouble!
- Filing details:
Details for bankruptcy applications are to be done with New York City bankruptcy lawyer only!
Legal representation for 2020 is done by the lawyer. No special law agent can take up your case, other than the scheduled attorney.
- The property value:
Your property value remains the same. No confiscation of real estate is done!
Choose your attorney wisely! At Midtown Bankruptcy, you can find all bankruptcy details, ensuring you of the right set of bankruptcy conditions. You can even find bankruptcy consultations online, so that your case can be heard, as soon as possible. Therefore, secure your own financial balance, with the precise form of representation, from an experienced lawyer!