People in heavy debt and unable to fulfill their commitments for repayments have no other alternative but to file for bankruptcy. People, generally, are in the dark about any laws especially if it related to bankruptcy. Bankruptcy laws are vast and subject to frequent changes by the government. They also differ from one state to another. The different in laws, state wise is very pronounced. It is impracticable for the layman to know the ins and outs of bankruptcy laws in order to file a proper application under the relevant provisions of the law. Professional legal is essential. Considering the state of the people who have already suffered, free bankruptcy services have been started by a number of well meaning and large hearted lawyers.
A lawyer, familiar and thorough with bankruptcy laws and procedures to be followed for filing them are the best people to offer bankruptcy counseling. Irrespective of the clause under which you may file your application it is the court that will decide which clause of the law is applicable. The bankruptcy application should contain all the information that will be required for the case to be processed and for the judge the right decision. Though you will be filing your application only through an expert lawyer, it is in your own interest to know the options available under the bankruptcy law. The expert lawyer may help in details but you should know what you can get. However, trying to avoid the counseling of a qualified lawyer is not an intelligent thing to do. Being a novice you are bound to go wrong somewhere.
Filing bankruptcy online is an option available now and it will greatly reduce the time taken for processing and for the court to give a verdict. Bankruptcy is a provision that will enable you to make payments to your debtors, as per a revised schedule, made by the court, after hearing from you about the amount and the period of such restructuring. The law is meant to protect both sides from exploitation.
For individuals, lawyers advice to file chapter 7 bankruptcy. It is the simplest and straight forward form of the law, especially suitable for an individual. Apart from chapter 7, other provisions are Chapter 11 for US businesses, Chapter 12 for farmers and fishermen, Chapter13 for individuals who need extra time and Chapter 15 for foreigners. Filing for a second bankruptcy within a certain period of the first one is not admissible.
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