A Chapter 7 bankruptcy involves the liquidation of assets and the repayment of debt. It is the type of bankruptcy that is most frequently used by people and businesses. Liquidation involves the dissolution of property and belongings. A lawyer is the best person to contact when you have Chapter 7 Bankcruptcy Case Schaumburg questions.
Some businesses have filed for bankruptcy because of significant debts. In this case, they must stop their operations and work with trustees who review their finances. Their assets are sold and given to creditors. If the business is large enough, not all the assets are sold and not all the employees are laid off. If your employer has filed, know about employee rights. Your salary and benefits may be affected.
An individual filer of bankruptcy is allowed to keep some possessions. The items that are exempt will vary with each state. Certain items are liquidated to pay off creditors. Some debts can be discharged, but others cannot be, such as child or spousal support and school loans. If you file a Chapter 13 bankruptcy, you are allowed to set up a repayment plan over a few years. Pay your creditors through a trustee. The process is supervised by a court so you do not bail out on payments.
Bankruptcy lawyers have dealt with hundreds of cases like yours. They know if you are eligible, when you should file and what type of bankruptcy will work best. They make sure that you meet the basic and complicated requirements. They negotiate with creditors and other lawyers. In the end, keep the assets that you need the most and sell the remaining ones. Filing a case yourself is complicated, especially since the rules change constantly, so consult with a professional.
If you want to fix all your debts immediately, consider bankruptcy. However, if you want to get a new job or sell some personal belongings, do not go to court. In any case, the debts and creditors will not go away soon. Look over the pros and cons of the situation by talking to a Chapter 7 Bankcruptcy Case Schaumburg expert.
