Find The Best Chapter 7 Lawyer Prince William County

Written By Admin on Minggu, 25 Desember 2016 | 06.44

By Robert Cox

It is expected that every citizen or legal resident of any country knows the laws of the land. When charged in court, therefore, you cannot get out of dodge by simply claiming that you did not know that what you did is illegal. Similarly, you are expected to know what you are getting yourself into when you are filing for bankruptcy. If you need bankruptcy, but do not know the process, you should hire the best Chapter 7 lawyer Prince William County VA has to offer.

There are many types of bankruptcy but Chapter 7, or liquidation, is the most popular. It is considered the default bankruptcy option. If consumers qualify for other options, but fail to honor the terms and conditions associated with those options, liquidation will be done by the trustee.

In this bankruptcy option, the assets of the bankrupt debtor are sold to recover funds to pay off their debts. The value of the estate does not have to be the same or anywhere close to the outstanding debt for this option to be considered. What matters is that the debtor has non-exempt assets that have real monetary value.

There are several requirements that debtors must satisfy to qualify for this option. The first is lack of income, or insufficient income. The second is availability of assets. If you do not have anything of value that can be sold, you may not qualify for this option. The trustee is responsible for assessing the merits of a case before it is approved, and may recommend a different option.

There are many negative effects of getting bankrupt. The first, and most serious, is that it will affect your credit rating considerably. As a result, future borrowing will either be difficult or costly. In addition to that, you may not be able to rent a car or a house. It is important for consumers to know these consequences before deciding to file the necessary paperwork.

Bankruptcy should be the option of last resort after failing to service your debts. When experiencing financial difficulty, the first thing you should do is get in touch with your creditors to renegotiate the terms of the loan. For instance, you can refinance to extend the term of the loan and reduce your monthly installments.

If you know little about this debt settlement option, you should hire an experienced bankruptcy attorney to offer guidance and legal representation throughout the process. The attorney can help you with the paperwork and file the petition in the relevant court. The fees charged by an attorney should be compared to what other lawyers are charging. Obviously, you should give strong consideration to an attorney who charges the most affordable rate.

When looking for an attorney to hire, the most important factor to consider is the number of years the attorney has been practicing law. Experienced lawyers know how to argue cases effectively. The reputation of an attorney as well as the fees they charge are also key factors to consider. After all, it is your poor financial situation that has gotten you to this point, so you should hire the most affordable lawyer to provide legal services.

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