Every year an increasing number of people find themselves in a situation so dire that they are no longer able to honour their financial commitments. There are many reasons for this trend. The economy is shaky, businesses are laying off people and many people simply live beyond their means. In some severe cases insolvency may turn out to be the only solution. Helped by a bankruptcy attorney Washington DC citizens can find relief from the courts.
The courts do not deal with insolvency applications in terms of chapters 13 and 7 quickly or flippantly. Before such an application can be approved the courts need to now that the applicant is indeed in dire straits. The entire process is complicated and often prolonged. The very best course of action is to get a lawyer that specialize in insolvencies.
Anyone thinking that once they apply for liquidation all their immediate financial problems will disappear. This is certainly not true. The aim of the court is to do everything possible to make sure that the claimants are paid what they are owed. The court does not focus on the needs of the applicant, but rather on those in danger of suffering financially due to the way the applicant conducted his financial affairs.
The court will appoint a trustee as soon as the application is accepted. This trustee enjoys wide powers and his aim is to wind up the estate of the applicant to to do everything possible to settle the claims of the debtors. The assets of the applicant will be confiscated and sold to raise money to pay the claims of the debtors. Business applicant can expect their businesses to be sold or stripped of its assets.
Applicants often think that an insolvency order will absolve them from all debt and financial obligations. This is not so. They will have to keep on paying court ordered support to their children and spouses and they will remain responsible for paying all outstanding taxes. Payments on secured loans will also have to be maintained. At least the applicant is allowed to keep his automobile and some personal effects.
Reputable lawyers will make very sure that their clients understand the far reaching consequences of a liquidation. They will have a very poor credit record for some years and it may take up to ten years before they will be able to successfully apply for financing. The applicant will lose control over his personal finances and will be closely monitored to make sure he keeps to the conditions of the liquidation order.
Reputable lawyers will do everything they can to find alternative solutions before filing a chapter 7 or 13 application. Debtors are often willing to negotiate new pay back plans with smaller monthly payments over a longer time. It is even possible to obtain a court order obliging debtors to negotiate with the applicant. In such cases the applicant is placed under administration and his lawyer will handle his financial affairs.
It is sad to learn that most applications in terms of chapters 13 and 7 could be avoided if only the applicants admitted their problems in good time. It is never a good idea to ignore financial difficulties. They will not disappear and it is always best to get professional help as quickly as possible.
The courts do not deal with insolvency applications in terms of chapters 13 and 7 quickly or flippantly. Before such an application can be approved the courts need to now that the applicant is indeed in dire straits. The entire process is complicated and often prolonged. The very best course of action is to get a lawyer that specialize in insolvencies.
Anyone thinking that once they apply for liquidation all their immediate financial problems will disappear. This is certainly not true. The aim of the court is to do everything possible to make sure that the claimants are paid what they are owed. The court does not focus on the needs of the applicant, but rather on those in danger of suffering financially due to the way the applicant conducted his financial affairs.
The court will appoint a trustee as soon as the application is accepted. This trustee enjoys wide powers and his aim is to wind up the estate of the applicant to to do everything possible to settle the claims of the debtors. The assets of the applicant will be confiscated and sold to raise money to pay the claims of the debtors. Business applicant can expect their businesses to be sold or stripped of its assets.
Applicants often think that an insolvency order will absolve them from all debt and financial obligations. This is not so. They will have to keep on paying court ordered support to their children and spouses and they will remain responsible for paying all outstanding taxes. Payments on secured loans will also have to be maintained. At least the applicant is allowed to keep his automobile and some personal effects.
Reputable lawyers will make very sure that their clients understand the far reaching consequences of a liquidation. They will have a very poor credit record for some years and it may take up to ten years before they will be able to successfully apply for financing. The applicant will lose control over his personal finances and will be closely monitored to make sure he keeps to the conditions of the liquidation order.
Reputable lawyers will do everything they can to find alternative solutions before filing a chapter 7 or 13 application. Debtors are often willing to negotiate new pay back plans with smaller monthly payments over a longer time. It is even possible to obtain a court order obliging debtors to negotiate with the applicant. In such cases the applicant is placed under administration and his lawyer will handle his financial affairs.
It is sad to learn that most applications in terms of chapters 13 and 7 could be avoided if only the applicants admitted their problems in good time. It is never a good idea to ignore financial difficulties. They will not disappear and it is always best to get professional help as quickly as possible.
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