Chapter 13 bankruptcy lawyers specialize in bankruptcy cases that protect your assets, but do require a monthly payment. Chapter 7 bankruptcy attorneys specialize in bankruptcy cases that only deal with unsecurred debts and may not protect your assets.
Full Answer
What is the difference between personal and business bankruptcy?
Jan 29, 2013 · Bankruptcy Attorney. The bankruptcy attorney is the person you, the debtor seeking relief, hire to help you prepare and submit your bankruptcy filing. It's important to consider hiring a bankruptcy attorney. The preparation of a filing is a long and arduous process and is not something you should try to do yourself.
What is bankruptcy and how does it work?
Sep 08, 2020 · Geraci Law can help you. Below is an excerpt from Attorney Peter Francis Geraci’s Complete Book on Bankruptcy about the REAL price difference between bankruptcy attorneys. From Chapter 10 – What is the Real Price Difference Between Bankruptcy Lawyers? I have found that there is very little difference in attorney’s fees.
What is the difference between Chapter 7 and Chapter 13 bankruptcy?
Jan 23, 2022 · The difference between an “average” lawyer and an excellent lawyer is the difference between losing a car or a house and protecting your valuable belongings. It is the difference between a complicated case that adds costs and takes months, and a case that closes quickly and painlessly. My attorney has the experience you need
Can a business file Chapter 7 and Chapter 11 bankruptcy?
Jan 24, 2022 · Having an attorney doesn’t mean everything will always go your way. But it can make the difference between making a good choice and a bad one, knowing your rights or giving them up, or getting another chance or being cut off at the knees. At the very least, an attorney can tell you what to expect when all your best laid plans go wrong.
How much does a lawyer charge for Chapter 7?
Average Attorney Fee for Chapter 7 Bankruptcy: $1,450 The cost depends on where the case is filed. Chapter 7 fees generally range from a low of $1,000 to high of $1,750. Of course every case is different, and a number of factors can affect the cost of your case.
How can a bankruptcy attorney help?
A bankruptcy attorney gives legal advice and helps with legal issues related to your debt. They can help you file a bankruptcy petition with the court. At the end of a successful bankruptcy case, certain debts are erased, and you never have to pay them back.Aug 7, 2020
How do bankruptcies work?
If you decide to file for bankruptcy, you have two basic options: Chapter 7 and Chapter 13. A Chapter 7 bankruptcy will sell off many of your assets to pay your creditors. In a Chapter 13 bankruptcy, you keep the assets but must repay your debts over a specified period.
How much money does a lawyer make in South Africa?
The average lawyer salary in South Africa is R 847 950 per year or R 435 per hour. Entry-level positions start at R 324 000 per year, while most experienced workers make up to R 8 400 000 per year.
What is Chapter 7 bankruptcy?
Chapter 7 bankruptcy is for individuals who have no hope of repaying acquired debt. This chapter is for people who have little income and the end result is a bankruptcy discharge of qualifying debt. Chapter 13 bankruptcy is for individuals who have income and could manage their debt if they had a payment plan.
Is bankruptcy the same as bankruptcy?
However, personal bankruptcy and business bankruptcy are not the same things and have different rules and chapters.
What happens if you file Chapter 7?
Businesses may also file under Chapter 7, but the end result is the dissolution of the entity instead of reorganization. Chapter 11 bankruptcy is for businesses, including corporations, to either reorganize or liquidate their assets in order to repay debt. Most of the time, a Chapter 11 filing results in a reorganization.
What is the difference between personal bankruptcy and business bankruptcy?
General Differences Between Business and Personal Bankruptcy. One of the big differences between personal and business bankruptcy is the means test. Individuals have to participate in one to determine if they are eligible for a Chapter 7 or a Chapter 13, while businesses do not have to prove this for a Chapter 11 filing.
Can an attorney text you?
Attorneys have the option, but are not required, to send text messages to you. You will receive up to 2 messages per week from Martindale-Nolo. Frequency from attorney may vary. Message and data rates may apply. Your number will be held in accordance with our Privacy Policy.
Personal Bankruptcy – Chapter 7 and 13
- Chapter 7 bankruptcy is for individuals who have no hope of repaying acquired debt. This chapter is for people who have little income and the end result is a bankruptcy discharge of qualifying debt. Chapter 13 bankruptcy is for individuals who have income and could manage their debt if they had a payment plan. The purpose of this chapter is to help those who may have an i…
Corporate/Business Bankruptcy – Chapter 7 and 11
- Businesses may also file under Chapter 7, but the end result is the dissolution of the entity instead of reorganization. Chapter 11 bankruptcy is for businesses, including corporations, to either reorganize or liquidate their assets in order to repay debt. Most of the time, a Chapter 11 filing results in a reorganization. Debtors get to propose their own plans at first, but after a certain am…
General Differences Between Business and Personal Bankruptcy
- One of the big differences between personal and business bankruptcy is the means test. Individuals have to participate in one to determine if they are eligible for a Chapter 7 or a Chapter 13, while businesses do not have to prove this for a Chapter 11 filing. Businesses can also cancel contracts with creditors if it would be financially favorable to both parties to do so, while individu…
Getting Legal Help
- Regardless of whether you are an individual or a business, it is important to talk with a licensed bankruptcy attorney in your area before deciding to file for bankruptcy. This area of law is extremely complicated and changing laws have made it more complex than it used to be.
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