Bankruptcy attorney is like a last boon of hope for people and business persons who are suffering from big financial crashes and they are trying to overcome from their debts. This is the mandatory choice for people; if they are having a huge burden of debts and they want to overcome from that then they have to hire a bankruptcy attorney. People can find easily top bankruptcy attorney Akron Ohio.
The question always rises in mind of various people, how they can take help of an Attorney. The answer is very simple; they will look on your situation and then they determine the chapter according which they can help the sufferers. They will see the secure and unsecure debts and they will measure how they can take out the sufferers from such problem. This is a basic thing that bankruptcy lawyer always starts the case with chapter 7. In this chapter, they try to know the condition of sufferers. If bank declared you a consumer bankruptcy then you can file a petition in the court that can be possible with an experienced bankruptcy attorney. The court will precede your case.
If you are thinking about bankruptcy then you must know about the condition in which you can file petition for bankruptcy. There are various reasons available when you can file for a bankruptcy. In chapter 7, your assets can be sold for filling the amount of debts. You can file the petition by using an experienced bankruptcy attorney.
What is in chapter 7 or chapter 13
If you are thinking to file a petition for bankruptcy and it depends on you, you need to choose chapter while filing the petition.
In chapter 7
This is a very common form of bankruptcy and this is the form available for consumers and business persons. This is well known as straight bankruptcy. Under this form, trustee can take non-exempt assets.
There are some rules that must be followed, under chapter 7, there are some following debts, which cannot be discharged:
- Criminal fines and drunk driving
- Loan for education and many other conditions
There are some reasons for choosing the form of chapter 7 and the reasons are following:
- When you don’t have any way to repay the amount of debts then you can apply for the form.
- There are some reasons when you are not able to apply for chapter 13 then you have to apply for chapter 7.
- If you are thinking to protect your exempt income then you can apply for the chapter.
In chapter 13
This is the form for people who are interested for applying in debt repayment plan. Some condition that you need to follow while you are thinking to repay the amount that you have owed.
There are some reasons when you need to choose chapter 13.
- You can apply for chapter 13 when you have already filled chapter 7 in the last 6 years.
- If you are looking, the way when you can pay the debts within 3 or 5 years then you can go for chapter 13.
- If you want to use chapter 7 in future then you can directly apply for chapter 13.
You can hire top bankruptcy attorney Akron Ohio for applying and getting rid from problem.