Filing Chapter 7 Bankruptcy Solutions?

Apr 23rd, 2014 | By | Category: Info

As the owner of Brown Law Firm in Tulsa, bankruptcy attorney Ron Brown says he frequently comes into contact with people who believe that filing for bankruptcy is going to be an easy, quick task just as they have heard about businesses doing it on the news. Unfortunately, that is hardly the case.

In current economy, it seems that thousands of companies around the country are filing for bankruptcy every day. So many people wrongly assume that filing for bankruptcy as a corporation must be easy. While it is true to say that many companies that were riddled with debt did end up filing for bankruptcy during the recession, that doesn’t necessarily mean that the procedure is easy, whether you’re filing as a Fortune 500 company or an individual with excessive debt.

You tend to hear about the big name companies filing for Chapter 11 bankruptcy just because their debt loads are so high and they need to restructure those debts. But that does not necessarily mean that the restructurings they’re going through are easy.

Just when you thought there wasn’t any more…

Bankruptcy isn’t a small thing and there is a big difference in filing chapter 13 and chapter 7 bankruptcy. By filing chapter 7 bankruptcy most of the debts are discharged and a debtor would be granted a fresh financial start. One should qualify the means test for filing chapter 7 bankruptcy.

Chapter 13 bankruptcy rules are other than those of chapter 7 and it normally takes three to five years to get chapter 13 bankruptcy discharge. Here the debtor is set in a payment plan for about three to five years and he is required to pay the decided amount to his creditors every month. The discharge is only given after paying all the required debts.

Digging Up Secrets About Filing Chapter 7 Bankruptcy

From business owners to families, I believe everyone should go through some kind of debt education course at some time in his life. In the past, there were many more people who were filing for bankruptcy and then going right back to their old habits. So I think learning the inclusions of these courses is unquestionably a good thing.

Remember that going through bankruptcy is no easier for a large business or corporation than it is for an individual. For people who might be drowning in debt and unsure of where to turn, it is a good idea to find a qualified bankruptcy attorney in Tulsa, like myself, who can get a look at the status and recommend the best course of action.

To help you file for bankruptcy, you need a good Bankruptcy Attorney. Yes, you can always file for bankruptcy on your own but since there are a lot of paper works and legalities involved in bankruptcy, it will bring you a long time to plow through all the requirements. Besides, if you’re not very familiar with bankruptcy procedures, you might end up taking the less favorable options. On the other hand, if you hire a bankruptcy attorney, this person will explain the whole procedure to you and will guide you on the steps to do. He or she’ll help you weigh your options and select the best courses of actions.

Unpaid bills can accumulate over time and before you knew it, you already amass a mountain of debts. The said thing about debts the accumulated interest thereof compound to make your payables even bigger. Once your debts balloon out of proportion from your income, you lose control over your finances. In most cases, you end up borrowing money to pay back your debts. Fortunately, you can arrest the downward spiral movement of your finances by filing for bankruptcy. Now, before you start thinking that bankruptcy is an easy way out a difficult fiscal situation, know that filing for bankruptcy isn’t really an easy task. You do not just to go an office and sign some papers and then it’ll be alright. Note bankruptcy involves a lot of legalities and plenty of paper works so you need someone who knows the rules to guide you.

This article is for informational purposes only. You shouldn’t rely on this article as a legal opinion on any specific facts or circumstances. You shouldn’t act upon this information without seeking professional counsel. Publication of this article and your receipt of such article doesn’t create an attorney-client relationship.

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