If individuals or businesses find that they owe more money than they can pay, the law offers relief of debt. A Bankruptcy attorney Jacksonville offers advice and assistance in understanding how this law can apply to people. The lawyer helps individuals to understand the code, complete paperwork and work through the case with the courts.
Many people find that they face mounting debt due to changes in the economy. Before the economic conditions changed, the person may have had a well paying job. At that time, it was easy to stay ahead of the debt. However, when the economy soured, those individuals faced unemployment and mounting debt.
The legal code offers relief for individuals unable to meet debt obligations any more. Most individual filers will choose either chapter seven or chapter thirteen of the code. Businesses have other options that may be more appropriate for their circumstances.
Chapter 7 filings are satisfied by selling of all assets, except those protected by law, and dividing the proceeds proportionately between creditors. This type of filing results is dismissal of all debts the individual owes once it has been discharged. It is best for those with few assets.
Chapter 13 is a type of financial reorganization. This type of proceeding requires the individual to continue to pay money owed for a length of time determined by the court. Once the payment plan is satisfied, remaining debts are dismissed. Homeowners often prefer this type of process as they are allowed to keep their home. In certain circumstances, the Chapter 13 filing is converted to a Chapter 7 filing.
A bankruptcy attorney Jacksonville offers help for both individuals and businesses. The lawyer can help one to determine the best possible course of action under the law. There are serious consequences to any type of filing, both now and in the future. The court proceeding remains on legal records permanently and the credit report for ten years.
Find out more about bankruptcy attorney Jacksonville at our website
Source: http://allbout.info/financial-advice-from-bankruptcy-attorney-jacksonville/
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