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Information about filing for bankruptcy

Bankruptcy is a legal declaration of a person or organization of their inability to pay their debts to their creditors. One of the main reasons for the bankruptcy law is to help a person who is hopelessly burdened with debt insurmountable rubbing out and which allows the debtor a fresh start.

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There are two types of bankruptcy

The two types of bankruptcy is the straight and the bankruptcy of the reorganization. Straight bankruptcy is a liquidation of all non-exempt property to then be handed over to the bankruptcy trustee. The converted cash of the liquidation shall be distributed to the creditors and this will relieve the debtor’s debts. The debtor becomes then clear of all dischargeable debts in a span of four months on average.

The bankruptcy of the reorganization is reserved and presented by debtors who wish to pay their debts over a period of three to five years. This was also presented the bankruptcy when a debtor has non-exempt assets that wish to retain. It is also an option for those who have a fixed income that is only enough to pay off their debts.

The bankruptcy filing

There are two ways to go about filing for bankruptcy. The first is that the debtor himself presented a petition of bankruptcy and volunteers. The second is when creditors ask the Court to issue an order to consider that a debtor in bankruptcy. A bankruptcy trustee is required to manage the failure in both cases.

Non-exempt assets

Assets that are subject to liquidation in bankruptcy are called non-exempt assets. They are assets exceeding the allowable personal exemption, such as cars, real estate, and boats. These assets will be liquidated by the bankruptcy trustee.

Cost of the presentation

The filing of a chapter 7 bankruptcy will cost around $300. A lawyer may vary depending on the speed of the lawyer, but it should be more or less $1,600 to $2,000. Other attorneys give free initial consultation.

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