Bankruptcy is a bunch of steps of steps in which people and businesses can repay some or all of what they owe in debts under the protection of the federal bankruptcy court. For the most part, bankruptcies can be put into two groups called, liquidation and reorganization. There is many ways to pay off debt, like selling some of your land, or maybe even some of your business. Bankruptcy doesnt work on some kinds of debt. Bankruptcy can be filed by people or their businesses that are in debt. Though bankruptcy can eliminate many kinds of debts, such as credit card debt, medical bills, and unsecured loans, there are many debts types of debts, like child support and spousal support obligations and most tax debts, that cannot be wiped out in bankruptcy.Learn more about at Lethbridge lawyers website
When you file for a Chapter 13 bankruptcy, you have to give up a repayment plan that shows how you are willing to pay back your debts over the next couple of years. The least amount youll have to repay decides on how much you earn, how much you owe, and how much your unsecured creditors would have received if youd filed for Chapter 7 bankruptcy. Chapter 13 gives you an option to make up missed payments so that you can avoid any kind of repossession or foreclosure. Chapter 11 bankruptcy is mostly used by financially struggling businesses to reorganize their affairs. It can be used by people to but it is more expensive and it is time wasting so businesses mostly use it.
If you and your family find yourself struggling financially, now is the time to call the firm. They are extensively trained in bankruptcy law and the specifics surrounding it, and they can provide you with valuable information. With the help of a seasoned attorney at their office, you will possess the tools and resources necessary to find a debt free future.When many people first approach the firm, they come with feelings of embarrassment and anxiety. They fear that people will look down upon them because of their financial situation. The legal team at Boyd Law Group is here to tell you otherwise. They understand that a sudden job loss or illness can result in putting you and your family behind on your payments by several months.