There are different forms of bankruptcy that a person can file in order to get out of piling amounts of debt. There are many reasons why a person undergoes financially hard times and not all of them mean that the individual was bad at handling money. There has grown a larger disparity between the upper and lower class over the last decade and the middle class in some regards are living paycheck to paycheck. For some, it may take one missed paycheck in order to feel the need to declare Chapter 13 Chandler AZ.
For starters, it may sound counter-intuitive, but someone thinking about filing for bankruptcy really can’t afford to do it alone. Simply consulting with a lawyer can you give you detailed information on what type of bankruptcy you should file in the first place. If you try to go a less expensive route and hire a paralegal or legal secretary for filing the paperwork properly you may be filling for the wrong type of proceeding. You can save money with a lesser known legal team but they are not legally able to help you with advice.
So what type of bankruptcy types are there to file for as an individual? There are actually only four or five typical types of financial help or bankruptcy you can file for. There are certain types that are specifically designated for commercial, company or farm type businesses. Then there are two common types that are filed by individuals and they are Chapter 11 and Chapter 13 Chandler AZ.
It is best to Visit Site to get as much information about the different financial proceedings that can take place so that you are able to ask your lawyer educated questions about your specific case. For instance, Chapter 11 is more or less a reorganization of your current situation. Debts are not paid off but they are organized in such a way where the monthly payments are realistic compared to your base salary and other expenses. Chapter 13 on the other hand qualifies you for a few essentials in your portfolio but the rest of your assets are liquidated to pay off your debts and loans while some outstanding debts are placed on a grace period until you can start making payments again.
