The decision to declare bankruptcy is one that should be made after a lot of thought. As an individual, you should know that declaring bankruptcy could completely change your life. It is vitally important that you discuss this with several lawyers, and your family members and friends, before you legally file the bankruptcy papers. Basically, a person can be declared legally bankrupt if their financial liabilities are much greater than their assets. However, there are two types of bankruptcy cases that can be registered; Chapter 7 and Chapter 11. Here’s what you should know about Chapter 7 bankruptcy law in Bremerton, WA.
What Is It?
According to Chapter 7 bankruptcy law, a chapter 7 bankruptcy is one in which the person does not have to file a repayment plan, which is required in the Chapter 13 bankruptcy. Instead, the bank will gather the trustees as required and all non-exempt assets owned by the filer will be sold off to repay the debts. The Bankruptcy Code is used as the book of guidance when making such decisions. If you are interested in filing a bankruptcy claim, you should consider contacting the Law Office of David C. Hill.
Before you can file the bankruptcy papers, you will need to talk to a lawyer and find out whether you are eligible for the bankruptcy or not. According to Chapter 7 bankruptcy law, the debtor might be a partnership, a corporation, any other business entity, or an individual. There are several other eligibility requirements that you must meet before the bankruptcy papers are filed. Your lawyer will give you a clearer picture of the kind of issues that you can expect once the document has been filed.