But if you run out of money at some point in your life and creditors begin pounding on your door demanding repayment, that does not mean you must immediately file for bankruptcy. Always contemplate filing for bankruptcy as a last resort. And if you are perplexed about your situation, you can consult a Berkley bankruptcy attorney who can assist you in comprehending your financial condition and suggest the best way to endure the difficult times.
If your Berkley bankruptcy attorney has advised you to file a petition with the bankruptcy court, you may file for bankruptcy under Title 11 of the federal laws of the United States. Individual Bankruptcy is examined primarily under two sections: Chapter 7 Bankruptcy and Chapter 13. There are additional Chapters, such as Chapter 9, Chapter 11, and Chapter 12, but we will not discuss their implications here. Prior to being eligible for any of these bankruptcy filings, you must pass the means test. This test typically assesses your eligibility to petition for bankruptcy under U.S. federal law.
Chapter 7 bankruptcy is the most prevalent type of bankruptcy in the United States. It is commonly known as liquidation bankruptcy. Under Chapter 7 bankruptcy, the debtor is permitted to discharge his debts through the mortgage of his property. When an individual files for Chapter 7 bankruptcy, the federal court appoints a trustee who compiles all information regarding the debtor's assets. In addition, the exempt property is separated from all other available assets. In addition, the debtor can repay his debts by mortgaging his non-exempt property.
Chapter 13 bankruptcy is diametrically opposed. Under Chapter 13, the debtor is also permitted to retain his non-exempt property. The court considers the debtor's willingness to repay his debts and devises a repayment plan. A person with a certain income can file for Chapter 13 bankruptcy, although the amount of total debts determines eligibility. If the individual is eligible for Chapter 13 bankruptcy, he is permitted to repay his debts in installments over a period of three to five years.
Therefore, if you are out of money and your creditors are harassing you, you can contact a Berkley bankruptcy attorney and discuss your financial situation with him. He will help you find a path out, and if you decide to file for bankruptcy, he can also assist you with that. If you are searching for a bankruptcy attorney in Berkeley, you can refer to KorbLaw.com. For additional information, please visit www.Korblaw.com.""
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