Business owners always begin their financial endeavors with high hopes in mind, even though they know the risks that may be associated with running their own business. Though it may work out for some, many business owners find that their ideas needing reworking only after experiencing loss and incurring loans on their business.
Anyone who finds themselves in a situation where their business is not working out the way they intended and they need help covering the costs and loans they now have, filing for bankruptcy is a viable option. However, just like any other legal or financial endeavor, matters can get extremely complicated, and it can be difficult for a person to figure out what the best way to move forward is. For this reason, a person should always make sure they speak with a bankruptcy lawyer before making any moves.
There are two main forms of bankruptcy that a person can opt for, A Chapter 7 or a Chapter 13. Both of them have their own advantages and are better to file based on different circumstances. In Chapter 7, a person does not pay back any debts, but they will lose some of their property. In Chapter 13, a person keeps their property, and a person gets more time, usually up to five years to pay back any unsecured debts. If a person can file a Chapter 13, they should refrain from filing a Chapter 7. However, every case is different, and only a legal expert wo excels in the field can guide a person on what they believe is best for them so they can cut their losses and get the most benefit possible from their situation.
It is important to note that both the chapters are included as bankruptcy and their main purpose is to help a person get out of their old debt so they can have a fresh start. A trustee will work on figuring out the best interest of the creditors and examining a person under oath regarding their finances. If a person creates a misstatement or they omit any property they own or debt, they would have committed a federal crime, even if it was accidental so these matters should be taken very seriously.
What property can be lost after filing Chapter 7 in Monroe, Louisiana?
A person can lose any property that is not considered exempt under the current state and federal laws. The trustee might sell any property a person owns and distribute the nets proceeds to the creditors who a person owes. Any property a person has not paid in full must be surrendered. There are many details regarding filing for bankruptcy that can only be understood by speaking to a professional.
Get in touch with a bankruptcy lawyer at the Law Office of Campell, House and company, to get help filing for bankruptcy and to get help regarding one’s financial situation.
Reach them at:
1815 Roselawn Ave
Monroe, LA 71201