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Filing for bankruptcy is an excellent solution if you want to be released from your financial obligations and begin life over financially. Many people considering bankruptcy, however, need a thorough understanding of how it operates. The court may dismiss debts without filing papers or waiting for a ruling. Before filing for Bankruptcy in Orlando, consider these five options.
Can’t Expect Immediate Outcomes
Certain cases may be handled in as little as a day or two. This is especially true for cases heard in courts dealing with more minor claims. However, the courts that hear personal bankruptcy cases are all different. The most common choice for those seeking relief from their obligations is to file for bankruptcy under Chapter 7 since it is so simple. On the other hand, the typical duration of a Chapter 7 bankruptcy proceeding is between four and six months.
The processing period for bankruptcies filed under Chapter 13 is much longer than that of Chapter 7 bankruptcies, which are the most common. A borrower’s obligations are arranged into a plan for repayment throughout the process of filing for bankruptcy under Chapter 13. Some of the borrower’s liabilities will be discharged at this time. Likely, a case will not be resolved for some time because the fulfillment of these restitution plans might take three to five years.
Documentation Is Open And Accessible To The General Public
Everyone will be able to access the information on your case as soon as the necessary documents for your bankruptcy have been filed with the court and become part of the official court record. This is often not a reason for alarm since most people need to investigate the financial matters of their families. Take this into consideration if there are certain aspects of your financial situation that you’d want to keep private.
No Other Obligations Will Be Waived
When filing for bankruptcy, married couples can file either individually or jointly with their creditors. Only those of a person’s obligations included in the bankruptcy petition are discharged when that person declares bankruptcy. This is true irrespective of the course of action that you choose to take. If you guarantee another person’s debt in any way, whether by cosigning or otherwise, that person will not be able to get out of paying it back to you in any way. If they do not, you are still responsible for paying the charge.
After Bankruptcy, Collection Activities Must Stop
If the debtor’s request to file for bankruptcy is successful, the debtor is freed from all liabilities. It is a widespread misunderstanding that once a person files for bankruptcy, all attempts to collect on their debts must immediately stop. An injunction nmustbe granted when the required documents have been submitted to the courts to begin the legal process. After the case’s conclusion, you will still be responsible for the debt; however, creditors and debt collectors cannot further act against you. To recoup a debt, one of these choices is to file a lawsuit against you
Final Reflections
To file for bankruptcy, you are not obliged to have an attorney; nevertheless, it is highly recommended that you do. The seasoned lawyers at Law Firm will review your circumstance, educate you on your rights and alternatives, and walk you through the process of filing for the proper chapter of bankruptcy. It is now the appropriate moment to contact or write for that consultation at no cost.
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