Bankruptcy is a term which has a great taboo in the field of commerce. Every year hundreds of companies around the world become bankrupt either due to lack of working capital or sudden fluctuations in the economy of a country. In Huntsville, smart business owners prefer to hire the services of professional lawyers who show them a way to deal with such inconveniencies. If your organization is on the verge of bankruptcy then it is recommended to consult the best Chapter 13 bankruptcy lawyer in Huntsville, AL.
What are different chapters used in bankruptcy?
Chapter 7 and 13 are considered as basis during declaration of bankruptcy. Chapter 13 is considered more beneficial for debtors. Expert lawyers will guide you thoroughly about the documents which you have to submit during the process. During the filing process, one has to provide lenders’ list and total amount being owned. Professional lawyers will also guide you stating your total wealth and contracts which are owned by your company at present. You also have to provide your tax information and total living expenses on a monthly basis.
Qualifications for this bankruptcy
Through the guidance of expert lawyers, you will also know whether you are qualified for the process or not. If you are a sole owner of a business organization or deal in stock market then this filing is not for you. One has to give proof that they can pay the debts before qualifying for chapter 13 bankruptcy.
What are the benefits of declaring yourself bankrupt?
When you file in for bankruptcy then you don’t have to pay old liabilities. This process is also very beneficial as you don’t have to answer calls from your creditors and you won’t be receiving any letters of demand. One can also protect his or her interests against forceful money collection methods as courts provide automated stay. Due to this clause, none of your creditors can employ any method to get your money back.