Guiding You Forward Through Bankruptcy Law.
Think bankruptcy is something shameful? Think again, because according to U.S. lawmakers, it’s a fundamental legal right. No matter who you are, you can take advantage of bankruptcy law in some form, and doing so may just be the key to gaining the financial freedom that you so desperately desire.
How can you leverage bankruptcy law as efficiently as possible? Here’s why talking to an attorney at Crimson Legal Group is the smartest option.
How Bankruptcy Works.
Bankruptcy is a legal status held by people who lack the means to repay their debts. To gain this formal standing, you have to petition, or apply to, a special bankruptcy court.
The Bankruptcy Code of 1978 contains multiple chapters that designate different forms of bankruptcy relief. Some common filing options include
- Chapter 7 liquidations where a trustee takes legal control of your property, sells it and uses the resulting funds to pay off your creditors,
- Chapter 11 reorganization where a business can keep more of its property and use the proceeds from it to repay creditors, and
- Chapter 13 reorganization where individuals can provide the court with repayment plan proposals that let them gradually repay creditors without losing their assets.
Why Legal Knowledge Is a Must.
Bankruptcy is more complicated than it seems at face value. For instance, many assets, such as the essential personal items that you need to survive, are exempt from liquidation and reorganization. Different bankruptcy chapters also include specific filing rules and procedures. To make things even more confusing, chapters include unique eligibility requirements, such as rules that limit the amount of unsecured debt you can have and define how long you need to wait between filings.
Having one of our team members guide you through the law is vital if you want to take advantage of bankruptcy’s full potential. When you file a petition with the court, you may not receive a relief order unless you convince the judge that you actually deserve it, and attorneys can help you put your best foot forward as you present your case.
Educate Yourself Before Filing for Bankruptcy
At Crimson Legal Group, we’ve made it easy to decide how to file, and we support you through the process so that you can reap the rewards. Your bankruptcy petition might impact your financial standing for years to come, so we take great pride in equipping you with the right decision-making knowledge and tools. Find out how we can help you by scheduling a free evaluation now.