Dealing with bankruptcy can be a very trying time. Filing for bankruptcy already implies that you are currently experiencing some form of economic instability, brought by financial troubles. There is even a negative social stigma that surrounds the term ‘bankruptcy’ because people often equate it with total failure or someone falling into complete destitution.
This, however, is not always the case. Quite the opposite, in fact, as a lot of people who file for bankruptcy – with the right legal assistance, of course – often find themselves in a renewed financial state. More often than not, filing for bankruptcy can save a lot more heartache than it can cause. According to website of the law offices of Erin B. Shank, P.C., there are four common types of bankruptcy cases to file – for both individuals and business owners. Since each case is different, as there are quite a lot of factors to consider in order to determine which type is more suitable for you as well as the financial plan that can get you into a slate swiped clean of debts, each case then needs to be individually assessed by a legal expert (it is recommended that the expert have experience in bankruptcy law in order to properly handle the case) so that you are given the best possible custom made path for you.
Chapter 7 Bankruptcy is better suited to those who have unsecured debts. Chapter 13 is often presented as another option besides Chapter 7 Bankruptcy because it caters to both individuals and business owners. Chapter 11 is favored mostly by business owners for it allows for them to continue their business operations while Chapter 13 is often sought by farmers and fishermen. These types of bankruptcies are only examples, however, and barely skim the surface of what they mean – and what they can mean for you.
If you or someone you know is trying to decide on whether filing of bankruptcy is the smartest move to make for your finances, contact a bankruptcy lawyer now!