Bankruptcy presents a few options to individuals that either protect the assets and block a significant amount of future income or the assets are liquidated to clear any lien on future income. This is a choice that can be based on the convenience of the borrower.
The below list of options during bankruptcy can provide a broader perspective for a borrower-
- Liquidation under Chapter 7
This is probably the most common form of bankruptcy that accounts for up to 70% of bankruptcies in the year 2020. The reason for this being very common is that most borrowers end up losing all their assets while considering this option. People with no or very essential assets usually consider this option as it helps them literally wipe off all the unsecured debts. Certain debts like taxes, alimony, child support, student debts, etc., remain unsettled. If you have a limited number of assets high unsecured loans and you are a resident of Los Angeles and Dallas, TX, the timing is running out! Dial-in 888-297-6203 and resolve your debt woes instantly.
- Restructuring under Chapter 13
This kind of bankruptcy procedure is well suited for borrowers that have assets they want to protect from lien or liquidation. In many circumstances, there are multiple assets that have sentimental value or something which cannot be left no matter what the scenario is, it might be an expensive piece of jewelry gifted by ancestors, an expensive painting gifted by parents, or something that is far more valuable than the price tag. People who have consistent income and can assure regular payouts in the future can opt for restructuring of loans under chapter 13. This is the process where a repayment plan is created on the restructured debt that might include excessive interest/penalties, medical bills, unsecured debt, etc. If any of your assets must be prevented from lien instantly, the only option would be to log on to https://www.recoverylawgroup.com/bankruptcy/ and instantly file for bankruptcy under chapter 13.
Furthermore, if you are a business entity or have significant lenders from foreign countries, you can seek multiple options under Chapter 11 and Chapter 15. Under Chapter 12, farmers and fishermen can also avail special advantages if qualified for the same. Know more personalized information based on your bankruptcy status by dialing 888-297-6203 right now!