Your debts might be causing you more than sleepless nights. Dealing with creditors is most probably really stressing you out. Moreover, you do not have the financial means to clear your debts. Rather than wait for the situation to get worse or until a notice for foreclosure is received, you can consider possibilities such as filing for Prince George County bankruptcy. This will help save some of your valued property, and would leave you with the means to rebuild your business or keep earning a livelihood. A Prince George's County Bankruptcy law firm will help you decide if this is the right option for you, and even assist you with the process of negotiating with creditors, filing paperwork and representing you in court.
Eligibility Your income is the prime factor which will help the judge decide if your bankruptcy claim and plan for debt repayment deserves a hearing. Technically, the means test is the method by which your suitability as someone who receives relief under bankruptcy laws will be decided. The means test will consider your income for a period of at least six months prior to the date you applied for relief under bankruptcy laws. To avoid long drawn procedures, a lawyer will look at your income and inform you if you stand a chance to clear the means test. The means test will also help you decide under which type of bankruptcy rule you can claim relief. If your income exceeds a certain level you might want to file for bankruptcy under chapter 13 and if you are an individual with income below a certain level, you can file for Chapter 7 bankruptcy. Some debts such as child support and previous years’ taxes cannot be cleared by filing for bankruptcy. As such, the type of debts you have and source of income will play roles in deciding how much relief you can receive under bankruptcy laws. Paperwork Your Prince George's County Bankruptcy law firm will also help you collect all the documents needed to prove your income and expenses and to offer other evidence as to why you qualify for gaining relief under bankruptcy laws. Also, the details of debts you owe and your property, fixed and movable, will have to be furnished. Only when the paperwork is through that you can make a move to file for bankruptcy. Your lawyer will look at properties that you can save from liquidation under bankruptcy laws. The types of properties that are exempt vary from state to state. Your home may be saved. Also, your car, if you are able to prove that it is needed for commuting or for other functions related to earning a livelihood. Similarly, items deemed as tools of trade will also be exempt to enable you to earn your livelihood. You would also need to think about your choices if the means test declares as you eligible for Chapter 13 bankruptcy relief. This is where the courts decide how much of your debts you can actually afford to clear. A Prince George's County Bankruptcy law firm will help you in your efforts to clear your debts and save your property. A Prince George's County Bankruptcy law firm will help clients reeling under debt find relief by filing for Chapter 7, chapter 11, or Chapter 13 bankruptcy. The law firm may also provide clients with criminal lawyers in largo for protection of their rights if they are charged with a crime.
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