Financial struggles can be one of the most debilitating and heart breaking trials of lifes stressors. When the bills keeps mounting and all else fails, a last resort option for many people is filing for bankruptcy. Filing for bankruptcy can be a very discouraging and deflating event, which is why it is in a persons best interest to hire a bankruptcy lawyer in Vernon.
With or without the aid of a bankruptcy lawyer in vernon, bankruptcy filings fell by 12 percent in 2011. Many argue that that decrease is solely due to the fact that many people can not afford the fees associated with filing. There are five different types of bankruptcies that a person or business can file for, and it helps for them to hire a bankruptcy lawyer in Vernon to learn the ins and outs of the sometimes complicated process. The five types of bankruptcies a bankruptcy lawyer in Vernon can help a person or business with are Chapter 7, Chapter 9, Chapter 11, Chapter 12, and Chapter 13. Chapter 7 bankruptcy is one of the most common and most uncomplicated. It usually takes less than four months for the process to be complete. A Chapter 9 bankruptcy deals with municipalities such as a political subdivision or a public agency. Chapter 11 bankruptcies are generally reserved for business corporations, and includes complicated debt consolidation, the selling of assets, and potential mergers, among other things. A Chapter 12 bankruptcy specifically applies to farmers and fishermen. In this instance the person filing for bankruptcy does not lose their assets but must repay their loans out of their future earnings. Lastly, a Chapter 13 bankruptcy is similar to a Chapter 12 filing. In this instance a person does not have to sell off their assets but must pay off their creditors by their future earnings.
There are certain trying times in life in which it is necessary to hire an experienced attorney such as a bankruptcy attorney in Vernon. Life events that may warrant the services of a lawyer such as a bankruptcy lawyer in Vernon include divorce, estate issues, or family law are just a few of these examples. Specifically, a bankruptcy lawyer in vernon can help you file your claim, help you navigate the court system, and ask the courts to alleviate you of any of the debts you have accumulated (not including students loans). A bankruptcy lawyer in vernon aims to help you get your bankruptcy case through the court system as expeditiously as possible.