Bankruptcy is a term that refers to a situation in which an entity has higher expenses than its economic resources, and therefore cannot pay them.
When an entity is in financial distress, it is common to want to declare bankruptcy, because if you can successfully complete the process could return to stabilize financially and start over. But the process of filing for bankruptcy is usually very expensive and not in all cases the entity achieves its goal.
It is common for the entity to look for other alternatives or to try to find a cheaper way to file for bankruptcy, including hiring not very experienced lawyers, which in the end can result in a greater evil for it.
That is why it is necessary to look for the best option to file for bankruptcy, and LG Law is a safe option.
What is the best bankruptcy for you?
LG Law is a law firm that has a team of more than 30 professionals in the field of bankruptcy, which has won 99% of their cases, making it very reliable.
The firm has four steps to follow that will lead the entity to a satisfactory bankruptcy filing:
The entity must contact the firm, which will assign an attorney to discuss the terms and procedures.
The entity will go to the firm’s offices to begin the process, or else the firm will visit the entity and get going.
The entity must gather all the necessary documents already signed, so that the firm can start the procedure.
The signature will finish the procedure and the entity will be able to start from scratch.
Is there A Best Bankruptcy ?
The bankruptcy that suits the entity best will depend on your situation and the source of your debts. An entity may want Chapter 7 or Chapter 11 or Chapter 13, although it may not apply to it as well.
Chapter 7 is best if the entity has consumer debts, such as credit card debts, mortgage debts, medical bills, etc.
Chapter 11; the debtor negotiates with creditors to alter the terms of the loan without having to liquidate (sell) the assets.
Chapter 13 is best if the entity has constant income and other assets that it does not want to lose.
In addition, there are other bankruptcy chapters, but each follows its own guidelines and requirements, so the application for one or the other will depend on the situation of the entity. All of this information is provided by LG Law’s bankruptcy attorneys.