Know How and Where To File Individual and Small Business Bankruptcy
Filing for bankruptcy is in itself a major decision for any individual as it involves calculating pros and cons of different bankruptcy laws, identifying which petition to file, sticking by the terms and conditions mentioned under each chapter of bankruptcy etc.
Chapter 7 Bankruptcy: If an individual decides to file for chapter 7 bankruptcy then passing the means test and then bankruptcy counseling is the ladder to getting qualified for filing bankruptcy. Chapter 11 bankruptcy: Filing for chapter 11 bankruptcy is usually done by corporates or owners of commercial enterprises or business. Chapter 11 bankruptcy enables business enterprise owners to restructure their business debts, keep their assets and reorganize their business under court supervision. Chapter 13 bankruptcy: Chapter 13 bankruptcy is filed when a debtor decides to repay his debt from his income across a period of time such as three to five years. While filing chapter 13 bankruptcy, an individual should review all the advantages and disadvantages associated with the petition and any other chapter 13 bankruptcy information which will enable the debtor to stop foreclosure of his property or rejection of his petition.
Bankruptcy Services Online:
Nowadays bankruptcy services online assist debtors, individual as well as business, in filing chapter 11 bankruptcy or chapter 7 bankruptcy. Filing bankruptcy services online helps an individual to submit all his details to the online bankruptcy service provider who handles the rest of the case on your behalf right from filling forms, to filing the petition, providing the right information about updated bankruptcy laws or any other changes. One should be very careful while selecting the online service provider because a company with expert professionals handling both personal and small business bankruptcies will be capable of managing your case effortlessly and without any discrepancy. Bankruptcy services online help debtors in more ways than one as apart from making ones life hassle free it also helps in expediting the online filing and submission process.
Recent Statistics on Bankruptcy:
Cases of filing bankruptcy have risen since the new bankruptcy laws were introduced by the Obama administration. As compared to fiscal year 2009 the cases of total bankruptcy filings in 2010 were 13.79% higher than the previous year, a significant jump in the figure. Non- business filings in the year 2010 increased by around 14.4% from the non-business bankruptcy filings in 2009 whereas business filings went down by around 0.7% in 2010. These statistics were released as per the Administrative Office of the US Courts.
As per recent research findings, more job losses might occur leading to vast amount of unemployment. This will be counted as the major reason behind people filing for bankruptcy, other reasons being smaller paychecks, reduced credit, lesser savings etc.
Filing chapter 7 or chapter 13 bankruptcy is not only prevalent amongst the working professionals only, but it has also penetrated to the richer segment of society including celebrities. With the introduction of the Bankruptcy Abuse Prevention and Consumer Protection Act in October 2006 with new bankruptcy laws, several methods such as means test, bankruptcy counseling has been introduced to decrease the number of people filing for bankruptcy. The best method to file for bankruptcy is through bankruptcy services online through an attorney or legal professionals.
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