Service
Bankruptcy
We can help you resolve any issue related to Bankruptcy. Bankruptcy is a legal procedure that allows people or other entities to eliminate the debts who cannot repay the debts to creditors. We provide Bankruptcy in Nashik. If you would like to know more about Bankruptcy, do connect with us and get legal advice from our expertise.
Bankruptcy mainly comes into two types:
Chapter 7 bankruptcy:
Chapter 7 bankruptcy is commonly known as liquidation bankruptcy or straight bankruptcy. Chapter 7 bankruptcy is where a trustee is appointed to look into the case, in which trustee lookout in the assets, take of it and sell. The money is then distributed to the creditors who file proper claims. You are allowed to keep exempt property, as trustee doesn’t take away all your property.
Chapter 13 bankruptcy:
Chapter 13 bankruptcy is also known as a reorganization bankruptcy. Chapter 13 bankruptcy trustee doesn’t sell your non-exempted assets, debtors repay their debts following a repayment plan. Its the better way to keep your assets as long as you repay the creditors. People have 3 to 5 years to get resolved their debts which involves making a monthly payment to the debtor’s creditors who have filed a proper claim.