Are you contemplating filing for bankruptcy? Are you wondering about all the pros and cons and checking out the eligibility criteria? Do not be afraid if you have not got an idea for filing bankruptcy. In this post, we will have a brief discussion about the process of filing bankruptcy that an owner must know before thinking of dissolving their firm.
Bankruptcy is a legal way to waive off all your liabilities if your business is not in a condition to generate enough revenue to repay them. It has a lot of benefits for an owner, as it lets you anew your business journey by eliminating your debt from all the creditors. In North Dakota, every single day a business files for bankruptcy on average, so you should not think that you are alone who is suffering.
What is the elimination of Debt and will you lose anything?
Although bankruptcy waives your debts, not all of them. There are some debts you are bound to pay, irrespective of your financial situation. So, it is essential to know about debts so that you cannot write off the debts. The government waived off debts like credit cards, personal loans, old utility bills, medical debts, judgment debts, old lease payments, and many more. Some other liabilities, like liabilities owed to the state government, judgments linked to DUI accidents, child support or alimony, tax debts, and administrative or restitution costs, cannot be written off.
You need to know the bankruptcy exemption of North Dakota and whether you can keep your home, car, cash, or other personal belongings while filing for bankruptcy. For an individual without a law background, this exemption may get complex. You can seek the help of a professional lawyer from Autrey Law Firm to help in your bankruptcy filing process.
Why do you need to hire a lawyer, and is it worth it?
Bankruptcy lawyers have experience in this field and handle all the process complexities hassle-free. A person already suffering from a financial crisis should not take risks with his emotional balance. If you have to do everything, you might find yourself in an unpleasant situation.
So, hiring a lawyer for this process is worth it. But you need to know the affordability of a lawyer before hiring one. Usually, there are two costs involved in the process. First, fixed filing fees. Second, lawyer fees vary from lawyer to lawyer.
Autrey Law Firm offers a payment plan with a $0 down payment option. The lawyer’s cost also depends on factors like location, the complexity of the case, and more. In North Dakota, a chapter 7 bankruptcy attorney charges you around $1,170- $1,450. While a bankruptcy attorney of chapter 13 may cost you approximately $3000.
Final words Now, you must have understood the best way to file for dissolving your business. A lawyer is imperative, as they will ensure the best result possible in your favor. Otherwise, the complex procedures might bewilder you, and you might end up losing the case.