We all know that filing bankruptcy is one
the most dreadfulassignment in the world. The procedure is complicated, complex
and without a good attorney, it’s difficult to do that on your own. While
choosing for an attorney, you all must have come across lawyers who practices
chapter 7, 11 and 13.
Chapter 7:
Under Bankruptcy Chapter 7, the debtor
doesn’t have any obligation to pay in the future. It is also known as
liquidation bankruptcy or straight bankruptcy. If a debtor decides to keep an
item deemed as security for a loan, then he has to continue the payments. If
the debtor wants discharge from the car loan, then he/she must surrender the
vehicle to the creditors.
Some debts are not clear in chapter 7. Most
taxes, child support, student loans are not discharged from debt. A good
lawyer, however, can help you to get that debt discharged.
Chapter 13:
Under chapter 13, the debtor is obligated
to pay off all or a part of his debts from the income that he/she is going to
get in future. The time limit to pay the debt ranges from three to five years.
By the approval of the court, a plan of payment will be set up, and the debtor
will pay the debt based on the plan. The
debt can be paid at one time or can also be paid partially. Most of the debt
that couldn’t be paid will be wiped out or discharged. Jonathan B. Vivona,bankruptcy
attorney Virginia, also represent chapter 13 cases.
Chapter 11:
It is the most complicated form of
bankruptcy. Under Chapter 11, a debtor should recommend a plan to
restructurehis/her business by keeping keep it alive and pay the creditors over
time. You will only find a very few bankruptcy
attorney Virginiasuch as Jonathan B. Vivona, representing chapter 11. Big
corporations, partnership firms and limited liability companies cannot file for
relief under chapter 13 and Opt for Chapter 7 will lead to cessation of the
business.
Jonathan B. Vivonais one of the most
prestigious bankruptcy attorneys in Virginia. He represents chapter 7, 13 and
also chapters 11. Besides, he also represents Creditor’s Rights, Civil
Litigation, and Bankruptcy Litigation.
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