The weeks and months before and after filing for bankruptcy are complicated and stressful. Fortunately, a Brazil bankruptcy attorney can take the burden from your shoulders.
Everyone goes through periods when their finances aren’t as orderly as they could be. However, if you’re facing an overwhelming amount of debt, your situation may be a bit different.
In these cases, there are options available to you for relief. With the help of a Brazil bankruptcy lawyer at Rowdy G. Williams Law Firm, you can file for bankruptcy and start recovering your financial health.
Determining Which Type of Bankruptcy Is Right for You
Most people aren’t very familiar with bankruptcy laws. As a result, they often believe the processes are the same for everyone who files. However, the available options will depend on the unique details of your financial situation.
More specifically, there are three primary types of bankruptcy options available to you, and each one differs in terms of who is eligible and how they work to achieve financial freedom. It’s crucial to take the time to learn about each of these options so you and your bankruptcy lawyer in Brazil can move forward with your case.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common method of regaining financial security. This is recommended if you don’t have a regular source of income. Chapter 7 works by giving you the opportunity to liquidate your assets so you can pay off your outstanding debts.
Chapter 11 Bankruptcy
If you are a business owner, Chapter 11 bankruptcy may be right for you. This option gives the business owner a chance to pay off debts without halting commercial operations. A bankruptcy attorney in Brazil can help you create a viable repayment plan.
Chapter 13 Bankruptcy
If you have a routine source of income, opting for Chapter 13 bankruptcy may be in your best interest. This option allows you to create an approved repayment plan so you can slowly pay off your debts over time.
How the Bankruptcy Process Works
Once your Brazil bankruptcy help lawyer has determined which type of bankruptcy will best suit your needs, we’ll begin the filing process. The process of filing for bankruptcy and having your debts discharged is generally as follows:
- Start by completing a credit counseling course and filing a bankruptcy petition to stop all efforts for debt collection.
- Next, you are assigned a trustee to supervise the case.
- Then, you provide the courts with financial information. This may include your income, liabilities, assets, and expenses.
- At this point, your lawyer files a statement of intention. This highlights which debts you want to eliminate and which ones you plan to continue paying for.
- Then, your trustee meets with the creditors for approval of your bankruptcy plan.
- Finally, the debts are discharged.
Reach out to a Brazil Bankruptcy Attorney
If you want to file for bankruptcy, you’re likely going to need legal guidance. That’s what Rowdy G. Williams Law Firm is here for. We will work hard to ensure the process goes as smoothly as possible so you can get your financial health back on track.
Get in touch with a Brazil bankruptcy lawyer today by calling us at 1-812-232-7400 or filling out the online contact form below.