Bankruptcy laws are channeled towards ensuring that citizens who cannot manage to pay their debts are given an opportunity to reorganize their payment agreement or to be exempted from the debt. Bankruptcy litigation is usually a very challenging but simple endeavor especially when well able personnel surround an individual. This is simply the process of taking your bankruptcy case to the court for formal proceedings. Once a person has a potential and competent professional /litigator and the required knowledge to concur the process, bankruptcy litigation can turn out to be a process of self-interest. The best thing about bankruptcy litigation is that it can be a tool used in the provision of creative approaches and coming up with various workable solutions .This could be solutions for creditors, debtors, and stakeholders in a bankruptcy case. Bankruptcy in its self is a better way of settling debts as it is done through the processes of liquidation and reorganization. Therefore as you take your case to the courts, be sure that all the legal policies will be well taken care of by experts in the jurisdiction of the bankruptcy courts to ensure your interest.
Natick uses the laws of Massachusetts in the execution of the bankruptcy cases. In these laws, bankruptcy falls under chapter seven and thirteen. In Chapter 7, Bankruptcy is referred to as the Asset liquidation. This liquidation is designed to wipe out the general unsecured debts including credit cards and the medical bills. As stated before, the difference between the two is just income and therefore those who qualify for chapter seven are the individuals with little or no disposal income. Therefore, the individual that is not able to settle their bills because of the finances should not strain in denial but open up and file for the chapter 7 bankruptcy. This could be a relief to those facing financial difficulties especially in settling the general unsecured debts.
The chapter thirteen on the other hand is majorly reorganization bankruptcy for those that have been declared bankrupt. This applies to those with regular income and can pay back the debts after reorganization yet keeping all their property. Unlike chapter seven, chapter 13 requires that the debt is paid back especially for those that can afford to receive the monthly payments.