Who Benefits from Chapter 15 Bankruptcy in Wellington FL? Oct23

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Who Benefits from Chapter 15 Bankruptcy in Wellington FL?

The most common types of bankruptcy are Chapter 7 and Chapter 13, but there are other chapters that can also help people find relief from debt, stop the foreclosure of a home, and eliminate harassing telephone calls. One of the lesser know types is Chapter 15, which has only been an option since 2005. An experienced lawyer is required for this because it is complicated and deals with more than one country.

Cross-Border Insolvency

Filing Chapter 15 Bankruptcy in Wellington FL benefits people with assets, debtors, and claimants from more than one country. Its sole purpose is to make the process of declaring bankruptcy effective and collaborative between the United States and another country. A consultant travels the globe, for example, helping developers solve engineering issues with new projects.

He owns a house in England, one in the US, and keeps active banking accounts open in each country. He would file Chapter 15 Bankruptcy in Wellington FL in the US and still claim the house and bank account in England as assets. This eliminates the need to file separately in each place making the process easier and faster.

Before Filing Bankruptcy

Any form of bankruptcy should be considered a last resort to solving debt problems due to the high consequences. A credit rating is affected for five to ten years, it becomes virtually impossible to get a loan for property or transportation, and many assets are sacrificed in the process. Be sure to try other debt relief programs and methods first. Most are available with little to no cost and put people back on the path to becoming debt-free.

A credit counseling company may be able to help. Representatives work with creditors on behalf of clients to get late payments waived, negotiate lower payments, and get a portion of the debt forgiven. The person in debt makes one monthly payment to the company and the money is distributed to creditors. Another option is to learn about Law Offices of Sean I. Koplow and schedule a free consultation to discuss an appropriate course of action. Loan modification, foreclosure prevention, and bankruptcy cases have been handled there for over twenty-years.

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