Bankruptcy is the legal declaration of an individual or a business that it is unable to pay off its debts. It is simply a way of starting fresh financially by offering creditors a repayment based on the available assets.
Filing a bankruptcy option is considered to be a major financial decision for a debtor as it changes things drastically. Depending upon the situation, a debtor can opt for any option that bankruptcy petition offers. The two most commonly preferred bankruptcy chapters are -
Chapter 7 - This is the most commonly preferred bankruptcy option. It involves the liquidation of a debtor's assets. As a person applies for a bankruptcy petition, the court appoints a trustee who evaluates the value of a debtor's non-exempt assets and liquidates it to pay off the creditors. Exempt property of a debtor cannot be liquidated.
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Chapter 13 - This is another popular bankruptcy option that allows a debtor to take some time (3-5 years) to pay off the creditors. This option is ideal for only those individuals who have a steady income option and who can afford to pay the outstanding debts after the given time. Partnership businesses and corporations cannot apply for this kind of bankruptcy option. A debtor who applies for this option needs to submit a repayment option to the court for approval.
Bankruptcy cases involve complications and no common man can deal with them without any expert assistance. A bankruptcy lawyer can be the right person who can help you out in the whole procedure. Even in deciding the right bankruptcy option, your attorney can help you out. An experienced lawyer will have contacts with court personnel and so he will be updated with all the latest legal details. Plus, bankruptcy cases have loads of paper-works to be taken care of.
While choosing a good bankruptcy lawyer, you need to take care of the following facets.
1. Qualifications - An eminent lawyer must have excellent qualifications. You must go through all the certifications your attorney holds before hiring him for handling your case.
2. Experience - this is a major factor that you need to take care of. A good lawyer must hold a considerable experience in the field.
3. Referrals - You can try talking to some of the previous clients that your attorney has handled lately. This will give you a fair idea of how efficient your lawyer is.
If you need assistance in getting your case filed, get yourself a proper bankruptcy lawyer. Niguel dwellers can seek expert legal help at 4Bankruptcy.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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