'Bankruptcy' is an inability of an individual or an organization to repay loans. It is a legally acknowledged status. In most cases, bankruptcy is filed by debtors, who want to protect themselves from harassment at the hands of creditors. They may avail facilities such as, exemption of a portion of the loan and additional time to repay the remaining amount in their own convenient time. This is called "voluntary bankruptcy".
But, sometimes when creditors forcefully file for such petitions against the debtors to regain bad debts, it is called "involuntary bankruptcy". This cannot be filed against individuals who are not into any business.
Your outstanding debt(s) may cause you uncalled-for stress. It can even mess up your life, and confine you in a cycle of monetary stagnation. When you (or your business house) are not financially safe, and you have planned to file for bankruptcy, you may be speculating whether you can manage it all on your own, or need to take the help of a lawyer.
Bankruptcy can turn out to be a very complicated process. If your business is simple and you have a few creditors, you might think that you can do it yourself. But in majority of the cases, a lawyer is indeed needed to help you during the process. A competent attorney can sometimes turn out to be a valuable ally. Paying an attorney to help you with your bankruptcy procedure is (probably) money well spent!
Role of a Bankruptcy Lawyer:
1. A bankruptcy lawyer determines whether you should proclaim bankruptcy or not.
2. Such a lawyer decides the bankruptcy type which best suits your situation (reorganization, liquidation, or sole proprietorship).
3. He/she works with the bankruptcy laws in your state and is aware of the pros and cons.
4. These lawyers present your case in front of the judge. They accompany you in creditor meetings, and file the required paperwork in a sensible manner.
Summing up, it can be said that appointing an attorney will save your effort and time to a great extent. These attorneys will do the groundwork needed to close the case as soon as possible. A knowledgeable and experienced attorney is an asset on your side, if you are in financial obscurity.
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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