Bankruptcy is a legal state of insolvency of an individual or organization to such an extent that it is not possible to clear all the outstanding debts owed to the creditors. Bankruptcy can be declared by a court of law often initiated by a debtor in a bid to collect what is owed to him/her. In this case, the first party (creditor) either files a petition to declare that he/she is not able to clear the debts through a legal professional lawyer or seek alternative debt relief alternatives that are at his/her disposal. When an individual decides to file for bankruptcy, a bankruptcy lawyer is responsible to take his client through this tedious and complex process that only the lawyer can understand. Therefore, a bankruptcy lawyer has various responsibilities bestowed on him by the client as expected by the law. The following are some of the responsibilities of this professional, but not limited to the following.
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Professional Responsibility: Before filling the case, the bankruptcy lawyer will hold a crucial discussion to ascertain the best way forward with his client. This discussion will enable the lawyer assess the situation from a legal and professional viewpoint so that he can recommend the most effective way for the client to follow. After consultation with his client, the bankruptcy lawyer will go ahead and file the case supported by necessary available legal documents. In addition, he will furnish his client with knowledge on how to go about the case after filling and thereafter. Finally, he is responsible for presenting the case on behalf of his client during a court sitting.
Zealous advocacy: A bankruptcy lawyer needs to attend to the case of his client by all means and efforts to ensure the client gets a fair and just outcome. This should be done with devotion and zeal. By use of personality traits like candid speaking and other acquired skills like education and training. This professional is supposed to be a zealous advocate.
Confidentiality: A professional bankruptcy lawyer is entrusted with confidential information by his client. Therefore, all discussions and any other necessary legal and confidential information concerning the case must be kept as confidential as possible. This will ensure that a healthy relationship is kept between the client and the attorney. If such information is divulged to another person, a third party, it can give the opponents an opportunity of exploitation or an upper hand in court.
Financial responsibilities: Bankruptcy cases deal with a lot of financial details, which require that the attorney should have abundant background knowledge on financial matters. The attorney has the responsibility of analyzing the financial status of the client in relation to the laid down rules and regulations in comparison to the bankruptcy step chosen. The bankruptcy lawyer therefore needs to be prepared and be better placed to advise the client on any financial eventuality.
For success, there is no need to mention that a bankruptcy lawyer has to have the most necessary skills. More specifically, he should be able to transact deals with ease, have a quick and smart mind to analyze situations and foresee the eventuality of a chosen plan of action. He must be able to analyze financial information and statements in a mathematical way because bankruptcy involves a lot of financial calculations. The bankruptcy lawyer must be well versed with technical terms relating to the case and background law governing such entities like commercial law and intellectual property law among others. Finally, a strategic decision can be made in a bid to influence the outcome of the case useful to his client.
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