Bankruptcy is a legal term to describe an official declaration that an organization or individual is unable to repay their debts. Sometimes creditors will file a bankruptcy petition against a business or corporate debtor in an attempt to recoup a portion of the debt owed to the creditor. This is commonly referred to as an "involuntary bankruptcy petition;" however, most bankruptcy filings are completed by the debtor in a "voluntary bankruptcy petition." In either case, the debtor will need legal representation to navigate the legal system and know and exercise their rights in Bankruptcy court.
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Bankruptcy petitions were first created as a means to satisfy creditors; debtors had little to no rights. In early bankruptcy practices, the creditor was permitted to seize the debtor's belongings if they could not negotiate a suitable repayment plan. Additionally, it was possible for the debtor to face imprisonment to satisfy their debts. Bankruptcy laws today are more favored toward the debtor, and there are bankruptcy lawyers who can file the necessary petitions to negotiate your debts. Although bankruptcy laws have become friendlier toward debtors, they have also recently changed again to avoid making the process too easy for debtors to avoid repaying their debts.
Bankruptcy has become quite common in today's economic climate. A lawyer who specializes in bankruptcy filings has experience in the various aspects of bankruptcy proceedings. These proceedings can include reviewing the client's assets, attending bankruptcy hearings, and negotiating a repayment plan with creditors. Debtors can also face many legal issues associated with their bankruptcy filings including repossessions, foreclosures, wage garnishment, liens, and creditor lawsuits.
A bankruptcy lawyer works with their client to liquidate property and account for their assets. They are also charged with properly using their client's assets to repay their creditors. In many cases, bankruptcy lawyers can temporarily halt foreclosures, repossessions, and wage garnishment of salary or wages while they renegotiate repayment plans with their client's creditors. Having a bankruptcy lawyer during this time is worth the lawyer's fees because they can help relieve some of the stress associated with negotiating your debt, while navigating the legal system to do so.
The legal system, and creditors prefer to renegotiate debts directly with their clients without legal intervention. However, if bankruptcy is unavoidable, it is important for debtors to know their rights to avoid any further financial repercussions. Many times, individuals who need legal representation in the event of a bankruptcy filing will have a lot of unsecured debt, and will need a lawyer to assist them in restructuring large amounts of debt. For those with smaller amounts of debt, it is possible to avoid bankruptcy altogether by making a settlement with your creditors. Even then, a bankruptcy lawyer can be helpful in creating letters of intent and to account for any debts that have been forgiven as a result of making a settlement with the creditors.
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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