Bankruptcy is basically a legal term that is used when an individual or a firm is unable to pay off their debts due to financial shortage. Bankruptcy is considered to be an ultimate decision taken by an individual when he does not have the sufficient finances to pay off his debts.
Bankruptcy offers several options for individuals. Depending on situations, petitioners choose a bankruptcy option. The two most commonly opted for choices are explained as follows: :
Chapter 7 - This selection is most commonly used by the debtors. This chapter leads to liquidating all the non-exempt possessions of a debtor to pay off his creditors. This is done by a trustee who is appointed by the court officials. He is in-charge of assessing the total value of all the assets of a debtor and repays the creditors. However, exempt properties of a debtor cannot be liquidated or sold off.
Chapter 13 - This option is perfect for people who have a stable income source. It lets a debtor to take some time, around 3-5 years, to pay off all the debts to concerned creditors. Enterprise businesses or corporations and jobless individuals are not valid for this option. A qualified debtor needs to send a repayment plan to the court for consent before the case procedures can commence.
A major benefit of filing a bankruptcy case is that it assures protection from creditors, which means, a debtor cannot be contacted by his creditors for any debt clearance purposes. Paper-works and other necessities of a bankruptcy case are pretty complicated and should be handled tactfully. Hiring a bankruptcy lawyer can make things easier to manage.
A bankruptcy lawyer will support you right from the filling up the paper-works to the representing in the court. He is like a competent tool that can control the meetings with creditors and assist you to comprehend the complexities of your case. He is the right person to determine as to which bankruptcy option is suitable for you.
While searching for a bankruptcy lawyer, you must check his level of experience and qualifications. Also, try to get in touch with some of his recent clients. Getting referrals might help you to get a fair idea of how your lawyer can work your case out.
Beware of fraudulent law firms and be sure to check that your attorney is licensed to practice law in your area. Things can go worse with an incompetent bankruptcy attorney. Atlanta citizens have a wide range of options when it comes to choosing law firms as the city has some of the best legal representatives.
You must look around a bit before choosing your somekeyword. Atlanta citizens can contact Darrell L. Burrow for availing professional legal services.
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