Bankruptcy is the legal process of debt relief that allows an obligor to pay off the area of debt burden or the entire debt. It is a way to declare that an individual does not have a way to repay the debt. Depending on the chapter in which the bankruptcy action was filed, the assets of the debtor are liquefied or reorganized. Business companies also face difficult economic conditions and may apply for a bankruptcy case.
Application for bankruptcy is a fairly complicated process, as it involves many document preparation and submission of many financial documents. Normal people may find it difficult to respond to the complexity of proceedings. Hiring a bankruptcy attorney is the best solution. He is the right person to lead you through the process from the beginning to the end.
Bankruptcy lawsuits usually have two kinds of remedies, chapter 7 and chapter 13.
Chapter 7 - The court appoints the trustee of the obligor who filed the petition under this bankruptcy chapter. This option is also called & quot; liquidation of asset & quot ;. This fiduciary will liquidate a portion of the assets of the creditor and refund the obligee. The debtor will hold the asset.
Chapter 13 - This is the most common bankruptcy incident most preferred by consumers. It is also called "wage labor". This is because it is necessary for the obligor to guarantee the court that it is in a position to repay the debt within a certain period, usually 3-5 years later. Everyone can not choose this option because creditors need a reliable revenue source for refunds.
It is not advisable to decide to choose bankruptcy options yourself. Please consult a professional bankruptcy attorney who will allow you to understand complications.
When choosing a bankruptcy attorney, you need to confirm the following points.
* Experience is an important factor in choosing a good lawyer. Please make sure that your lawyer deals with a considerable time field. We recommend you to choose a lawyer with specialized field of bankruptcy.
* Getting an introduction to introduce an agent helps to obtain a more equitable idea about the excuse of a lawyer. Talk with previous customers and discuss effective elements such as professionalism, reliability, ability to handle cases.
* Please thoroughly check the certificate held by the lawyer.
Please be very careful when you are looking for an insolvent lawyer. Inhabitants of San Bernardino can think of seeking expert assistance from Miller and Associates, PC.
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