Navigating the world of bankruptcy can be a daunting and overwhelming experience for many individuals and businesses. A bankruptcy lawyer plays a critical role in guiding clients through this complex legal landscape. This blog post aims to provide a detailed overview of four of the key services offered by bankruptcy lawyers, helping you understand how they can support you during financially challenging times. Initial Consultation and Case Evaluation The first essential service a bankruptcy lawyer offers is an initial consultation and case evaluation.
25 June 2024
Bankruptcy is a big step for most Americans. Your struggle with debt has probably been exhausting, expensive, and ongoing. But once you do make the difficult decision to file for bankruptcy protection, now may not be the best time to do so. In some cases, you would do well to delay filing your case for a few important — and time-sensitive — reasons. Here are some examples to help you find the best path forward for yourself.
23 February 2023
When people talk about bankruptcy, they rightly tend to focus on the discharge of their debts. The discharge aspect is important in nearly all cases, but it's not the only tool available in bankruptcy. You may also want to speak with a bankruptcy lawyer about these four other features of the process. Court Order Staying Collection Actions After a judge accepts your initial petition for relief, the court will issue an order staying any future collection actions.
29 April 2022
Filing for bankruptcy can help get you out of serious financial debt, but the process is not a short or easy one. You do not have to work with an attorney when filing for bankruptcy, but there are many good reasons to do so. Here are some notable reasons to consider finding a law firm to help you file for bankruptcy: They'll Help You Decide What Type of Bankruptcy to File For
10 November 2021
The American legal system has two basic forms of bankruptcy: liquidation, and restructuring. Liquidation is a process where the court sells a debtor's non-exempt assets and gives the proceeds to creditors. Once the sale is over, all of the debts from the filing are done, even if there is a significant unpaid amount. Chapter 7 bankruptcy covers liquidation. Restructuring is a process where the court adjusts the debt total to a lower amount in exchange for the debtor agreeing to pay in full within three to five years.
24 June 2021
One of the more puzzling aspects of Chapter 13 bankruptcy for folks who've never filed before is the seemingly open-ended nature of restructuring plans. The law requires you and your Chapter 13 bankruptcy attorney to present a plan in good faith that doesn't take advantage of the system. At the same time, you don't want to present a plan that might leave you short of the goal at the end of the three to five years you'll likely have to pay.
21 October 2020
In the bankruptcy system, there are two basic ways to address a debtor's situation. These are restructuring and liquidation. Restructuring means that the creditors may have to accept a smaller amount of what's owed to them, but they'll largely get paid as long as the debtor follows the plan. Liquidation is a more aggressive process that oftentimes leads to much of what the debtor owns being sold. Here's how that idea fits into chapter 7 bankruptcy law.
4 May 2020