A bankruptcy attorney is an attorney who specializes in the bankruptcy procedure, having substantial knowledge of all the types of bankruptcy, preparing the appropriate documents with the court and representing clients in the bankruptcy court. Most bankruptcy attorneys handle both personal bankruptcy, which is for people who are not personally bankrupt, and business bankruptcy, which is for businesses which are not necessarily insolvent. Bankruptcy attorneys must also have extensive experience in other related fields. This includes taxation, real estate law, family law, trusts, probate and other civil law matters. An attorney practicing in any of these areas will be extremely knowledgeable about their specific area of specialty. They will therefore be able to better explain the complex financial laws and the intricacies of the process to their clients.
If you are searching for a bankruptcy attorney, you can look up the names of firms and attorneys in your area using the Internet. You will then be able to research them online to find out what type of experience they have and how long they have been practicing. If you cannot find information about them through this process, start by asking friends and relatives if they can recommend a good bankruptcy lawyer to assist with your legal process. The fact that they have already used their services will mean that they are able to speak on behalf of the attorney when you are being represented in a court of law.
The main reason for needing a bankruptcy attorney for your filing is because they have extensive knowledge of all of the intricacies involved with filing for bankruptcy. The filing for this type of legal process involves determining the value of the debtor’s total assets as well as those of all other individuals or businesses involved in the debtor’s life. The court then determines the amount of all assets to be distributed among all of the creditors of record. Once this has been completed, all remaining debts and other obligations are wiped out. The remaining assets are then turned over to the government in exchange for payment from the debtor.
A chapter seven bankruptcy attorney works closely with a representative from the government to go over the details of filing for such an action. Once a filing is made, the debtors must immediately cease all collection activities and liquidate all assets that belong to them. Any assets that cannot be sold are then handed over to the government. This means that there are certain rules that must be followed for filing that involve distributing money to the creditors. While these rules are not standard, it is recommended that people follow them closely in order to make sure that the entire process goes as smoothly as possible.
It is not uncommon for some of the creditors to try and collect from the debtors during the course of the filing process. If the creditors do attempt to do so, the bankruptcy attorney representing the debtor will work with the trustee to settle the matter. Once the trustee receives all of the funds owed to the creditors, he will distribute the money to the creditors according to the wishes of the debtor. The bankruptcy attorney may have a particular plan in mind in order to make sure that the distribution takes place in a timely manner. He will also ensure that the creditors are paid at least according to what they were owed. It may even be required that some of the money distributed to go to the creditors in order to cover their costs.
After the distribution, the bankruptcy attorney will file all of the necessary paperwork in a timely manner. He will also send out a notice of intent. This notice will let the creditors know what is about to take place. He will then hold a meeting with the debt management company of his choice. This meeting will involve the debt management company determining what debts the company can help with, and which debts it cannot help with.
The other main role of these attorneys is to offer their clients various options for dealing with their debts. They will help people with finding the best solution for them to avoid bankruptcy. Bankruptcy attorneys can be very helpful when a person has debts that he or she does not want to deal with. A bankruptcy attorney will help with negotiating with a creditor in order to get people out of debt. He or she will also give people options for finding a solution to their financial situation.
These are the two major roles played by bankruptcy attorneys in the bankruptcy process. They can be extremely helpful for people who need help in terms of dealing with their debts. However, people should not rely solely on these professionals when it comes to handling the bankruptcy process. There are many people who can handle the bankruptcy process all by themselves if they need to.