Bankruptcy is a legal expression that refers to a declaration made by an individual stating that he/ she has no way to repay his / her debts. Bankruptcy is considered to be the only remaining option to a person when he simply cannot avail the other debt relief alternatives.
Bankruptcy is simply a legal procedure through which allows a debtor to get rid of all his debts. One of the striking features of bankruptcy is that as soon as an individual files a bankruptcy petition, he gets to avail automatic stay, i.e. freedom from the collection activities from all the creditors. Bankruptcy lawsuit may seem fairly easy in theory but it is pretty complex when you try to apply it. Hiring a bankruptcy attorney can be of huge help in fighting a bankruptcy case as he is the person who knows the field thoroughly. He holds specialization in handling bankruptcy cases.
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The most popular types of bankruptcy options are discussed as follows:
Chapter 7 - This chapter is also referred to as 'liquidation of debts'. By opting for chapter 7 bankruptcy, an individual surrenders all his non-exempt properties and assets to a court-appointed trustee. This trustee liquidates all the assets and fairly distributes them to the creditors involved. This is the most commonly opted for option.
Chapter 13 - This bankruptcy chapter is ideal for all those who have a steady source of income and have a way to pay off the debts sometime in near future. It is also referred to as 'reorganization of finances'. Through this bankruptcy chapter, a debtor needs to follow a plan of repaying all his debts in a time period of 3-5 years.
You must make sure of a few essential details while searching for the right lawyer for your case. Here are a few tips that you may find useful in searching for the right attorney for your case:
Qualification - An attorney must be qualified enough to take up a case. You should do a thorough check on the certifications of a lawyer before hiring him.
Experience - Hiring an experienced attorney can be advantageous as he is the person who has spent a lot of time in the field of law. He ought to know the possible implications involved in a legal affair. He also holds good contacts with higher legal authorities. This could be an advantage to a client.
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