Bankruptcy refers to an officially declared impairment of ability or inability of an organization or individual in regard to repayment of debts. Creditors can file a petition for bankruptcy against a corporate or business debtor with the aim of recouping a part of their debts, or initiating a restructuring. However, in most of the cases, bankruptcy petitions are filed by the debtors. Such petitions are referred to as "voluntary bankruptcy petitions" and are filed by insolvent individuals or organizations. Involuntary bankruptcy petitions on the other hand are not usually filed against individuals who aren't engaged in any business.
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Bankruptcy petitions were initially planned as remedial measures to suit creditors and not debtors. During earlier times, bankruptcy laws were exceptionally harsh on the debtors. In most instances, the creditor was allowed to seize all the belongings of a debtor who couldn't pay his/her debts. Apart from that it was also likely that the debtor might even face imprisonment. In order to be released from imprisonment, the family of the debtor was required to pay up the remaining dues. With the passage of time, bankruptcy laws changed and had a more compassionate stand towards the debtor. However bankruptcy remained to be a remedial measure in favor of the creditors for a long time. Things have however changed in the modern times. These days, bankruptcy laws have a more lenient stand towards the debtor.
In case you are facing hard times, and are thinking about filing a bankruptcy petition, then a Bankruptcy Attorney or Bankruptcy Lawyer can be of great help for you. A Bankruptcy Attorney specializes in various legal aspects of bankruptcy procedures, such as filing a bankruptcy petition, declaration of bankruptcy, reviewing the assets of the client, writing reports, as well as attending hearings. Apart from that, a client has to face various other legal issues, when he/she files a bankruptcy petition. Such issues may include home foreclosures, repossessions, liens, creditor lawsuits, as well as garnishment of salary or wages. Bankruptcy lawyers can be of great help during such procedures as well.
A bankruptcy attorney would work with a trustee for ensuring that assets of a client are liquidated properly. He would also see to it, that this money is properly utilized for paying up the debts to the creditors. He or she may also work out with the assistance of the Court to generate a plan for reorganization and payment to creditors. In several cases, bankruptcy lawyers have helped their clients in preventing foreclosures on their homes, stopping repossession of their cars, as well as avoiding garnishment of salary or wages.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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