Bankruptcy is a legal procedure granted by the Federal Law that allows an individual or organization with excessive debt to pay their creditors in a certain amount of time. The bankruptcy attorney specializes in bankruptcy law which enables them to design a legal plan to assist in resolving this debt. There are several types of bankruptcy proceedings under the Bankruptcy Code. Because bankruptcy law specialists are fully in tune with the most recent changes in the laws, they are best qualified to file the appropriate documents to eliminate debt.
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There are several reasons that an individual or organization may consider filing for bankruptcy. Consumers or organizations that are under the threat of wage garnishments, foreclosures, liens, lawsuits or repossessions can potentially benefit from filing bankruptcy. However, in order to properly regain total control over finances, it would require professional knowledge and expertise. Consequently, recent changes in bankruptcy laws as directed by the Bankruptcy Abuse Prevention and Consumer Protection Act indicates stringent guidelines in regards to chapter 7 and chapter 13 bankruptcy proceedings. These laws have made it extremely difficult for individuals or organizations to implement these procedures without the assistance of a bankruptcy attorney.
The chapter 7 bankruptcy procedure is the basic liquidation for consumers and businesses. The chapter 13 procedure is the rehabilitation with a payment plan for the individual with a regular source of income. The chapter 7 and 13 proceedings are the most common types of personal bankruptcy. The chapter 7 or chapter 11 procedures are generally used by a business or cooperation. Due to the recent adjustments of bankruptcy laws, it is quite challenging to file bankruptcy. Specifically, filing bankruptcy is not as simple as liquidating assets or your debt. The new laws actually encourage and enforce chapter 13; consumers must find a way to incorporate a payment plan to repay the debt.
As many individuals and organizations enter the process alone, the bankruptcy attorneys are available to provide valuable information that could have a significant impact on the outcome. The bankruptcy law experts are able to offer an initial evaluation to determine if you are a prominent candidate for bankruptcy proceedings. Furthermore, the attorney can also determine which proceeding is best given your personal circumstances.
One of the basic proceedings that a bankruptcy attorney practices is the chapter 7, liquidation. The attorney also practices the debtor rehabilitation procedure that involves a court- approved payment or reorganization of the debts. The debts are settled over an allotted period of time by using the future earnings of chapters 9, 11, 12 and 13. Chapter 9 bankruptcy is the municipal bankruptcy that is only available to cities, towns, counties, municipal utilities, taxing and school districts. The chapter 11 proceedings is simply a court- approved reorganization. It is generally practiced for business/commercial enterprises which allows them to continue operation while repaying creditors. Chapter 12 and 13 indicates an "Adjustment of Debts of a Family Farmer with Regular Annual Income" and an "Adjustment of Debt of an Individual with Regular Annual Income."
A bankruptcy attorney is available to find the best legal option for an individual or business to get out of debt. The bankruptcy lawyer will assist with solving credit problems and provide a stable financial status. The bankruptcy proceedings that are regulated by the United States Bankruptcy Code determines the chapter a debtor can file, what bills can be dismissed, how long payments may be extended or what possessions should be liquidated. Ideally, the bankruptcy attorneys are extremely knowledgeable of the most recent bankruptcy laws thereby providing the individual and business with reliable representation during this process.
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