djamal-soft
الخميس، 25 أبريل 2019
One of the hardest decisions one ever has to make is filing for bankruptcy. Bankruptcy can be filed for due to a number of reasons, including bad investment, unemployment, bad luck, illness and extravagant spending. Filing for insolvency in court usually protects one from being harassed by creditors. One is also protected from having their property repossessed by creditors and being foreclosed upon. When one needs Bankruptcy attorney Santa Cruz offers the perfect location to visit.
There are two major kinds of bankruptcy and based on the state one is in, they may decide to file for any. Chapter 7 and chapter 13 are the two classes of bankruptcy. Wage earner plan is another name for chapter 13 insolvency. With chapter 13, people with a regular income make a repayment plan to settle all or a section of the debts they owe creditors.
The debtor proposes a repayment plan that they will follow to repay creditors in installments. The repayment period usually spans between three and five years. On the other hand, chapter 7 bankruptcy is a bit harsher. In this case, the bankruptcy trustees gather all possessions owned by the debtor and sell them off so as to repay creditors. There is a code that must be followed during all of these transactions. In both cases, it is important to have legal counsel.
These lawyers have a specialty in using bankruptcy laws to negotiate cases on behalf of clients. In a chapter 7 case, these lawyers help to eliminate all debts that one may have while in a chapter 13 case, they help to reorganize debts. The lawyers are entrusted with a wide range of responsibilities and duties.
The lawyer spends time assessing the financial position of the client during initial consultations. This assessment helps the law to know any financial goals the client may have. The initial consultation provides a chance for the client and lawyer to talk about and explore any debt relief options available. Based on the discussion, the lawyer may advice for or against filing for insolvency and which chapter to file for.
The lawyer and the client usually discuss fees and other payments charged during initial consultation. The moment an attorney is hired, they start carrying out a number of tasks in the place of their client. For example, they will start taking collection calls in the place of the client. During this time creditors will start dealing with the lawyer instead of directly calling the debtor. Creditors on the other hand will keep calling and making contact with the debtor until a case is filed.
Preparation, typing and filing of a petition is the biggest duty a lawyer has. There are several forms contained in the petition that need to be filed with the insolvency court. The number of creditors an individual has will determine the number of pages in a petition. A petition can however be allowed to be a maximum of 60 pages.
Before the petition is filed, the client is usually given a chance to review the document. This is meant to make sure that all assets owned by the debtors have been listed. It also ensures that no mistakes have been made. The client must also sign the petition before it is filed.
There are two major kinds of bankruptcy and based on the state one is in, they may decide to file for any. Chapter 7 and chapter 13 are the two classes of bankruptcy. Wage earner plan is another name for chapter 13 insolvency. With chapter 13, people with a regular income make a repayment plan to settle all or a section of the debts they owe creditors.
The debtor proposes a repayment plan that they will follow to repay creditors in installments. The repayment period usually spans between three and five years. On the other hand, chapter 7 bankruptcy is a bit harsher. In this case, the bankruptcy trustees gather all possessions owned by the debtor and sell them off so as to repay creditors. There is a code that must be followed during all of these transactions. In both cases, it is important to have legal counsel.
These lawyers have a specialty in using bankruptcy laws to negotiate cases on behalf of clients. In a chapter 7 case, these lawyers help to eliminate all debts that one may have while in a chapter 13 case, they help to reorganize debts. The lawyers are entrusted with a wide range of responsibilities and duties.
The lawyer spends time assessing the financial position of the client during initial consultations. This assessment helps the law to know any financial goals the client may have. The initial consultation provides a chance for the client and lawyer to talk about and explore any debt relief options available. Based on the discussion, the lawyer may advice for or against filing for insolvency and which chapter to file for.
The lawyer and the client usually discuss fees and other payments charged during initial consultation. The moment an attorney is hired, they start carrying out a number of tasks in the place of their client. For example, they will start taking collection calls in the place of the client. During this time creditors will start dealing with the lawyer instead of directly calling the debtor. Creditors on the other hand will keep calling and making contact with the debtor until a case is filed.
Preparation, typing and filing of a petition is the biggest duty a lawyer has. There are several forms contained in the petition that need to be filed with the insolvency court. The number of creditors an individual has will determine the number of pages in a petition. A petition can however be allowed to be a maximum of 60 pages.
Before the petition is filed, the client is usually given a chance to review the document. This is meant to make sure that all assets owned by the debtors have been listed. It also ensures that no mistakes have been made. The client must also sign the petition before it is filed.
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