Bankruptcy is the legal declaration by an individual or business that they are not in a position to pay outstanding debts to the creditors involved. It is an appeal to the court to do what is necessary to help a ‘bankrupt’ individual pay his debts.
Filing for bankruptcy is often the last resort a person takes when there is no other possible solution to pay their creditors. The court thereafter appoints a person, called a ‘trustee’, who takes charge of all non-exempt assets in the bankruptcy.
Depending on the type of bankruptcy procedure chosen, one can either get rid of debts altogether or opt for a better payment option. This can benefit people who are struggling hard to pay off all their debts.
A typical bankruptcy process takes place as follows:
* A trustee-approved debt counseling program
* List of all debts, including those with a credit report.
* Collection of income and expense documentation, including tax returns, bank statements, utility bills, and pay stubs.
* Make the necessary calculations for properties and assets.
* Filing documents for Chapter 7 or Chapter 13 bankruptcy code.
* Attend the court hearing.
* Recovery of the decision of the appointed liquidator.
As we can see, a bankruptcy process is quite complex and involves many legal complications. An ordinary person would not be able to understand the twists and turns that a legal proceeding has. The best option would be to hire a bankruptcy attorney who can handle your case with tact and experience. An attorney is a legal representative who is trained in the field of law and has a valid license to practice law. He is the right person to approach if he is thinking of filing for bankruptcy.
However, you need to make sure of a few details when choosing the right attorney for your case. The following are some tips that may help you in your search for a capable attorney for your case.
Qualifications – Your attorney must be qualified enough to fight your case. Be sure to check their certifications before hiring an attorney.
Experience: Your attorney must have the appropriate experience. An experienced attorney would know the legal complications better than younger attorneys.
Recommendations: This is a quick and easy way to meet reputable attorneys in your area. Talk to your acquaintances, friends and family about good lawyers in town. This would help you understand how talented a reputed attorney is.
Don’t make the mistake of hiring the wrong bankruptcy attorney. Citizens of Tacoma, WA can turn to David Smith Law for expert advice and assistance in their case.
