Bankruptcy Attorney Denver: What are the Different Types ofBankruptcy?
Bankruptcy Lawyers Colorado Services Dealing with creditors is really bothersome and inconvenient especially when they we can no
longer fulfill our duties to them. It is very possible that banks and other creditors will
repossess our properties especially those on collateral. It is indeed difficult to go through this
scenario because it is quite painful to see creditors reclaiming our home or vehicle. It is a
good thing that our government allows its citizens to file for bankruptcy. This petition will
protect us from creditors for a period of time so we can reorganize and rebuild our credit and
get back on a healthy financial footing.
However, recent changes in the bankruptcy law have made the process a bit complicated
and it will be impossible to handle the claim on our own. Amazingly, we have experts in the
field ready to help us understand the law and the available options. These people will make
the process more bearable so that we can get back on our feet fast.
Do I Need to Hire a Bankruptcy Law Attorney?
There is no law that requires us to have an attorney when filing for a bankruptcy but their
expertise in the issue can provide us with valuable insights which we can use to deal with the
case. As discussed earlier, the U.S. Bankruptcy Law has been amended and tightened. It will
be difficult for ordinary citizens without knowledge about the law to handle the case alone.
But lawyers with deep understanding about the topic can teach what options are available
and what is best for our situation. They will present us with options that is best for our
situation. Meanwhile they will also teach us how to avoid common issues and concerns that
usually lead to pitfalls.
Remember that the court can grant our petition if we can provide them substantial
documentation about our claim however if we do not follow the rules and the details are
insufficient, our petition can be revoked any time. A mistake is expected if we do not have
sufficient knowledge about filing for bankruptcy which is why consultation from an expert is
very valuable in this phase.
What to Look for in a Bankruptcy Law Attorney
When bankruptcy is the only course to take, it is crucial that you seek legal advice from
experts to ensure that you will be able to get out of situation fast without having to let go of
your valuable assets. One of the things we should consider when looking for a lawyer is its
experience handling bankruptcy cases. A lawyer who has been handling bankruptcy cases
for many years is the one to look out for. It is also important that you are comfortable working
with the attorney since this is a tedious and time consuming process while it can also ruin a
reputation. A good bankruptcy lawyer will help you handle the process effectively so you can
get out of the situation with your integrity in place.
Denver Bankruptcy Attorney
When a person or organization can no longer fulfill its obligation to its creditors, its status will
be in jeopardy. Fortunately, there is a petition called bankruptcy that provides protection to
petitioners. The petition must be filed in a bankruptcy court where it will be examined to
determine whether to grant or dismiss the petition. When it is granted, debtors will be given
time to rearrange and rebuild its finances in order to pay the creditors. When the petition is
granted, an estate is created and a trustee is assigned to supervise the management of the
case. In this period, the debtor will be granted time to formulate a plan to rebuild its financial
status and reorganize its assets to pay the creditors.
Bankruptcy Petitions Available for Individuals or Organization
When a person or a business can no longer fulfill its responsibilities to its creditors, it can file
bankruptcy. Here are the popular bankruptcy petitions available to individuals or
organizations.
Chapter 7
This type of petition is known as “straight bankruptcy” and it is available to individuals or
organizations who wish to file protection. In this petition, the assets are gathered and
liquidated. The proceeds of the sale will be paid to the creditors. For businesses or large
companies, operations will cease (unless continued by the trustee) while the trustee will
assess the business affairs. The trustee can sell the assets to accumulate earnings which will
be paid to the creditors. It can also look for new investors to manage the business so
operations will not be affected.
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