Bankruptcy is the legal declaration of an individual or a business firm that he/ it is not in any position in repaying outstanding debts to the creditors involved. It is an appeal to the court to do the needful to help a 'bankrupt' individual in paying his debts.
Filing a bankruptcy is usually the last resort that a person takes when he finds no other possible solution to repay his creditors. The court, thereafter, appoints a person, called the 'trustee' who takes charge of all the non-exempt property of the bankruptcy.
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Depending upon the type of bankruptcy procedure chosen, one can get rid of the debts completely or opt for a better repayment option. This can benefit people who are struggling hard to pay all their debts.
A typical bankruptcy process takes place as follows:
* A debt counseling program that is approved by the trustee
* Enlisting all the debts, including the ones that a credit report has.
* Gathering expense and income documentations, including tax returns, bank statements, utility bills and pay stubs.
* Doing the necessary calculations for the properties and assets.
* Filing paperwork for either chapter 7 or chapter 13 code of bankruptcy.
* Attending the court hearing.
* Retrieving decision from the appointed trustee.
As we can see, a bankruptcy process is pretty complex and involves many legal complications. A common person would not be able to understand the twists and turns that a legal procedure has. The best option would be to hire a bankruptcy attorney who can deal with your case with tact and expertise. An attorney is a legal representative who is trained in the field of law and holds a valid license to practice law. He is the right person to approach if you are thinking of filing a bankruptcy.
However, you must make sure of a few details while choosing the right attorney for your case. Following are a few tips that could help you in your search for an able lawyer for your case.
Qualifications - Your attorney must be qualified enough to fight your case. Make sure to check your certifications before hiring a lawyer.
Experience - Your attorney must have proper experience. An experienced attorney would know the legal complications better than younger attorneys.
Recommendations - This is an easy and a quick way to get to know about reputed lawyers in your area. Talk to your acquaintances, friends and family about good lawyers in town. This would help you to understand how talented a reputed lawyer is.
Do not make a mistake of hiring a wrong bankruptcy lawyer. Tacoma, WA citizens can approach David Smith Law for expert advice and assistance on your case.
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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