Bankruptcy is the legal declaration by an individual or a business enterprise that it is not in a position to pay outstanding debts to the creditors involved. It is an appeal to the court to do whatever is necessary to help a ‘bankrupt’ individual pay off their debts.
Filing for bankruptcy is often a person’s last resort when they have no other possible solution to pay their creditors. The court thereafter appoints a person, called a ‘trustee’, who takes over all non-exempt property from the bankruptcy.
Depending on the type of bankruptcy proceeding chosen, one can get rid of debts completely or opt for a better payment option. This can benefit people who are struggling hard to pay off all their debts.
A typical bankruptcy proceeding is conducted as follows:
* A trustee-approved debt counseling program
* List of all debts, including those with a credit report.
* Gathering documentation of expenses and income, 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 court hearing.
* Recovery of the decision of the appointed trustee.
As we can see, a bankruptcy process is quite complex and entails many legal complications. A common person would not be able to understand the twists and turns that a legal proceeding goes through. 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 considering filing for bankruptcy.
However, there are a few details to be sure of 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 lawyer must be qualified enough to fight your case. Be sure to check their certifications before hiring an attorney.
Experience – Your lawyer should have the right experience. An experienced lawyer would know the legal complications better than younger lawyers.
Referrals – This is a quick and easy way to find out about reputable attorneys in your area. Talk to your acquaintances, friends and family about good lawyers in the city. This would help you understand how talented a reputed lawyer is.
Don’t make the mistake of hiring the wrong bankruptcy attorney. Citizens of Tacoma, WA can approach David Smith Law for expert advice and assistance in their case.
