A lawyer is a person who can give your instruction related to your legal matter. Various types of lawyers are available, but this article is about bankruptcy attorneys. What is a bankruptcy attorney, and how do they guide us? A bankruptcy lawyer has a special specialization and gives legal advice. A lawyer who can guide you with proper legal documents, and we’ll represent it to the court. They are the one who has a certain degree licensed under the Government of India and does their duty as a business. Various stages of bankruptcy law deal with various chapters, whether Chapter 7 or chapter 13.
What Does A Bankruptcy Lawyer Do?
A bankruptcy attorney focuses on the counsel process for their clients. They deal with matters related to debts and assets and determine whether bankruptcy is the only approach to dealing with it. They have an idea to improve the circumstances from different angles; therefore, the bulk of your debts can easily be saved under bankruptcy protection.
Whether it is for a student loan or any other loan, a lawyer will guide you through the benefit that deals with bankruptcy. Bankruptcy is the fastest and the smartest approach that will improve all the circumstances from different angles. Chapter 7 bankruptcy differs slightly from chapter 13 bankruptcy, and a lawyer can help you in both cases.
According to Chapter 7, an attorney can help you to provide the best possible solution if you want to keep any assets and do not want to lose them. On the other hand, according to chapter 13, an attorney can give you an ideal payment plan with the help of which you can afford the other process. A lawyer is good and trustworthy in making decisions and understanding federal bankruptcy law. The bankruptcy attorney can only solve problems related to bankruptcy.
When we talk about bankruptcy, it is a complex procedure that requires a critical decision. Therefore an experienced bankruptcy attorney can guide you with paperwork criteria, decisions, and procedures to file bankruptcy cases, whether chapter 13 or Chapter 7.
Eligibility Of Chapter 7?
Chapter 7 bankruptcy deals with debtors engaged in business, partnership, sole proprietorship, etc. Those debtors who want to file a case under Chapter 7 can easily opt for it without hesitation. Grab this opportunity and save your home from past-due payments with the help of an attorney.
These are a few criteria that need to be followed for a Chapter 7 bankruptcy filing case. The purpose of bankruptcy is to discharge the debts of individual debtors; they can start with a fresh mood and style. Although some types of debtors are not discharged from this case, they must pay huge amounts of bankruptcy charges.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy has numerous advantages as compared to Chapter 7. Chapter 13 offers an opportunity to save a home from foreclosure. In this, there is a special power given to provision to protect the third party who is included with the debtors on consumer debts.
In chapter 13, an individual can file the case once the previous case is dismissed or failed due to certain circumstances. There are exceptions in case of an emergency, which can be determined using an insufficient agency that provides counseling.
Chapter 13 bankruptcy deals with assets and liabilities, current income and expenditure, unexpired leases, and financial affairs. A bankruptcy attorney can easily determine and understand the consequences and therefore deal with the matter in favor of the client.
In order to complete the various process under official bankruptcy forms one should follow the information given here. Always a list of creditors and, therefore, the claim’s amount and nature are a must. Secondly, the source, amount, and frequency of income details are also mandatory. A list of the debtor’s property is also mandatory, and the debtor’s monthly living expenses, like food, clothing, taxes, transportation, and medicine, are also beneficial.
There is a time limit of 50 days; if the debtors file the petition under chapter 13, the creditors hold the meeting. Until and unless the court grants permission for the extension, the debtors cannot exist, and therefore they need to file the petition within 14 days. Until and unless the court approves the fixed amount payment, this will continue.
You need to visit or read from an online source for more detail. A bankruptcy attorney will guide you if you are facing any issues related to bankruptcy. Nevertheless, never the more a lawyer can always handle the case with ease and gratitude.