Bankruptcy is when individuals or businesses are unable to meet their financial obligations. When they want to be excused from repaying some or all of the amount, the bankruptcy law governs this. It is federal legislation and is settled in the Bankruptcy court, though some states may pass legislation to fill the gaps the federal bankruptcy law doesn’t fill.
There are three most common bankruptcy proceedings:
- Chapter 7: Deals with individual petitions
- Chapter 11: Handles business reorganization and rehabilitation petition
- Chapter 13: Concerns with wage earner’s plan
Bankruptcy is clearly a complicated process and lengthy one. Lawyers who are experts in bankruptcy law are called bankruptcy lawyers. You need to hire a bankruptcy lawyer who is thorough in the U.S Bankruptcy Code.
Let us look at the Role your Bankruptcy Lawyer plays:
- Legal Advice on Available Options: When you go for a consultation with a bankruptcy lawyer, they will assess your case and tell you the best step forward. They will guide you through the process to get you the best possible outcome. In the consultation, they will ask you questions that will help them get a clear picture of the case. It is important that you know the financial numbers accurately and do not do guesswork. It is also entirely possible that they may advise you against a bankruptcy filing because they may see another solution. Since they have been practicing for a long time, they know how the procedure goes and will give you the best advice.
- Handle all Paperwork for the Case: If it comes to a bankruptcy filing, a bankruptcy lawyer will gather all the necessary documents and file the paperwork. Depending upon the case, they may choose to file under chapter 7 or chapter 13. From paying court filing fees to appearing in front of the creditor’s meetings they handle it all. The goal here is to get some kind of financial help, and a lack of proper paperwork doesn’t become an obstacle later. They will ensure that your case doesn’t have any delays, dismissal of your case, and other issues that can stop your case.
- Represent you in a Court Trial: After filling, it is mandatory by the court to go to a 341 meeting of creditors. However, depending upon your case you will need to go to additional hearings like chapter 13 confirmation hearings or chapter 7 reaffirmation hearing, or anything else. Additionally, they will also guide you on how you can word your answers so that you can get your point across without any room for misunderstanding.
You must choose a bankruptcy lawyer whose primary focus is to get you a reduction or elimination of the debt. A good bankruptcy lawyer is someone who is experienced, competent, and has great communication skills.
Ward K Johnson Law firm has a team of the best bankruptcy lawyers in Grand Forks ND who are experienced, certified, and licensed to represent clients in federal and bankruptcy court.