Bankruptcy is a person or entity which cannot pay their debts owed to the creditors and is imposed usually though court order which the debtor initiated. An insolvent person has this legal status but could be used also by companies depending on their country. Being bankrupt would mean they have no liquid assets to pay the debts.
This should be filed in a court of law to legally recognize your status and your creditors will have to abide to an agreement. A Grand Rapids MI bankruptcy lawyer can help to file this and they must know the things you are required to do and their legalities. Here are some things you need to know and expect from one at Grand Rapids, MI when working with them.
It is their job to give you competent legal advice and would advise on the following things if they believe that bankruptcy serves your best interest. They will tell you what type you will file, either Chapter 7 or 13, and how do you use the situation in achieving your financial goals. Chapter 7 is known also as liquidation while 13 is known also as reorganization.
Another is the things to expect during the process of filing and what you can do to make this easier. They would also let you become aware of any difficulties or risks your case will be facing so you both can prepare for it. When you have other questions about the procedures then they are expected to answer your calls and messages within a certain time.
They must possess the experience as well as the ability in handling these cases by being familiar of the trustees, local court rules as well as procedures and federal bankruptcy laws. The case difficulty would be depending on which type you filed and the individual facts. They would guide along this process so them being knowledgeable is important.
Regular updates should be given whenever new developments happened and you must be kept informed about it. Examples of these are when creditors contact them for some issues and the trustee requests for you to give additional documents. You must be kept informed of any new happenings even though they would be contacted first most of the time.
They would be helping you with filling all the required forms that you must complete with most of them having a specialized software to help them with it. You just need to give your information and it will be placed on different required forms. After they finished preparing it, they will go over the paperwork with you to ensure its accuracy.
Additional forms will be filed after initial petition has been filed by you and deadline is set which you must pass them before you miss it. If the deadline is missed then there is chance for the process to be delayed or the case would be dismissed. That is why they should be knowledgeable with every local procedures and rules.
They will represent you during the bankruptcy hearings like the mandatory meeting of creditors. Other hearings shall be attended depending on your case. You have the option not to attend some of them but they are required still to attend.
This should be filed in a court of law to legally recognize your status and your creditors will have to abide to an agreement. A Grand Rapids MI bankruptcy lawyer can help to file this and they must know the things you are required to do and their legalities. Here are some things you need to know and expect from one at Grand Rapids, MI when working with them.
It is their job to give you competent legal advice and would advise on the following things if they believe that bankruptcy serves your best interest. They will tell you what type you will file, either Chapter 7 or 13, and how do you use the situation in achieving your financial goals. Chapter 7 is known also as liquidation while 13 is known also as reorganization.
Another is the things to expect during the process of filing and what you can do to make this easier. They would also let you become aware of any difficulties or risks your case will be facing so you both can prepare for it. When you have other questions about the procedures then they are expected to answer your calls and messages within a certain time.
They must possess the experience as well as the ability in handling these cases by being familiar of the trustees, local court rules as well as procedures and federal bankruptcy laws. The case difficulty would be depending on which type you filed and the individual facts. They would guide along this process so them being knowledgeable is important.
Regular updates should be given whenever new developments happened and you must be kept informed about it. Examples of these are when creditors contact them for some issues and the trustee requests for you to give additional documents. You must be kept informed of any new happenings even though they would be contacted first most of the time.
They would be helping you with filling all the required forms that you must complete with most of them having a specialized software to help them with it. You just need to give your information and it will be placed on different required forms. After they finished preparing it, they will go over the paperwork with you to ensure its accuracy.
Additional forms will be filed after initial petition has been filed by you and deadline is set which you must pass them before you miss it. If the deadline is missed then there is chance for the process to be delayed or the case would be dismissed. That is why they should be knowledgeable with every local procedures and rules.
They will represent you during the bankruptcy hearings like the mandatory meeting of creditors. Other hearings shall be attended depending on your case. You have the option not to attend some of them but they are required still to attend.
About the Author:
If you are looking for the facts about a Grand Rapids MI bankruptcy lawyer, come to our web pages today. More details are available at http://www.chasebylenga.com/practice-areas/bankruptcy now.
Aucun commentaire:
Enregistrer un commentaire