Bankruptcy Attorney Outlining Guidelines

The bankruptcy attorney understands how to interpret the nuances of United States bankruptcy code for individuals, families, small businesses, and corporations. Bankruptcy code provides six Chapters of specific guidelines for eligibility to file and protection once approved. Lawyers specializing in this area of the law counsel their clients through the process of completing proper documentation, filing, accounts verification, business’ financial statement disclosure, as well as a potential appeal if the client believes there were some aspects of their unique case that was not given due attention in determining claim eligibility. A bankruptcy attorney is hired to help their client itemize business and personal debts, and to insure the carrying out of the distribution of liquidated assets to all debt collectors in the time allotted by the bankruptcy court judge. But first, the client must sit down with his or her lawyer to review the guidelines of eligibility to be able to file and do so.

The first step is to determine that your debt exceeds your income for business or personal reasons. After such determination you are required to attempt to strike a payment plan with your debt collectors that are within reason of your income. If you have become unemployed for outlined reasons of bankruptcy law you will be deemed able to file. If your credit will not allow you to obtain a payment plan option or your income is already being garnished to the last dollar of your living expenses, you will be deemed eligible to file. The other financial reasons for filing any chapter include Chapter 7 for assistance with liquidation of assets to pay debts and Chapter 9 for a municipality that requires reorganization after massive debt. Or, Chapters 11, which is in place to assist in the reorganization of business: large and small; Chapter 12 protects the individual under special circumstances such as workers of unreliable industries; and Chapter 13 provides a court appointed outline for repayment of debts. Last but not least Chapter 15 can be used for handling jurisdiction issues between domestic and foreign debts and collection. Your lawyer will help you provide the proper documentation as to the status of your financial situation as outlined by the specific Chapter you seek to file.

Bankruptcy court is where the bankruptcy attorney simply presents your case under your applicable Chapter before the judge. Questions will be posed to the evidence to support accuracy. The judge will make his or her final decision in regards to individual, small business, or corporation payment plans Payments come within a time limit and amount minimum. In the end, the decision to pursue filing for bankruptcy can be voluntary or involuntary. As your financial future darkens, it can greatly impact your entire monetary and credit future as well. Your bankruptcy attorney will be there every step of the way to help you get back on financial track with the legal advice and bankruptcy code interpretation to see you through.