Bankruptcy and Bankruptcy Lawyer Bankruptcy is just about the last straw option which a company can legally do when it is heavily in debt. When your company is in this particular condition, you will be on safe ground if you consider first to seek legal advice on a bankruptcy lawyer who can provide you options on which legal course to take before even considering filing for bankruptcy. The court considers bankruptcy as a legal procedure for businesses or individuals, who are deeply in debt, to repay all or some of their debts under the legal guidance and protection of the court. For the most part, bankruptcy is classified into liquidation or reorganization. A competent bankruptcy lawyer, when hired, should review thoroughly the debtor’s income, debts and assets and, after which, determine if bankruptcy should be the good course of action to take.
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One option is for the bankruptcy lawyer to come up with a payment plan, that is realistic and affordable on your end and may satisfy your creditor; one that will keep creditors from harassing you for late payments. With the bankruptcy lawyer presenting a payment plan to your creditors will definitely earn their confidence on your effort of resolving your debts to them in a professional way.
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If the payment plan is not feasible, then the lawyer will proceed in advising you to file for bankruptcy procedure in your best interest, will discuss the type of bankruptcy to be undertaken, and will make available a job contract to do this. Depending on the condition of your debt status, the bankruptcy lawyer will educate you on the types of bankruptcy options and will advise on which of this to file. If the lawyer advises to file for liquidation, there are two options to take which is following Chapter 7 or Chapter 13 of the Bankruptcy Law. In filing for Chapter 7, the debtors will have to sell his/her non-exempt properties as an exchange payment for his/her debts to the creditors. If Chapter 13 is the option decided, the debtor is allowed to keep his/her properties and instead repay the creditors all or a portion of his debts over a period of 3 to 5 years. Once Chapter 7 or 13 is granted by the court, an appointed trustee is hired to oversee the payments or liquidation of the assets. Chapter 11 is filed for if the lawyer sees that the company is still viable so that the law will permit for a reorganization of the debt load to allow the company to stay in business. So you can resolve your financial problems, legally and capably, it is always best to leave this job worked out by a bankruptcy lawyer. With that course of action you now have a chance to renew a fresh start in life.