Tough economic conditions can fall hard on people or business firms who are in neck-deep debts. It becomes difficult for some to pay off their debts and unburden themselves. There are various debt relief options available. The last resort is filing a bankruptcy. It is ideal for people or companies that do not have any possible way to unburden themselves from their debts.
Factually, bankruptcy is a legal proceeding in federal court that demands liquidation of a debtor's assets. A debtor is relieved from any further liabilities henceforth. The steps of filing a bankruptcy may be sequenced as follows:
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* As a person files his bankruptcy petition, the court will send a notice to all his creditors within a span of 5 days or so.
* Secured creditors need to be notified by the debtor himself. This can be done by mailing the copies of the Statement of Intentions and the Certificate of Service to the creditors.
* The court will notify a debtor about his eligibility to file a bankruptcy petition.
* Creditors will receive notifications for the hearing date when the debtor is required to appear in a court.
* In the meeting of creditors, a court-appointed trustee will be reviewing the debtor's petition. He may also be asked to provide copies of documents like bank statements, tax returns, title to motor vehicles and pay check stubs. The trustee will verify these details thoroughly.
* A 'no-asset' case might not see any creditors attending the court proceedings.
* Make sure to reveal all the details of your assets and debts in order to rule out any fraudulent charges.
As we can see, a bankruptcy case involves complexities. It is better to hire a bankruptcy attorney to rule out all the chances of confusions that is involved in filing a petition.
A bankruptcy attorney holds specialization in the different facets of this field. Be it an individual or a business firm, a professional lawyer can assist anyone. The general duties of a bankruptcy attorney are as follows:
* Filing a petition to the court stating bankruptcy.
* Writing reports.
* Analyzing client's assets and liabilities.
* Deciding which bankruptcy option his client should opt for.
* Attending client meetings.
* Working with the court-appointed trustee and ensuring proper liquidation of the client's assets.
* Representing his client at the court hearing.
The person who holds accurate knowledge regarding the legal ramifications is a specialized bankruptcy attorney. San Bernardino citizens can approach Miller and Associates, PC for expert assistance.
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