Bankruptcy Law
With the current economy, many businesses find themselves on the verge of bankruptcy. The sad thing is that bankruptcy has a long term legal and financial consequences. This is the very reason why hiring a good and competent bankruptcy lawyer is a must. The lawyers will make sure that the bankruptcy case is handled and filed correctly.
Here are some frequently asked questions about bankruptcy law and lawyers:
Do I need a bankruptcy lawyer?
Technically if you are individual, you don’t need a bankruptcy lawyer and you can represent yourself in a bankruptcy court. This situation is called “pro se”. Although it is possible, it would be very difficult to be able to do the job successfully. On the other hand, corporations and partnerships requires for bankruptcy lawyer when filing for bankruptcy in bankruptcy court.
What is Chapter 7 in bankruptcy law?
This Chapter of filing bankruptcy requires the debtor to sell or liquidate their assets so they can pay their debt.
What is Chapter 13 in bankruptcy law?
This is the most common type of filing for bankruptcy. This Chapter mostly helps individuals or those who have small businesses that’s about to go bankrupt or who has filed for bankruptcy. In this chapter, the debtors are allowed to pay their debts little by little or in small amounts that is spread over a period of time.
Can a Lawyer help me with both Chapters?
Yes and more than that, they can guide you in every step of the way. They will be there to make the job easier for you and to make you understand the legal process that’s going on the background through the stressful time of bankruptcy.