Experienced and highly competent bankruptcy attorneys can help in determining the best suitable bankruptcy protection for a particular financial situation and provide guidance during the entire process. Bankruptcy can happen to anyone whether a novice or seasoned businessman, and it is a difficult situation to be in. Although filing for bankruptcy has many advantages such as being relieved from the burden of loans and harassment of creditors, it will also affect a debtor's credit ratings. The two types of personal bankruptcy case proceedings that one can choose from are under Chapter 7 and Chapter 13. They both have different clauses and conditions. A debtor who plans to file for a bankruptcy case may not be familiar with the intricacies of the legal conditions and clauses but, a lawyer is an expert on this. A bankruptcy attorney can handle the Chapter 7 and Chapter 13 types of proceedings. Even though it is complicated to cite every legal clause and describe the undertakings of both types of cases, here is a brief overview of what bankruptcy attorneys deal with:
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Chapter 7
This type of bankruptcy proceeding is also referred to as straight bankruptcy. It mainly involves a liquidation process which the bankruptcy attorney oversees. The court appoints a trustee who will handle the liquidation of a debtor's property. Then, the bankruptcy attorney will prepare a list of a debtor's properties that are non-exempt, which will be given to the trustee. The non-exempt properties will then be converted into cash by the trustee in order to pay for the debts and loans. The debtor will be discharged from the debts within a few months. One thing to keep in mind about using Chapter 7 is that debtors should not file this type of bankruptcy case if they have assets with enormous value that may be taken from them. Oftentimes, people file for Chapter 7 bankruptcy without seeking advice from an experienced lawyer. This is a common mistake. Anyone filing for bankruptcy should hire an expert to represent him or her at the court of law.
Chapter 13
This type of bankruptcy proceeding is also referred to as reorganization bankruptcy. Under Chapter 13, a person who has a steady income source can have the option to repay debts over an extended period of time. Bankruptcy attorneys are experts in handling litigation and any tasks involved in the cases under Chapter 13. The paperwork involved in the case will also be handled by the attorney. Additionally, all the documents of a person's income and debts should be gathered. These tasks are tedious and they will be expertly taken care of by a bankruptcy attorney.
It is always recommended to get an experienced lawyer if a person wants to find relief from unsecured debts and loans in order to get out of debt and get a fresh start. A bankruptcy attorney would be competent in handling all types of bankruptcy law related legal proceedings. There are many renowned and experienced bankruptcy attorneys whom people can come up to for consultation and representation.
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