What is a bankruptcy, what are your rights?
What is bankruptcy?
Bankruptcy is a legal status of an individual or organization, whether business or non-profit, that cannot repay the debts it owes to creditors. A bankruptcy lawyer is someone who specializes in this area of law. They have studied insolvency, bankruptcy laws and how they apply to bankruptcy cases.
What does a bankruptcy lawyer do?
A bankruptcy lawyer represents individuals or businesses who are unable to pay their creditors and wish to file bankruptcy. A bankruptcy attorney will follow the client through the bankruptcy process, which includes filing bankruptcy petitions and appearing in court as needed. The bankruptcy lawyer may represent other professionals such as:
– Trustee: Someone assigned by a bankruptcy court to examine bankruptcy cases filed by debtors and take possession of their property so it can be sold to pay creditors
– US Trustee: The attorney for the United States who supervises bankruptcy cases, trustees, examiners, and other bankruptcy court proceedings. The US Trustee Program is part of the Department of Justice’s Executive Office for U.S. Trustees (EOUST)
– Examiner: bankruptcy examiner, also referred to as bankruptcy investigator, is an official involved in bankruptcy cases who investigates facts and circumstances of alleged bankruptcy fraud or other misconduct. They may review documents, make inquiries of the parties involved, request further information from the filer and creditors and issue subpoenas for witnesses and documents.
– Creditors: The bankruptcy lawyer will represent the bankruptcy client in court and work with creditors to ensure a fair bankruptcy settlement that is beneficial to all parties involved. If a bankruptcy client does not keep their bankruptcy attorney informed of activities, they may be deemed to have committed bankruptcy fraud which can result in fines or jail time.
What is bankruptcy and how does it work?
Before filing bankruptcy, a bankruptcy lawyer must first determine whether the bankruptcy laws apply to their client. An individual or organization who is unable to pay their creditors can file bankruptcy protection under Chapter 7, Chapter 11, Chapter 12, or Chapter 13 of the U.S. Bankruptcy Code.
A bankruptcy lawyer’s client must be able to demonstrate that bankruptcy is the best solution for their financial problems.
A bankruptcy lawyer will then help the client file bankruptcy petitions, which are made up of bankruptcy schedules, statement of financial affairs and bankruptcy statements. These require disclosing both assets and debts in detail to the bankruptcy court so they can determine whether or not a bankruptcy filing is legal and valid.
The bankruptcy lawyer will follow the bankruptcy process until it is completed, which usually takes about four months, but can take longer depending on whether or not any disputes arise during bankruptcy hearings.
How much does bankruptcy filing cost?
For Chapter 7 bankruptcy filers, the bankruptcy attorney’s fee for a standard bankruptcy case is $335. However, bankruptcy attorneys can charge more or less depending on the lawyer’s experience and the type of bankruptcy case they are handling. For Chapter 13 bankruptcy filers, bankruptcy attorney fees average around $3,000.
What are bankruptcy rights?
All bankruptcy clients have the right to an unbiased opinion about whether bankruptcy is their best option. bankruptcy clients also have the right to an attorney-client privilege. A bankruptcy lawyer cannot disclose what a client tells them or provides as bankruptcy information to anyone, including bankruptcy courts and bankruptcy trustees without first obtaining permission from their client.
What are bankruptcy filing chapters?
There are six bankruptcy filing chapters:
– Chapters 7 and 11 allow debtors to liquidate debt and establish a bankruptcy repayment plan. Chapter 11 bankruptcy is for businesses only and requires an experienced bankruptcy lawyer to file the bankruptcy petition, bankruptcy schedules and statement of financial affairs.
– Chapter 12 allows family farmers and fishermen to reorganize their debts so they can stay in business. Chapter 13 bankruptcy permits individuals who have regular income to create bankruptcy repayment plans to pay off some of their unsecured debt.
– Chapter 9 bankruptcy is for municipalities, such as municipal utilities and public transportation authorities.
– Chapter 15 bankruptcy is used by bankruptcy clients who own or operate international businesses.
If you are considering bankruptcy, bankruptcy attorney will protect your rights and ensure that the bankruptcy process goes smoothly. bankruptcy attorney can also help you with bankruptcy issues, such as bankruptcy rights and bankruptcy filing chapters.
In conclusion, bankruptcy attorney is a lawyer who helps with bankruptcy protection from creditors during Chapter 7, 11, 12 and 13 bankruptcy filing with clients by ensuring legal advice strategies which allow them to receive a fair settlement. Bankruptcy attorney fee can range from bankruptcy attorney rates of $335 to bankruptcy attorney fees of $3,000. bankruptcy attorney can also provide bankruptcy information about bankruptcy rights and bankruptcy filing chapters.
