Bankruptcy is a legal method of pointing to an individual who has failed to clear his debts on time as a result of shortage of finances. Through this way, a person can clear his debts by the liquidation of his non-exempt assets.
In order to apply for this legal procedure in the court, following steps are followed to fill a bankruptcy:
a. A notice will be sent by the court to all his creditors as soon as a person submits his bankruptcy appeal in the court. The creditors will usually receive this notice within a period of five days after filing the appeal.
b. The debtor will be obliged to inform all the tenable creditors on his own.
c. After that, court will send a notification to the debtor regarding his eligibility to submit a petition.
d. Whenever the debtor will visit the court, the creditors will also be informed about the hearing date.
e. A trustee appointed by the court will have a look at the debtor’s petition and will also verify all the copies of documents of tax returns bank statements and all that.
f. In order to avoid yourself from any further hurdle and disaster, always bear in mind that you give complete details of all your debts as well as assets to your lawyer.
Since, bankruptcy case has a lot of complications that goes with it side by side therefore it is always better to appoint a bankruptcy attorney to look forward to your petition. An experienced and good attorney has expertise in a variety of aspects of his particular field. He knows well how to submit a petition to the court regarding your issue, make case reports, determine his client’s overall liabilities as well as assets and also make a decision on which bankruptcy alternative would be the most appropriate one for his particular client. Moreover, he represents his client and takes part in meetings as well as cooperates with the court appointed trustee.
You can ease your tension a great deal only by making the correct decision of hiring the right and smart bankruptcy lawyer.
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