Colorado Bankruptcy Lawyer: The Different Types of Bankruptcy Petitions Available to Individuals and Businesses
Post on 05-Aug-2015
1. Colorado Bankruptcy Lawyer: The Different Types of Bankruptcy Petitions Available to Individuals and Businesses Bankruptcy Attorney Denver Consultants It is really bothersome when we have to deal with financial problems especially when the problem is very dire and serious. Fortunately, we can always file for bankruptcy so we can rebuild our credit and get back on a healthy financial footing. However, recent changes in the bankruptcy law have made the process a bit complicated and it will be impossible to handle the claim on our own. Luckily, we can always count on bankruptcy law experts when it comes to filing a protection when we can no longer satisfy our creditors. Blogposts In Relation To Colorado Bankruptcy Attorney Content Pages Relating To Denver Bankruptcy Lawyer Do I Need to Hire a Bankruptcy Law Attorney? The law does not require us to hire an attorney but their expertise and insights regarding bankruptcy can help us handle the issue effectively. As stated earlier, the law regarding bankruptcy has been amended and experts say that it is now difficult for debtors to petition. But lawyers with deep understanding about the topic can teach what options are available and what is best for our situation. They will present us with options that is best for our situation. Meanwhile they will also teach us how to avoid common issues and concerns that usually lead to pitfalls. Remember that the court is the sole body that will grant your petition but they can dismiss your claim if the court finds it insufficient. Thus it is really beneficial to seek advice from bankruptcy law attorneys when filing for a bankruptcy petition. Bankruptcy Attorneys Denver Blog Posts And Articles Economical Articles Related To Denver Bankruptcy Lawyers What to Look for in a Bankruptcy Law Attorney Bankruptcy petitions can protect our assets during financial struggle. To make the petition effective we should seek legal advice from bankruptcy lawyers. Of course, we should seek advice from a reputable lawyer, meaning the person has been handling bankruptcy cases for many years. Also, when choosing an attorney, it is very important that he or she is very professional and nice to work with since the process can take time. A reliable bankruptcy lawyer aims to get you out of the situation fast. He or she will also ensure that your integrity and credit score is not ruined during this period. Bankruptcy is a petition made by an individual or an organization when it can no longer perform its obligations to creditors. The claim is usually filed in a bankruptcy court where it will be examined before the judge will release an order protecting the petitioner. An estate is created in this stage while a trustee is appointed. The trustee is responsible for the administration of the case so the debtors obligation to its creditors will be fulfilled. In this period, the debtor will be granted time to formulate a plan to rebuild its financial status and reorganize its assets to pay the creditors. 2. Useful Ideas Related To Denver Bankruptcy Attorney Incredible Detail In Relation To Colorado Bankruptcy Attorney Bankruptcy Petitions Available for Individuals or Organization There are 3 types of bankruptcy protections which an individual or organization can file when it can no longer repay debts. Chapter 7 This petition is also known as straight bankruptcy and it is available to both individuals and businesses that wish to file protections. In this petition, the process is aimed towards the liquidation of the assets with the proceeds distributed to the creditors. For businesses or large companies, operations will cease (unless continued by the trustee) while the trustee will assess the business affairs. When the assets are accounted for, the trustee will sell them or it can look for new investors to take over the business. Individuals can also file for chapter 7 but they are allowed to keep certain properties or assets. On the other hand, non-exempt properties will be sold to pay the creditors. Unsecured debts will be discharged. But individuals have to pay non-dischargeable debts such as child and spousal support, taxes, student loans, and many more. Attractive Resources With Regards To Denver Bankruptcy Attorney Articles Or Reviews In Relation To Colorado Bankruptcy Attorney Chapter 11 Chapter 11 is another option under bankruptcy laws. It is aimed towards business reorganization hence it is popular among large entities. In this chapter the organization will keep most or some of its assets for a period of time while it will come up with a plan to pay its creditors. Chapter 13 Chapter 13 is also about reorganization and it is applicable to income-generating individuals who will be allowed to reorganize provided that they follow a court-approved plan.