Bankruptcy is a serious matter that can have a dramatic impact on personal and professional lives. If you owe a lot of money to creditors, then you might want to consider contacting a lawyer who can help you make informed decisions that will mitigate the negative impact of bankruptcy on your business and personal finances. The following terms are common in discussions about bankruptcy.
Debtor – This is the person owing the money. If you are thinking about filing for bankruptcy, then you are the debtor in this scenario.
Creditor – The person or organization that has lent money to the debtor. A bank or credit card company, for instance, might be your creditor.
Chapter 7 – This type of bankruptcy involves asset liquidation. When declaring chapter 7, your business or personal belongings are sold to help repay creditors. It is the most common form of bankruptcy in the United States.
Chapter 13 – This is a form of bankruptcy that allows debtors to repay creditors over time. In most cases, the debtor must undergo debt counseling or meet with a repayment consultant before being granted the advantages of chapter 13. Repayment requires making a feasible plan that the debtor can follow.
Bankruptcy Lawyer – A lawyer who specializes in bankruptcy cases. Local attorneys should have the experience and information required to explore alternatives, file for bankruptcy, and provide representation services in the courtroom. Many individuals and business need the help of a legal professional to make the most of their bankruptcy without accumulating excessive fees and continuing to accumulate more debt.
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Bankruptcy attorneys are experts in areas such as chapter 7 and chapter 13 bankruptcies. In many cases, the lawyers can help individuals and companies file for the type of bankruptcy that would benefit them most. The lawyers might also work with debtors and creditors to find an alternative to lengthy court battles that can cost both sides money.
Before declaring bankruptcy, many businesses and individuals find that it helps to meet with a professional consultant. These bankruptcy attorneys not only provide legal representation, but also important information that can help clients avoid fees, penalties and lawsuits.
Similarly, creditors trying to collect money from debtors might need to consult a legal expert. When a person files for bankruptcy, their personal assets can become frozen. By working with a legal expert, though, the creditor could have a greater chance of repayment even though the debtor has filed for protection.
As part of a court settlement, attorneys might recommend that their clients undergo financial counseling to help them avoid future difficulties repaying their debts.
You can learn more about bankruptcy lawyers, alternatives and counseling services by using a popular online search engine. Local attorneys often use websites to attract new clients and inform people of the types of services that they offer. By reading these websites, you can get the information that you need to choose a lawyer that can help you deal with your current predicament.
You can also look for blog and forum posts on the internet where other people in your community discuss their experiences with lawyers. This will help you find the right attorney for your specific needs.