Bankruptcy Lawyer – Why Do You Need One?

by admin on March 17, 2011

Bankruptcy Lawyer – Why Do You Need One?

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Home Page > Law > Personal Injury > Bankruptcy Lawyer – Why Do You Need One?

Bankruptcy Lawyer – Why Do You Need One?

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Posted: Mar 17, 2011 |Comments: 0
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Bankruptcy is a legal expression that is used to describe the inability of an individual to repay his debts. It is considered to be the ultimate decision that one can make at times of financial shortage. Filing for bankruptcy is a way of eliminating all the outstanding debts.

 

Bankruptcy is perhaps the most complicated lawsuit one can ever go through. It involves many complex procedures. A common person is not supposed to understand such issues on his own. A skilled legal representative is the right person who can deal with a bankruptcy case properly.

The two most commonly preferred codes of bankruptcy are explained as follows:

Chapter 7 – This is an option that most individuals choose. This lets a debtor to get rid of his burden of debts totally. As a person files for a Chapter 7 code of bankruptcy, the court assigns a trustee who is given the power to evaluate the value of total assets of a debtor. The assets are thereafter distributed to all the involved creditors.

Chapter 13 – This option is not applicable for everyone. It allows a debtor to pay his debts after a period of time duration. Usually a time span of 3-5 years is allowed by a debtor. A debtor requires having a proper source of income to pay his debts after the given period of time. Partnership businesses cannot apply for this bankruptcy chapter. A debtor needs to submit a repayment plan to the court and wait till its approval. If the plan is approved, the court procedures are carried forward.

Bankruptcy is a knotty issue that requires legal assistance of a specialized bankruptcy lawyer. You must be careful about a few things while searching for a lawyer for your case. The following pointers can be helpful.

Specialization – Make sure your lawyer holds specialization in the field of bankruptcy. This issue is pretty complicated and needs a person who knows everything about the lawsuit.

Experience – your lawyer must hold enough experience in the field of practicing law. An experienced lawyer would be able to understand the implications involved in a bankruptcy case better than a young lawyer. Also, a lawyer with good experience would be holding strong contacts with higher court officials.

Referrals – Word of mouth can be a helpful in finding good and reputed lawyers in your area. You can consider asking your friends and family members to find bankruptcy lawyers who are well known in their field.

Do not take any chance in dealing with your case and hire a bankruptcy lawyer. Scottsdale citizens can contact Leonard V. Sominsky for availing professional bankruptcy services.


About the Author:
Bankruptcy Lawyer Scottsdale – Leonard V. Sominsky is dedicated to providing effective, professional and affordable legal representation in the areas of consumer bankruptcy, wills and contracts.
 
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