Bankruptcy is filed when you are completely out of funds and resources. Bankruptcy is the legal status seeked by an individual or an organization when it is unable to repay its debts. It may be filed by the creditors and usually is the signifier or a restructuring of the organization from the scratch. Bankruptcy is not a modern concept. Evidence of systems very similar to bankruptcy can be seen even in the most ancient civilizations. For example in ancient Greece, if a man was unable to repay his debts, he was forced into slavery and made to work until and unless he was able to pay off his debt through his labour. Though, of course, the system, functioning and remedies regarding bankruptcy have become more refined by time, they have also become more complex and legally bound with the advent of time.
Lawyers have therefore become an important and integral of the legal paraphernalia surrounding bankruptcy. In the USA,Bankruptcy Attorneys California are considered to be the best and top-notch. The Bankruptcy Attorneys of Encino and Bankruptcy Attorneys of North-ridge region are well-versed with the technicalities and underlying minute details of any case of bankruptcy and thus, you are well represented if a Bankruptcy Attorney of California is ready to represent you.
The most common mistake made when talking about or discussing bankruptcy is that it is more often than not associated with organizations only. It is mainly because, bankruptcy issues of high-flying organizations makes it to the headlines. But bankruptcy can also be filed by individuals. Chapter 13-Bankruptcy attorney deals with solely bankruptcy of individuals. Unlike popular belief, bankruptcy in the case of a single person does not lead to liquidation of all his assets. Mostly, he gets to keep his house. Chapter 13-Bankruptcy is called wage-earner bankruptcy. When your debt to income ratio is very low, you can apply for wage-earner bankruptcy.
Consulting a Bankruptcy Attorney of Los Angeles Ca or a Bankruptcy Attorney of the North-ridge area is a good decision. Proper consultation will help you figure out a way of restructuring your financial framework and formulate a minimum monthly installment from your wage. Any good lawyer like the Bankruptcy Attorneys Encino will tell you clearly that Chapter 13-Bankruptcy attorney is an ideal option if you want to keep your assets and save them from seizure by the bank or creditors.
But like all things that spell law, there are a lot of complications that one might encounter when trying to find redressal to his or her problems. Bankruptcy has a simple and straight forward implementation and causes and reasons but what complicated matters further is the inability of the common man to interpret these laws to their advantage. Lawyers of United States, especially Bankruptcy Attorney of Los Angeles Ca and regions like North-ridge, Encino and Los Angeles have years of experience to back their credibility and expertise. Be it Chapter-13 or otherwise, hiring a lawyer is of paramount importance and is the only reasonable stream of action.
Jonathan Panossian is an author of this article who writes about the Bankruptcy Attorneys California, Bankruptcy Attorney Northridge and Chapter 13 Bankruptcy attorney. He has also written about Bankruptcy Attorneys Encino and Bankruptcy Attorney Los Angeles Ca.