Bankruptcy is a legal code that says that any person or organization is bound to be bankrupt if it does not repay the debts to the creditors. In that case, the creditors can file a bankruptcy petition against the illegal debtors. Some of the common bankruptcy statuses include of false statements, conflicts of interest, fraudulent claims and fee fixing, etc amongst others.
Types of Bankruptcies in the US
Bankruptcy laws in the US follows six types of bankruptcy codes that include of Chapter 7, Chapter 9, Chapter 11 Chapter 12, Chapter 13, and Chapter 15.
Chapter 7: this bankruptcy law code governs the liquidity bankruptcy laws in the US.
Chapter 9: in chapter 9 of the US bankruptcy code, all the municipalities of the US are governed in order to help them restructure from their debts.
Chapter 11: all the bankruptcy cases of organizations, whether corporate or sole proprietor ship are dealt under chapter 11 of the US bankruptcy code.
What role does Bellaire Bankruptcy Attorney Play?
Hiring a Bellaire bankruptcy attorney can surely help Bellaire people to overcome with their financial crisis. These attorneys are well qualified law personnel who study bankruptcy cases thoroughly before proceeding with the case further. Following points should be noted about a professional bankruptcy attorney or a lawyer:
I.The very first thing a bankruptcy attorney would do is, ask for the relevant papers that will help him study the case in a better way.
II.All the bankruptcy case filings undergo a compulsory credit counseling session for a period of six months. In this, people are educated about how to avoid incurring debts. A well qualified and a professional attorney lays down an effective debt management plan for its clients, which would help them avoid illegal actions like bankruptcy in future.
III.After going through all the documents, the lawyer will decide upon the relevant chapter under which the case should be filed.
IV.An efficient bankruptcy attorney will assist one on the advantages and disadvantages of filing for bankruptcy under different chapters, thereby saving their essential time and effort. All the necessary work from collecting important documents to passing possible conclusions is done by a bankruptcy attorney. They play a vital role at the time of financial difficulties and during times when a person is thinking of filing a bankruptcy case.
Bellaire bankruptcy lawyers and attorneys are efficient enough to carry out necessary legal documentations required for filing a bankruptcy case. They are not only responsible for carrying out important paper work, but also guide people about how they can avoid bankruptcy and overcome financial crisis in future.
Are you looking for Bellaire bankruptcy lawyer in Bellaire? Busby & Associates is law and bankruptcy firm that provides Bellaire bankruptcy attorney, divorce lawyer and legal services in Houston.