Bankruptcy is when a person or entity cannot repay the debts it owes to their creditors and is usually imposed through a court order initiated by the debtor. This is a legal status of an insolvent person but could also be used on companies depending on the country. Being bankrupt means that they have no means to pay their debts.
This should be filed in a court of law to legally recognize your status and your creditors will have to abide to an agreement. A Grand Rapids MI bankruptcy lawyer can help to file this and they must know the things you are required to do and their legalities. Here are some things you need to know and expect from one at Grand Rapids, MI when working with them.
Their job is to give competent legal advice to you and if they believe bankruptcy serves your interest best then they will advise the following things. They would tell you which type you will be filing between Chapters 7 or 13 and you can use this situation in achieving the financial goals you have. Chapter 7 is called as liquidation while Chapter 13 is called as reorganization.
Another things to expect during the filing process and things you can do in making this easier would be explained to you. They would let you be aware also of any difficulties and risks your case might be facing to be prepared for it. If you have questions on the procedures, your calls or messages are expected to be answered within a reasonable amount of time.
They must have the experience and ability in handling your case by being familiar with the federal bankruptcy laws, trustees in your area and local court rules and procedures. The difficulty of your case depends on the type you file and its individual facts. They will guide you along the process so it is important for them to be knowledgeable.
Regular updates should be given whenever new developments happened and you must be kept informed about it. Examples of these are when creditors contact them for some issues and the trustee requests for you to give additional documents. You must be kept informed of any new happenings even though they would be contacted first most of the time.
They would help you with filing every required forms that you should complete with majority of them using specialized software in helping to fill them up. Just give your information and this would be placed on the different required forms. They will then go over every paperwork with you after preparing it so its accuracy can be ensured.
Additional forms will be filed after initial petition has been filed by you and deadline is set which you must pass them before you miss it. If the deadline is missed then there is chance for the process to be delayed or the case would be dismissed. That is why they should be knowledgeable with every local procedures and rules.
They would represent you during bankruptcy hearings such as the meeting of creditors. Depending on the case, there will be others you have to attend. They will also inform you if you need to go or not on these hearings but they are still required to be there.
This should be filed in a court of law to legally recognize your status and your creditors will have to abide to an agreement. A Grand Rapids MI bankruptcy lawyer can help to file this and they must know the things you are required to do and their legalities. Here are some things you need to know and expect from one at Grand Rapids, MI when working with them.
Their job is to give competent legal advice to you and if they believe bankruptcy serves your interest best then they will advise the following things. They would tell you which type you will be filing between Chapters 7 or 13 and you can use this situation in achieving the financial goals you have. Chapter 7 is called as liquidation while Chapter 13 is called as reorganization.
Another things to expect during the filing process and things you can do in making this easier would be explained to you. They would let you be aware also of any difficulties and risks your case might be facing to be prepared for it. If you have questions on the procedures, your calls or messages are expected to be answered within a reasonable amount of time.
They must have the experience and ability in handling your case by being familiar with the federal bankruptcy laws, trustees in your area and local court rules and procedures. The difficulty of your case depends on the type you file and its individual facts. They will guide you along the process so it is important for them to be knowledgeable.
Regular updates should be given whenever new developments happened and you must be kept informed about it. Examples of these are when creditors contact them for some issues and the trustee requests for you to give additional documents. You must be kept informed of any new happenings even though they would be contacted first most of the time.
They would help you with filing every required forms that you should complete with majority of them using specialized software in helping to fill them up. Just give your information and this would be placed on the different required forms. They will then go over every paperwork with you after preparing it so its accuracy can be ensured.
Additional forms will be filed after initial petition has been filed by you and deadline is set which you must pass them before you miss it. If the deadline is missed then there is chance for the process to be delayed or the case would be dismissed. That is why they should be knowledgeable with every local procedures and rules.
They would represent you during bankruptcy hearings such as the meeting of creditors. Depending on the case, there will be others you have to attend. They will also inform you if you need to go or not on these hearings but they are still required to be there.
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If you are looking for the facts about a Grand Rapids MI bankruptcy lawyer, come to our web pages today. More details are available at http://www.chasebylenga.com/practice-areas/bankruptcy now.
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