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.
You will need to file it in the court so your status would be legally recognized then you and your creditors would come to an agreement. This could be done with a Grand Rapids MI bankruptcy lawyer helping you that know the legalities and things required you have to do. The following are some important information and expectations if working with one from Grand Rapids, MI.
It is their job to give you competent legal advice and would advise on the following things if they believe that bankruptcy serves your best interest. They will tell you what type you will file, either Chapter 7 or 13, and how do you use the situation in achieving your financial goals. Chapter 7 is known also as liquidation while 13 is known also as reorganization.
Another is the things to expect during the process of filing and what you can do to make this easier. They would also let you become aware of any difficulties or risks your case will be facing so you both can prepare for it. When you have other questions about the procedures then they are expected to answer your calls and messages within a certain time.
They must possess the experience as well as the ability in handling these cases by being familiar of the trustees, local court rules as well as procedures and federal bankruptcy laws. The case difficulty would be depending on which type you filed and the individual facts. They would guide along this process so them being knowledgeable is important.
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 be helping you with filling all the required forms that you must complete with most of them having a specialized software to help them with it. You just need to give your information and it will be placed on different required forms. After they finished preparing it, they will go over the paperwork with you to ensure its accuracy.
Additional forms are to be filed too after the initial petition and these should be given even before the deadline. If you miss the deadline, there is a tendency for a delayed process or the case will be dismissed. This is the reason they should be knowledgeable about all local rules as well as procedures.
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.
You will need to file it in the court so your status would be legally recognized then you and your creditors would come to an agreement. This could be done with a Grand Rapids MI bankruptcy lawyer helping you that know the legalities and things required you have to do. The following are some important information and expectations if working with one from Grand Rapids, MI.
It is their job to give you competent legal advice and would advise on the following things if they believe that bankruptcy serves your best interest. They will tell you what type you will file, either Chapter 7 or 13, and how do you use the situation in achieving your financial goals. Chapter 7 is known also as liquidation while 13 is known also as reorganization.
Another is the things to expect during the process of filing and what you can do to make this easier. They would also let you become aware of any difficulties or risks your case will be facing so you both can prepare for it. When you have other questions about the procedures then they are expected to answer your calls and messages within a certain time.
They must possess the experience as well as the ability in handling these cases by being familiar of the trustees, local court rules as well as procedures and federal bankruptcy laws. The case difficulty would be depending on which type you filed and the individual facts. They would guide along this process so them being knowledgeable is important.
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 be helping you with filling all the required forms that you must complete with most of them having a specialized software to help them with it. You just need to give your information and it will be placed on different required forms. After they finished preparing it, they will go over the paperwork with you to ensure its accuracy.
Additional forms are to be filed too after the initial petition and these should be given even before the deadline. If you miss the deadline, there is a tendency for a delayed process or the case will be dismissed. This is the reason they should be knowledgeable about all local rules as well as procedures.
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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