A person or an entity is declared to be Bankrupt when it is unable to pay back the payments to its Creditors. It is often seen that the Creditors file a Bankruptcy Petition to obtain the bank from the Bankrupt Entity back. In most of the cases, the Debtor itself files a Bankruptcy Petition. Bankruptcy under the laws of the United States of America (United States Code, Title 11) is divided into four parts namely- Liquidation (Chapter 7, United States Code), Reorganization of Municipalities (Chapter 9, United States Code), Re-organization (Chapter 11, 12 and 13, United States Code) and Cross Border Insolvency (Chapter 15, Title 11, United States Code).Parties Involved
The parties in such disputes are only Debtors and Creditors which may be the following:
Corporations/ Organizations (National and International)
Real Estate Institutions
First of all a lawyer specialized in handling bankruptcy cases can defense for you against the creditors. So, if you are filing a bankruptcy to solve debts problems then one must hire right kind of lawyer. Once you've retail legal aid, creditors can only contact you through your lawyers, and they can no longer ask you for the payment, this makes you reveal from mental peace. The bankruptcy lawyer can help you through the means test, where your finances are assessed to see what kind of bankruptcy suits you and explains you rights and obligations towards creditor and the court. One can save money and time and ease your financial burden whereas foreclosures would cost more than hiring a lawyer.
Bankruptcy is not an important tool of financial planning and it has changed the face of corporate restructuring so much so that it is now called as Business Reorganization or Financial Restructuring.
Biz and Legis Bankruptcy team has a deep understanding of principles and laws involved in bankruptcy proceedings, outstanding litigation, out of court settlements and identifying third parties in purchasing distressed assets. Our associates have handled diverse issues on bankruptcy and restructuring across a wide array of industries. We take a multi-disciplinary approach by combining the collective expertise and experience of all our associates.
Our clients can include chapter 7 and Chapter 11 debtors, business debtors, trade creditors, secured and unsecured creditors, asset-backed lenders, private debt holders etc.
Who is called as a Bankrupt
Bankrupt is the status created by adjudication on petition by a debtor or his creditors, in accordance with which a debtor's affairs are taken over by a competent court. The effect of the adjudication is generally to pass title to the non-exempt property, owned by the debtor at the rate of the petition, to a trustee or assignee for the benefit of creditors. The trustee or assignee will then under supervision of the court distribute the property in the manner provided by law.
Bankruptcy means someone is legally unable to pay their debts as agreed. The person who has become bankrupt, his assets will be required to pay back some or most of their debts. A team of qualified as well as experienced bankruptcy lawyers can help to get accustomed to a variety of bankruptcy filing processes. The expert team of bankrupt attorneys can help assess your situation, and explain all alternatives without making your situation worse than it is.
It is better to employ the bankruptcy legal services offered by law firms so as to address your concerns regarding bankruptcy. Bankruptcy Legal Services are the services offered by Law firms in order to cure all your concerns regarding bankruptcy. It is better to employ the services of a law firm in this regard as they would provide you effective solutions for your bankruptcy concerns. Bankruptcy Legal Services are the legal services offered by attorneys and law firms to the needy debtors. The decision to file for bankruptcy is an important decision as it stays on your credit report for some time. It is for the same that you must take adequate care when it comes to matters related to bankruptcy. Employing the services of an attorney or law firm specialized in the area of bankruptcy is a wise decision.
Bankruptcy legal services must be adopted by the debtor to defend to legal proceeding of a creditor. Appropriate legal awareness about the steps and formalities in the bankruptcy and its chapters are unavoidable tactics of Bankruptcy. The person or the business firm which faces the bankruptcy issues must approach a law company or an expert attorney who can do filing and complete other formalities get the legal solutions. Bankruptcy legal services, free advices are offered by Biz and Legis.
Bankruptcy legal services are the services offered by law firms to aid the ailing debtors in filing their bankruptcy petitions.
Bankruptcy is a legal recourse taken by an individual or a business firm which is unable to pay back their outstanding debts to their creditor. The process of bankruptcy begins with the filing of a petition by the debtor. All of the debtor's assets are measured and evaluated after filing the petition as the debtors debts would be paid off by those assets. The debtor needs to complete the filing formalities of bankruptcy and defend the creditor’s claims or confirm the claims in order to be discharged from the debt obligations or in other words discharged in bankruptcy.
Bankruptcy attorney service is the best online legal service available from the desk of Biz and Legis. We provide legal services for Bankruptcy cases belonging to Bankruptcy chapter7, 11, 13 and 15. Bankruptcy is the legal recourse available to a person or business which is not in a position to make repayments towards their loans. In bankruptcy all the assets of a borrower is calculated and evaluated. After this, these assets are used to make payments towards the debts, based on the kind of assets and the kind of debts the borrower / debtor has. If the debtor gets a successful discharge in the bankruptcy proceedings then he is relieved of his debt obligations.
Title 11 of the United States Code specifies the law in this regard. Bankruptcy process starts when the debtor files a bankruptcy petition. But prior to this it is important that the debtor gathers a fair idea with regard to the most suitable chapter to file for bankruptcy. The Federal law on Bankruptcy has been incorporated in all US States. But each State has its own local rules for bankruptcy and the rules have a few variations from the Federal Law.
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Bankruptcy Legal Services provided to whole cities. Our attorneys are already provided bankruptcy legal services to the following cities.
Chapters of bankruptcy
Bankruptcy helps the aggrieved debtor to obtain relief from his outstanding debts. The relief so obtained is either in the form of complete discharge from making payments towards the debt or in the form of restructuring of debts. The bankruptcy code has different chapters to suit the needs of the aggrieved debtors. The chapters so providing relief under the bankruptcy code are:
Individuals usually file for bankruptcy under Chapter 7 or 13 (whichever is applicable) and corporations and other business entities file for bankruptcy protection under Chapter 11.