Bankruptcy is one of the most prevalent problems ailing business organizations as well as individuals in the 21st century. In order to come out of this situation and handle it appropriately, there are several bankruptcy lawyers. Hiring these experts at a crucial and vulnerable position of insolvency is very important, as handling such affairs without expert guidance can lead to more risks and losses. These lawyers not only offer services to business organizations but also help out individuals to sort out various personal problems. These include tax problems, student loans, medical bills, paying credit card bills, facing repossession or foreclosure.
Several countries have different approach and laws regarding bankruptcy. The lawyers offering bankruptcy services are well versed with all the rules and regulations regarding the given matter. They strive to provide solutions that are agreeable to the clients and are based on moral and ethical grounds. The major advantage of hiring these experts is that they are always connected with the developments in the law regarding bankruptcy. Furthermore, they offer solutions that are in sync with the times and which provide maximum relief to the individuals or business organizations that are facing problems.
Bankruptcy attorneys provide solutions in two ways. They either wipe out debts by liquidating assets and distributing them among creditors or resolve debts by developing a court-approved reorganization plan, or any other plan involving the repayment of creditors.
Bankruptcy lawyers practice two basic types of bankruptcy proceedings. The first is liquidation, which comes under chapter 7, while the second is the debtor rehabilitation involving a court-approved plan of reorganization and payment of the debts over a period of time using future earnings. These come under chapters 9, 11, 12 and 13.
The advantage of hiring the attorneys is that they manage creditors, to work out legal payment plans. They also complete the…