Bankruptcy is a person or entity which cannot pay their debts owed to the creditors and is imposed usually though court order which the debtor initiated. An insolvent person has this legal status but could be used also by companies depending on their country. Being bankrupt would mean they have no liquid assets to pay the 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 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 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 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 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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