Bankruptcy

Bankruptcy

Advantages to Filing Bankruptcy

The number of bankruptcies that have been filed in recent years has far exceeded those numbers that existed in prior generations. This should come as no surprise considering the unusually difficult financial situation most people currently find themselves. Sadly, there comes a certain stigma associated with filing bankruptcy but should there be? The answer to this is no.

Filing bankruptcy

When you file for bankruptcy, you are taking a legal and ethical approach to dealing with your difficult debt situation. Often, filing for bankruptcy opens the door to being able to deal with a serious debt issue in the most effective manner possible.

There are those that do not see the advantages to filing for bankruptcy, so they do not look towards bankruptcy as a viable option. For those curious regarding the value of filing for bankruptcy, here is a brief look at the prime advantages you can gain from such a filing:

There are different options

2564nhgYou have several options of bankruptcy available to you. Most will look towards Chapter 7 bankruptcy which is liquidation bankruptcy and others will look towards Chapter 13 bankruptcy which is a “wage earners restructuring” bankruptcy. Either way, you need not feel locked into a particular corner as you have options available to you.

Of course, the fact that the court is the intermediary with the full weight of the law at its ability is a sincere plus. You need not be under the stress of trying to figure out your next steps on your own. Your representatives and the courts will handle such matters on your behalf.

Cessation of collection

You can gain a temporary stay of the collection actions against you. No one likes to deal with harassing phone calls or other such attempts to collect a debt. When you file for bankruptcy, the court can order a cessation of collections in order to effectively restructure a repayment plan.

This brings us to the next advantage there is to file for bankruptcy. What would this advantage be? The court has the ability to discharge you from certain unsecured debts. This means you would be freed from a portion of the debt you owe.

Structured paymentBank

The manner in which you would be required to pay back your debt will be restructured in such a way that it is most beneficial to you. The courts will likely not force a restructured agreement that makes it impossible for you to stay afloat financially. Again, filing bankruptcy is designed for your protection. It will not employ an approach that undermines your ability to maintain your fiscal health.

354rewYou can potentially become completely debt free when you exit out of bankruptcy. Needless to say, this can be considered among the most beneficial aspects of all. When you are debt free, you can start over with a new fiscal lease on life. From that point onwards, you can avoid making the common mistakes that got you into the difficult fiscal position you currently find yourself. You can contact¬†Bolinske Law in Minnesota and seek help from reliable attorneys.…

Bankruptcy

Responsibilities Of A Bankruptcy Lawyer To Clients

The rules and laws that involve bankruptcy are not only complicated but can also be nearly impossible for a layman or average person to understand. This situation is even made worse by the fact that recently there has been an enactment of many new laws that deal with issues about bankruptcy.

This is why it is very paramount and advisable for one to hire a bankruptcy lawyer if any individual is considering filing for bankruptcy. The attorney will help you choose the right chapters of bankruptcy to undertake.

Below we, therefore highlight the duties and responsibilities that the bankruptcy attorney will perform or offer on the commencement of the engagement between you and him.

Roles of a bankruptcy attorney

1. Professional responsibilities

rtyrheygtrfIt is within the lawyer’s code of conduct that each and every law practitioner has a special responsibility to offer to his/her clients regardless of who they are. This is not exceptional with bankruptcy lawyers. The lawyer is therefore tasked with the responsibility of ensuring that their clients are treated fairly during their entire period of this legal process. It is an oath that lawyers accept.It is usually the most important characteristic of a bankruptcy lawyer which if ignored will lead to losing of a case.

2. Discretion

This is another responsibility that is very crucial and should be practiced by a good bankruptcy attorney. He should, therefore, know what action to take at a specific time and how much they can disclose about the case. This ensures that the conversations about the details of the case between the lawyer and the client are confidential. This, in the long run, contributes to the enhancement of client-lawyer relationship a fact that prevents important information about the case from getting into the wrong hands.

3. Financial responsibilities

One of the most common characteristics that cut across all bankruptcy cases is the management and handling of massive numbers of financial documentation and statements. Thus, the lawyer has a big responsibility of conducting evaluation and analysis of these financial documents while helping in the determination of what liabilities or assets that the client or the organization that has hired them owns. This is undertaken in the early stages of the case because liquidation might be necessary.

4. Devotion

It is not only a responsibility but also a characteristic of any good lawyer to be entirely devoted to whatever case they are handling at any given time; this is not exceptional to bankruptcy lawyers. When a lawyer ultimately gives attention to the case and client, he/she will ensure that the rights of hiss/her client are fully adhered to. If this is not the case, it will ultimately lead to the loss of the case due to the violation and infringement of the client’s rights.r4t56rjuhyrt

5. Legal counsel

The most important reason why an individual hires the services of a bankruptcy attorney is to get legal advice. It is, therefore, the primary role of a bankruptcy lawyer to advise their clients on how best to carry themselves around and behave during the entire legal process. They are tasked with the responsibility of giving legal advice to their clients about the case they prepare their clients for the possible questions and processes that they will encounter throughout the case.…