Bankruptcy is when the person or entity are not able to pay anymore the debts they owed to their creditors which is usually imposed by an initiated court order of the debtor. An insolvent person will have this legal status though companies could use this depending on which country. Being bankrupt will mean there are no more liquid assets for their debts to be paid.
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 will be filed after initial petition has been filed by you and deadline is set which you must pass them before you miss it. If the deadline is missed then there is chance for the process to be delayed or the case would be dismissed. That is why they should be knowledgeable with every local procedures and rules.
They will represent you during the bankruptcy hearings like the mandatory meeting of creditors. Other hearings shall be attended depending on your case. You have the option not to attend some of them but they are required still to attend.
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 will be filed after initial petition has been filed by you and deadline is set which you must pass them before you miss it. If the deadline is missed then there is chance for the process to be delayed or the case would be dismissed. That is why they should be knowledgeable with every local procedures and rules.
They will represent you during the bankruptcy hearings like the mandatory meeting of creditors. Other hearings shall be attended depending on your case. You have the option not to attend some of them but they are required still to attend.
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