Losing your hard earned money and much-loved belongings is one thing you want to avoid. At times, you just can't stay clear of this situation. Life has a way of dealing the wrong card at the wrong time. This is when a bankruptcy lawyer in Phoenix can be of help. This person focuses primarily on the different legal facets behind the procedure.
Do you know the duties of a bankruptcy attorney in Phoenix?
There are several stuff that a lawyer does for you. He or she will file a petition for you declaring bankruptcy. In addition to this, your lawyer will write reports, take a look at your assets, and attend hearings. Typically, when you file for bankruptcy, you can find additional legal issues that connected to your financial situation. These circumstances are home foreclosures, liens, repossessions, creditor lawsuits, and garnishment of wages. As a consequence of these other problems, several bankruptcy lawyers in Phoenix represent their clients throughout the court proceedings like the issues related to it.
What can you expect?
Once you've chosen the services of a bankruptcy attorney in Phoenix, there are several things that could happen. One scenario is this. He or she works with a trustee to ensure that you liquidate your assets properly. The person also ensures that you pay creditors fully. Another case is when the lawyer works together with the Court to develop a reorganization and creditor payment plan. Afterwards, you want your bankruptcy attorney to execute these for you - stop home foreclosure, stop car repossession, and prevent wage garnishment.
Always search for an experienced lawyer
Aside from being educated on the latest information, hire a seasoned bankruptcy lawyer. Phoenix clients generally face two types of bankruptcy proceedings - Chapter 7 liquidation and the Court-approved reorganization plans under Chapters 9, 11, 12, and 13. Your lawyer will advise you which chapter you must file. They may in addition have the details for filing bankruptcy under that chapter. A lawyer with many years of experience will pinpoint the differences of each chapter and how they could affect your life.
Here is a good example. Under Chapter 7, liquidation of certain assets, such as vacation homes, second cars, and family heirlooms, can be done to pay off debtors. There's, however, no repayment plan. In the case of Chapter 13, you continue to own your property. Your creditors are another story. The Court-approved plan sets the payment schedule and you won't be able to divert from this.
Not only for individual clients
A business may even make use of a bankruptcy attorney. Phoenix businesses that are in jeopardy might also file for Chapter 11. Following the process, the organization will continue its current operations. The one stipulation is this. It needs to repay its creditors according to a reorganization plan devised by the court.
In other situations, a municipality may serve as the client. These include a city, town, village, county, or school district. When this occurs, the municipality can file for Chapter 9 and rearrange in the process. For family farmers, there are lawyers specializing in Chapter 12 bankruptcy.
Where to look for one?
One place to start searching is via your state's local Bar Association website. Laws regarding bankruptcy vary between states. It is essential to find an experienced attorney or one connected to a law firm that are experts the field.
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