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 would need to file this in the court of law so your status will be legally recognized and will come into an agreement with your creditors. This can be done with the help of a Grand Rapids MI bankruptcy lawyer which knows the legalities and the things required for you to do. Here are some basic details to expect when working with one in Grand Rapids, MI.
Their job is to give competent legal advice to you and if they believe bankruptcy serves your interest best then they will advise the following things. They would tell you which type you will be filing between Chapters 7 or 13 and you can use this situation in achieving the financial goals you have. Chapter 7 is called as liquidation while Chapter 13 is called as reorganization.
They will explain those things to expect in the filing process as well as those things you could do to make it easier. They will make you aware of any risks or difficulties your case may be facing so both of you can prepare. It is expected of them to answer your messages and calls within a reasonable time when you have questions.
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.
Updates must be regularly given to you if new developments have happened to keep you informed. This includes the trustee asking for addition documents to be provided and creditors contacting your lawyer for some issues they have. Even though they are usually the ones contacted first, you should be informed of any new happenings.
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.
There are additional forms that has to be filed after your initial petition and these must be given before the deadline. Missing the deadline may cause the delay of process or dismissal of case. This is why they must be knowledgeable with all the local rules and procedures.
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 would need to file this in the court of law so your status will be legally recognized and will come into an agreement with your creditors. This can be done with the help of a Grand Rapids MI bankruptcy lawyer which knows the legalities and the things required for you to do. Here are some basic details to expect when working with one in Grand Rapids, MI.
Their job is to give competent legal advice to you and if they believe bankruptcy serves your interest best then they will advise the following things. They would tell you which type you will be filing between Chapters 7 or 13 and you can use this situation in achieving the financial goals you have. Chapter 7 is called as liquidation while Chapter 13 is called as reorganization.
They will explain those things to expect in the filing process as well as those things you could do to make it easier. They will make you aware of any risks or difficulties your case may be facing so both of you can prepare. It is expected of them to answer your messages and calls within a reasonable time when you have questions.
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.
Updates must be regularly given to you if new developments have happened to keep you informed. This includes the trustee asking for addition documents to be provided and creditors contacting your lawyer for some issues they have. Even though they are usually the ones contacted first, you should be informed of any new happenings.
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.
There are additional forms that has to be filed after your initial petition and these must be given before the deadline. Missing the deadline may cause the delay of process or dismissal of case. This is why they must be knowledgeable with all the local rules and procedures.
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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