When it come lawyers, many people are only aware of those lawyers who deal with things like criminology, family issues, constitutional matters and civil matters. But majority of people are not aware of a bankruptcy lawyer. So who is a bankruptcy lawyer and what are his or her roles? But you don’t have worry if you were not aware of the existence of such kind of lawyers, because at the end of this article you will be able to know more about them.
Career description of bankruptcy lawyers
These types of lawyers are more important especially during these hard economic times as they will be getting more clients. A bankruptcy lawyer’s major goal is to help his or her clients during court proceedings to minimize or do away with debts or to continue with bankruptcy. And a bankruptcy is a state where one is unable to meet his obligations as and when they fall due. The clients for these kinds of lawyers may be individual persons, corporate or companies.
His or her jobs include filing for bankruptcy and guide the client throughout the proceeding both within and outside court room. This is because bankruptcy is a complicated case where judges will not put up with any type of mistake, a judge won’t hesitate to throw out a case due to any slight mistake. A case of this nature requires a well trained and experienced attorney who will not give a room for any mistake.
Expounding on bankruptcy
One of the most vital functions of bankruptcy attorney is to explain what bankruptcy is and what it entails. Since many are either not aware or have got little knowledge about bankruptcy law, what many of the clients are aware of is that, bankruptcy may assist them escape debts, but are not fully acquainted with the facts, consequences and available options. But it is important to note that, bankruptcy may not be the best option in every situation. This is because to some individuals, debt settlement is the best option.
How to choose the type of bankruptcy
It is uncontested fact that, not everyone is aware of the existence of the two types of bankruptcy, which are chapter seven and chapter thirteen bankruptcies. Both of them have got different benefits, the one you would choose will depend on the condition of your case. Chapter seven states that, a debtor would agree that his or her assets would be dispose of to aide in settling of the debt. This type of bankruptcy is also referred to as the liquidation bankruptcy. The good thing about this of bankruptcy is that, when your assets are disposed, even if the proceeds out of sales are less than the value of the debt, the total debt is declared discharged.
Chapter 13 bankruptcy entails that, debts are consolidated and adjusted to enable the debtor do a single monthly payment for about three to five years. And at the end of this period, the debt shall have been cleared. But this is done through the court. Chapter 13 bankruptcy is also referred to as the adjustment bankruptcy. This type of bankruptcy is mostly preferable to those people who have got assets that they would want to protect.
Finally, the declining economy means more clients for bankruptcy attorneys since many people would be rendered jobless and therefore inability to fulfill their obligations as and when they fall due. Otherwise, it is a good carrier with a minimum package of $113,000. Otherwise you should consult widely before you settle for any lawyer since there are many fake ones outside there.