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Thursday, 10 November 2011


Bankruptcy is a formal method of dealing with debts if other options have failed or are inappropriate. It's one way of dealing with debts you cannot pay.  The consequences of bankruptcy  is  very severe and no one should make an application without proper legal advice unless if its the last resort. Bankruptcy proceedings free you from overwhelming debts, so you can make a fresh start subject to some restrictions and make sure your assets are shared out fairly among your creditors.

Any one can go bankrupt including individuals, companies and members of a partnership. A court makes a bankruptcy order, only after a bankruptcy petition has been presented, it is usually presented either by yourself [debtors petition ] or by one or more debtors.
  A bankruptcy  order  can still be made even if you refuse to acknowledge the proceedings or refuse to agree to them.  It is best if you co-operate fully once the bankruptcy proceedings have begun. If you don't agree with the creditors claim , is best to reach a settlement before the bankruptcy proceedings / petitions are due to be heard. Trying to do so after the bankruptcy order has been made is both difficult and expensive. As much as bankruptcy gives you  a fresh start , it has dire implications. Some implications are, you lose control of your assets, you will not be able to take part in a limited liability company [LTD] , you will not be able to become a member of a local authority and you will have bad credit rating.

The bankruptcy process can be complicated task,  and mistakes can result in serious consequences to the future. Just like all legal matters , bankruptcy can be quite difficult to manage without proper legal guidance. So its best to hire a good bankruptcy attorney.

Reasons for hiring a bankruptcy attorney.

  • When you work with a qualified bankruptcy attorney, you are armed with the necessary and required resources, information and guidance to help you make the best decisions and have a good knowledge of what bankruptcy process is all about.
  • You will need an experienced  bankruptcy attorney to challenge the creditors or lenders bankruptcy petition or repayment plan.
  • An experienced bankruptcy attorney will help you with the extensive paperwork including bankruptcy petitions and schedules. This process can be an extremely difficult task. Any mistakes can be very costly.
  • An attorney will protect your interest and legal rights, so you can regain your peace of mind.
It is important to hire an attorney to help with your bankruptcy petitions. But not just any attorney, but a very good one. How can you find  a good attorney? Here are some tips to look out for when choosing a good attorney.
  • A good attorney should be a CERTIFIED business bankruptcy attorney . A certified business attorney has spent extra two years specialising in being a business attorney.
  • A good  attorney should have sat with other bankruptcy attorneys on local bankruptcy court panels.
  • A good attorney should have handled many business bankruptcy cases.
  • Look up for an attorneys' standing in the local bar association.
  • Choose an attorney with the best credentials and rating and not the cheapest one.
  • Choose a dedicated attorney that will follow you through all the court proceedings and not send a representative.
You can check out for good attorneys here at bankruptcy attorney north carolina



Anonymous said...

Nicely written post. Will keep the bankrupcty attorney in north carolina in mind if i have to refer anybody.

Bankruptcy Alice Spring said...

Yes. i agree with this article. You must hire for attorney when filing for bankruptcy. The attorney will process everything about your papers when you file for bankruptcy.

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