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Bankruptcy and Bankruptcy Lawyer When a firm or company is experiencing a serious debt problem, maybe the last option for that company to take as a course of action is to file for bankruptcy. But before filing for bankruptcy, the best and proper way to do is to seek legal counsel from a bankruptcy lawyer who can study for available options, weighing down the pros and cons, so that the company can have a clear profile on their firm’s financial condition and sustainability, such that the right course of action can be resolved and with that, bankruptcy may even be not the solution at all. A legal option and process for businesses or consumers to take when they are in serious debt condition is to file for bankruptcy, which is a legal procedure of allowing businesses or consumers to repay their debts, either all or a portion, under the guidance and protection of the court. For the most part, bankruptcy is classified into liquidation or reorganization. It is always advisable to hire a bankruptcy lawyer so that he/she can study your income, debts and assets and provide you what options to consider, such that bankruptcy should be the least of these considerations.
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Before considering on filing for bankruptcy, a good bankruptcy lawyer should come up with a contingency, payment plan that is within your means and that can assure your creditors and, thereby, can prevent further harassment from your creditors due the late payments. By allowing the bankruptcy lawyer to work out a payment plan on your behalf to your creditors will have merited their satisfaction on your handling over your debt problems.
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When the payment plan is not possible than the bankruptcy lawyer will take the course of action to advise you to file for insolvency, recommend the type of bankruptcy to file, and provide a job contract to work on this. Depending on the condition of your debt status, the bankruptcy lawyer will educate you on the types of bankruptcy options and will advise on which of this to file. If your condition falls under liquidation, you are either advised to file for either Chapter 7 or Chapter 13 of the Bankruptcy Law. By filing for Chapter 7 the debtor is legally allowed to sell his/her non-exempt properties as exchange payment for his/her debts to the creditors. If Chapter 13 is the option decided, the debtor is allowed to keep his/her properties and instead repay the creditors all or a portion of his debts over a period of 3 to 5 years. The usual norm, after filing for either Chapter 7 or 13 and granted by the court, is to appoint a trustee to oversee the payments of liquidation of the assets. However, if the lawyer sees that your company is still viable to operate, then Chapter 11 will be applied, which allows for your company to reorganize your debt load so that you can still stay in business. Hiring a bankruptcy lawyer is the best thing to do to help resolve your financial problems and be, at least, free of worry and stress. And with that hopefully worked out, you are on your way to a fresh start in life.

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